Banks Liable for Stolen Cash via Mobile Networks- Telcos

Telecommunications operators under the umbrella of Association of Licensed Telecoms Companies of Nigeria (ALTON), has advised bank customers to hold their banks responsible for any money lost to cyber crooks using mobile phones, according to the Nation.

The operators, said they are not liable for any cash stolen by fraudsters riding on their networks. In fact, they are not banks and do not keep cash.

Gbolahan Awonuga, executive secretary, ALTON, urged banks to set up a 24/7 customer helpline for customers to set up a 24/7 customer helpline for customers to lodge complaints, adding that the lenders should also ensure prompt response.
Speaking in Lagos during the last Industry Consumer Advisory Forum (ICAF) organised by the Nigerian Communications Commission (NCC).
Awonuga, who represented Gbenga Adebayo, chairman of the group, said the group was worried at the increasing spate of frauds being perpetrated through the telecoms network and urged stakeholders to come out with solutions to tackle the menace.
Reacting to the problem, Philip Eretan, deputy director, Consumer Affairs Bureau at NCC, said the use of telecoms infrastructure to defraud bank customers is a big challenge facing the regulator.
He said fraudsters have turned to the mobile network to swindle people of their hard-earned cash.
He warned banks and telecoms customers to be extremely careful in sharing their bank details with charlatans, who will pretend as officials of the banks.
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He gave the warning against the backdrop of an increase in the case of Subscriber Identity Module (SIM) card swap, which he said has become alarming.
Eretan, however, assured that the NCC and the Central Bank of Nigeria (CBN) were working together to address the issue, lamenting that crimes move faster than investigation.