The new CBN fraud rules introduce a simple but important message: report suspicious transfers immediately.

In Nigeria today, most people depend on mobile apps, instant bank transfers, and online payments for daily transactions. From paying for food to buying data or settling bills, digital banking has become the standard. But with this convenience has come a rising concern: fraud.

On November 26, the Central Bank released draft guidelines for handling Authorised Push Payment (APP) fraud. This sets out to provide stronger preventive measures against fraud.

“When finalised, the Guidelines would mandate all financial institutions to institute preventive measures as well as modalities for mitigating and managing APP fraud,” a circular signed by Rita Sike, director, Financial Policy and Regulation Department, read.

Any customer who is a victim of APP fraud is expected to, within 24 hours of the occurrence, report the incident to their financial institution using the designated channels. Notwithstanding this expectation, customers shall have up to an additional 48 hours to make such a report,” the draft reads.

Every week, someone shares a story about waking up to an unauthorised transaction, a suspicious transfer, or a sudden debit that was never approved.

This is the landscape the Central Bank of Nigeria (CBN) is trying to repair with its new draft framework on fraud. The headline update is simple but incredibly important: Nigerians now have 72 hours to report suspicious transfers or unauthorised transactions to qualify for refunds.

The CBN says the new rules are designed to protect customers, reduce fraud losses, and help banks and fintechs respond faster when fraud occurs.

Why the CBN Is Changing Fraud Rules Now

According to recent fraud data from FICT, bank fraud in Nigeria has grown aggressively in 2025. Reported cases rose by over 600% in the first quarter alone, affecting thousands of customers across banks, fintech apps, digital wallets, and online payment platforms.

With more Nigerians relying on digital banking, the risks have multiplied, and customers often struggle to recover their money after fraudulent debits.

The CBN’s new fraud guidelines aim to slow this trend by tightening response times, improving digital banking security, and creating a clear process for reporting fraud. This new framework also puts more responsibility on financial institutions to trace stolen funds, freeze accounts involved in suspicious transfers, and work together to resolve fraud cases.

What The 72-Hour Rule Means for You

The central part of the new CBN fraud rules is the 72-hour window. If you notice any unauthorised transaction, suspicious deposit, fraudulent debit, or strange movement in your account, you must report it within three days.

This reporting timeline improves your chances of getting a refund, because banks and fintechs can still trace and freeze funds before they move too far.

This rule is meant to solve a major problem: customers often notice fraud but delay reporting because they hope the issue will “fix itself”, or they assume the bank already knows. Under the new CBN fraud rules, delays will weaken the chance of recovering stolen funds.

What Banks and Fintechs Must Now Do After You Report Fraud

One of the most important parts of the new guidelines is the pressure it places on financial institutions. The CBN has outlined strict timelines for banks, fintechs, and wallet providers whenever a customer reports suspicious transfers or unauthorised debits.

Here is the process in simple terms:

1. Acknowledge your complaint within 24 hours
2. Your bank or fintech must give an official response confirming that your report has been received.
3. Freeze traceable funds immediately
4. If any part of the stolen money is still in the receiving account, the institution must place a restriction on it. This is a major change in digital banking security and aims to reduce quick withdrawals and transfers that typically follow fraud.
5. Notify other financial institutions within 30 minutes
6. Fraud often moves across several accounts quickly. If your bank is not the final destination, it must contact other banks or fintech apps involved in the chain within 30 minutes. All institutions must cooperate under the CBN’s fraud guidelines.
7. Complete investigations and refund processing within 16 working days
8. Once all information is collected, the financial institution must finish the fraud investigation and process refunds (if eligible) within this timeline. This is meant to reduce the long delays Nigerians currently face when trying to recover stolen funds.

Who Qualifies for Refunds Under the New Rules?

The new framework says customers may be refunded if:

1. they report the suspicious transfer within 72 hours,
2. there is no evidence of customer negligence,
3. the transaction was clearly unauthorised,
4. and the customer did not share sensitive details like PINs or OTPs.

Importantly, the CBN highlights that negligence can affect refund eligibility. For example, releasing your OTP to a stranger on the phone, typing your PIN in a crowded place, or clicking suspicious links can compromise your claim. But if the unauthorised transaction occurred despite proper personal safety, the new CBN fraud rules aim to support victims and ensure they are not abandoned by their banks.

Why These New Rules Matter

These new guidelines could transform the digital banking experience in Nigeria. Fraud victims often feel helpless because stolen money moves too quickly through several accounts, making recovery difficult. With the new timelines for reporting and responding, both customers and institutions have clearer responsibilities.

The CBN is also trying to standardise fraud reporting across the entire financial sector, including banks, online payment companies, fintech wallets, and mobile money operators. This strengthens digital banking security and builds trust in the financial ecosystem.

How Nigerians Can Protect Their Money Now

Even with stronger rules, the first layer of security begins with the customer. Here are practical steps Nigerians should start taking:

1. Monitor your accounts daily
2. Regular checks help you spot suspicious transfers quickly.
3. Keep transaction alerts activated
4. Instant email or SMS notifications remain one of the safest ways to detect unauthorised debits.
5. Avoid sharing sensitive details
6. Your PIN, password, and OTP should remain private, always.
7. Use strong authentication methods
8. Enable two-factor authentication on banking apps and payment platforms.
9. Update your apps
10. Many digital banking security improvements come through updates.
11. Report anything unusual immediately
12. The new 72-hour rule means timing is crucial.

How to Report Fraud Under the New Guidelines

The process for reporting suspicious transfers is now clearer. Here is a simple step-by-step guide:

1. Screenshot the transaction or suspicious alert.
2. Contact your bank or fintech through verified channels (official email, customer care line, or branch).
3. State clearly that the transaction is unauthorised.
4. Request a case number or ticket ID.
5. Follow up within 24–48 hours for an update.
6. Keep records of all communication for future reference.

Using the right words also matters. Terms like unauthorised transaction, suspicious transfer, fraudulent debit, or account compromise help the institution classify your complaint quickly.

The Bigger Picture for Banking in Nigeria

If the CBN finalises these guidelines, financial institutions will need stronger fraud-detection technology, better customer-service processes, and closer collaboration across the industry. This could reduce fraud significantly and build stronger confidence in online banking.

For customers, these rules create a more predictable path toward recovering stolen funds and improve general financial safety. Nigerians rely on digital payments more than ever, and these new policies signal a push towards a more protected, transparent system.

The new CBN fraud rules introduce a simple but important message: report suspicious transfers immediately. Your chances of getting your money back depend greatly on how quickly you act.

As fraud becomes more complex across banks, fintechs, and digital wallets, these guidelines give Nigerians a clearer structure for reporting unauthorised transactions and securing refunds.

If properly implemented, this new framework could reshape digital banking security, reduce fraud losses, and offer customers a safer experience across Nigeria’s financial ecosystem.