Discovering that money has suddenly disappeared from your bank account can be frightening, especially when you did not authorise any transfer or withdrawal. However, the steps you take immediately can help protect your remaining funds and improve the chances of recovering the missing money.
A Nigerian woman has accused Guaranty Trust Bank (GTBank) of failing to protect her family’s savings after fraudsters allegedly transferred ₦2.587 million from her daughter’s account and her personal account.
According to a Pulse Nigeria report, ₦2.507 million was transferred from her daughter’s Child Saver’s Account through four transactions on October 8, 2026. Another ₦80,000 allegedly disappeared from her personal account on November 1.
The woman, identified as Adepegba, said she did not share her banking details or receive requests for one-time passwords (OTPs). However, GTBank attributed the compromise to customer-side security vulnerabilities.
The incident raises an important question: What should you do when you discover that money has disappeared from your bank account without your permission?
Here are six steps to take immediately.
1. Contact your bank immediately
The first thing to do is contact your bank through its official customer service number, mobile application or nearest branch.
Explain that you have discovered unauthorised transactions and request an urgent investigation.
Ask the bank to block access to the compromised account, deactivate affected cards and restrict further transactions where necessary.
If the fraud involves transfers to other banks or financial institutions, ask your bank to contact the receiving institutions and request that the beneficiary accounts be restricted where possible.
Do not delay reporting while trying to identify the person behind the transaction.
2. Request a transaction investigation and preserve evidence
Ask your bank to investigate every unfamiliar withdrawal or transfer.
Provide the transaction dates, amounts, reference numbers and available recipient details. Request a formal complaint reference number so you can track the investigation.
You should also download your account statement and save screenshots of suspicious transactions, debit notifications, emails and relevant messages.
These records can help establish what happened and support your complaint if you need to approach regulators or law enforcement agencies.
Importantly, never share your PIN, password or OTP when submitting a complaint.
3. Change your banking passwords and secure your phone
If fraudsters have gained access to your banking information, changing your login details is an important step.
Change your mobile banking password, email password and other credentials that may have been exposed. Use a different, strong password for each account.
However, if you suspect that your phone has been compromised through a malicious application or phishing link, secure the device before using it for further banking activities.
Remove suspicious applications, update your operating system and contact your bank for guidance on securing your banking access.
Also, check whether your SIM card, email or account recovery details have been tampered with.
4. Report the incident to the police or EFCC
Where you suspect deliberate financial fraud, you can report the incident to the Nigeria Police Force or the Economic and Financial Crimes Commission (EFCC).
Provide your bank statement, transaction references, complaint number and other available evidence.
A formal report can support further investigation and help authorities trace the transactions and identify suspected perpetrators.
However, reporting to law enforcement does not automatically guarantee that your money will be recovered.
5. Escalate the complaint to the CBN
If your bank fails to acknowledge or properly address your complaint, you can seek intervention from the Central Bank of Nigeria (CBN).
The CBN provides a complaint lodgement process for customers who have disputes with regulated financial institutions.
First, submit a formal complaint to your bank and retain evidence of the submission.
You can then escalate unresolved complaints through the CBN’s Consumer Protection and Financial Inclusion Department.
On October 22, 2026, the CBN also reminded customers that they could escalate complaints where banks fail to acknowledge them within three days, provide tracking information or resolve them within applicable timelines.
6. Monitor your other bank accounts
If one account has been compromised, do not assume that your other accounts are automatically safe.
Check your other bank accounts, mobile wallets and financial applications for unfamiliar transactions.
If you used the same password across different platforms, change it immediately.
You should also enable available security features, including transaction notifications and two-factor authentication.
Avoid clicking unexpected links or responding to calls from people claiming they can recover your stolen money in exchange for a fee.
Can a bank refund money stolen through fraud?
The possibility of recovering stolen money depends on the circumstances surrounding the transaction, the evidence available and the outcome of the bank’s investigation.
A customer who reports an unauthorised transaction should request a formal explanation of how the transaction was authorised and what steps the bank has taken to trace the funds.
Banks must investigate complaints through their established procedures. However, reporting fraud does not automatically guarantee a refund.
The GTBank incident also demonstrates why customers should act quickly rather than wait until several unauthorised transactions have occurred.
Ultimately, protecting your money requires both personal vigilance and effective security systems within financial institutions. When you notice an unfamiliar debit, report it immediately and keep records of every step taken.