Surprisingly to members of the public, Adeoye isn’t the only one calling out GTBank for fraud-related matters, particularly transferring customers’ money into accounts belonging to betting companies.

In a similar occurrence, an Agricultural economist, Hannah Obeahon narrated how her sister’s account with GTBank was illegally debited.

According to Obeahon, GTBank illegally debited about NGN500,000 from her sister’s account and transferred the debited amount to SportyBet‘s account.

Obeahon explained that the amount was deducted in batches, ranging from N10,000, and N50,000.

“My sister woke up to debit alerts from GTBank amounting to N500,000 and she didn’t authorise any of the transactions, all the monies were sent to a sporty account…How is this possible!!! It appears our money isn’t even safe in any bank account.” Obeahon cried out.

GTBank’s defense

GTBank failed to take the blame for the illegal transactions made, neither did its shoulder itself with the responsibility of investigating the fraud-related matters. In fact, the customers who had a combined N770,000 deducted from their GTBank accounts were blamed for the illegal transfers.

Placing the fraudulent transfer on the customers, GTBank clarified that the customers were being careless of their PIN that they were careless of their PIN and BVN numbers.

Despite the customers’ resistance that their PIN and BVN numbers weren’t disclosed to anyone, GTBank failed to properly address the matters.

GTBank turning a commercial hub for fraudsters?

Unmask NG understands that Adeoye and Obeahon’s sister were not the first victim of fraud-related cases at GTBank.

Going by the information provided in its financial result for FY 2019, it was learnt that the number of fraudulent activities carried out stood at 15,461, surpassing the 10,673 fraudulent cases it recorded in 2018.

While the amount involved in 2018 was over N821.4 million, in 2019, the amount involved skyrocketed to NGN1.5 billion.

One question that begs for answer is, if all the victims are careless as GTBank claimed in the case of Adeoye and Obeahon’s sister?

The post GTBank Enmeshed in Fraud Controversies appeared first on Business News in Nigeria.

After being found guilty of nine-count charges of abuse of office, forgery, issuance of dud cheque, and fraudulent conversion of depositors fund to the tune of N66,633,000.00, Justice I.B. Gafai of a Federal High Court in Anambra, convicted Udemadu.

In line with Section 321(a) of the Administration of Criminal Justice, Act 2015, the presiding judge ordered the convict to refund Achina Microfinance Bank the sums of money contained in the charge.

Speaking of the incident, the Economic and Financial Crimes Commission (EFCC) said it was written a petition by the microfinance bank. The petition, according to EFCC, alleged that Udemadu during his time as Achina’s MD, granted N15 million unauthorised credit facility to Rommex Telecommunications Limited and also did the same to Noble Mike International Limited, to the tune of N3 million, as he stood as their guarantor, without collateral.

Reputational damage for Achina Microfinance Bank

It is an open secrete that fraud is a challenge that has since been plaguing the banking sector on a global scale. In recent times, fraudulent activities have been on the rise, as bank employees like Achina’s former MD, align themselves to be part of the machineries carrying out fraud at the detriment of bank customers, and sometimes the financial institution itself.

Although, Udemadu’s conviction is a victory for Achina, as it will serve as deterrent to others; when staff members of financial institutions engage in fraudulent activities or any improper business practices are revealed, it often puts the bank’s reputation at risk. As a matter of fact, in the end, this can have a negative impact on anyone who may want to do business with the company.

The post Achina Microfinance Bank: Former MD Sentenced To Prison For Fraud appeared first on Business News in Nigeria.

Unmask NG learnt that Mustapha conspired with one Nurudeen Salimu, a fraudster, to dupe one of Airtel Nigeria subscribers, Kazeem Dele, through the use of his phone number, 08023843032.

Mustapha, according to a prosecutor, Cyriacus Osuji, unlawfully disconnected all network services linked to the number without the consent of the owner.

“The number swap aided the second defendant to steal the sum of N2.2m from the Skye Bank account of the complainant. The second defendant forged the signature of the complainant, falsely represented himself as the owner of the account, and withdrew the said sum from the account,” the prosecutor was quoted as saying.

Why this matter

With this development, Unmask NG understands that Nigeria’s telco system’s vulnerability to fraud has once again been highlighted in a focal point of debate. Telco employees play a key role as far as customer experience is concerned. They are a group that directly interacts with customers about their service disputes, amongst others. It is in this light that one needs to take into cognisance that telco employees set the stage for higher business performance.

In its effects, fraud reduces organisational assets and increases its liabilities. With regards to telco industry, it may bring crises to the company, impede the growing status of the company, and ultimately lead to the company’s failure.

The post Airtel Nigeria Enmeshed In Fraud Controversy appeared first on Business News in Nigeria.