The House of Representatives has passed a bill to protect people who fall victim to fraudulent withdrawals from their bank accounts. The bill, sponsored by Hon. Moses Fayinka, seeks to amend the Banks and Other Financial Institutions Act (BOFIA), 2020, to ensure better protection for customers’ funds.
Hon. Fayinka explained that bank fraud is becoming a bigger problem, with thousands of cases reported in 2022 and 2023, causing customers to lose a lot of money. He stressed the importance of banks taking responsibility for protecting customers’ accounts, especially with electronic transactions like ATM withdrawals and money transfers.
The bill aims to make banks confirm if a customer has authorized a transaction before it happens and ensure they report fraud cases to the police and help recover stolen funds.
The new law will also hold banks accountable, making them work together to catch criminals and refund victims without charging them for the recovery process.
