By Chibuzor Alli
A Nigerian banking customer has accused Guaranty Trust Bank (GTBank) of failing to protect her funds after fraudsters allegedly withdrew N2.59m from her account and her daughter’s account in separate incidents within 24 days.
The customer, Stella Adepegba, is demanding a refund of the disputed funds, alleging that the transactions were carried out without authorisation and without debit alerts or security notifications.
However, GTBank has attributed the alleged account compromise to customer-side security vulnerabilities, maintaining that its security measures were in place.
Speaking with The PUNCH on Monday, Adepegba said the first incident occurred on October 8, 2026, when her daughter’s Child Saver’s Account was allegedly compromised.
According to her, four unauthorised transactions worth N2.507m were processed through the Nigeria Inter-Bank Settlement System Instant Payment channel at about 8pm, leaving less than N2,000 in the account.
She identified three transfers of N399,000, N398,000 and N220,000 to a Moniepoint account bearing the name Abdulmalik Idris, while another N1.49m was allegedly transferred to a GoMoney account belonging to Zainab Ibrahim.
Adepegba claimed that neither she nor her daughter received debit notifications during the transactions.
She further alleged that a GTBank employee only alerted her to the suspicious activity after the money had been withdrawn and offered to block the account.
The complainant said she visited the bank’s Kubwa branch in Abuja on October 9 to report the incident and was asked to document the disputed transactions.
However, she said the bank later sent an email suggesting that the transactions resulted from compromised login credentials, an explanation she rejected.
Second fraud incident raises losses to N2.59m
The alleged fraud did not end with her daughter’s account.
On November 1, another N80,000 was allegedly transferred without authorisation from Adepegba’s personal GTBank account to a FairMoney account bearing the name Jamilu Ahmad.
The second incident brought the total disputed amount across the two accounts to approximately N2.587m.
Adepegba questioned how the alleged attackers could gain access to her personal account after she had changed her login details following the earlier incident involving her daughter’s account.
“GTB could not explain how the hackers successfully stole my money despite changing my account’s log-in details after the attack on my daughter’s account. The bank must refund the stolen funds and go after those who masterminded the fraud,” she said.
She also insisted that her mobile phone, SIM card and ATM card remained in her possession during both incidents.
According to her, she neither disclosed her banking credentials nor received any requests to provide one-time passwords (OTPs).
“The implication of these targeted attacks on my bank accounts is that no customer’s funds are safe with GTB, and if anything happens, the bank will not accept responsibility or offer any succour whatsoever,” she lamented.
GTBank blames customer-side security vulnerabilities
GTBank, however, has disputed the suggestion that the incidents resulted from a failure of its internal security systems.
Reacting to the allegations during a telephone conversation with The PUNCH on Monday, the Chief Communication Officer of Guaranty Trust Holding Company Plc, Mrs Oyinade Adegite, said the cases had been investigated and feedback provided to the customer.
She explained that fraudsters increasingly use sophisticated phishing techniques to obtain customers’ banking credentials and gain unauthorised access to their accounts.
“Immediately this came up, it was escalated and investigated, and feedback has been given,” she said.
Adegite warned that customers could unknowingly expose their banking information by clicking on malicious links capable of installing malware on their mobile devices.
“Now, it’s a phishing link you might click on that sometimes would actually install malware on your phone,” she said.
The GTCO spokesperson maintained that the bank had implemented the required security measures, including two-factor authentication, insisting that the alleged compromise originated from the customer’s end.
“All the measures the bank has to put in place for us, 2FA, everything was done. So, the compromise came clearly from the customer,” she stated.
Despite defending the bank’s security procedures, Adegite expressed sympathy over the reported losses and promised to follow up on the second incident to explore possible intervention.
Bank fraud allegations raise fresh consumer protection concerns
The dispute comes amid wider regulatory scrutiny of Nigerian banks over consumer protection, fraud prevention and compliance with financial sector regulations.
The case also highlights growing concerns about the responsibility of financial institutions when customers report unauthorised electronic transactions.
While Adepegba insists that the bank should refund the disputed funds and pursue those responsible, GTBank maintains that the alleged breach resulted from vulnerabilities on the customer’s side.
The outcome of the dispute could further highlight the importance of effective fraud investigations, transparent communication and accountability in protecting customers’ deposits.
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