![]() ![]() Try the phone number on Truecaller and see if the result is the same as the identity the person is selling to you.It’s better to let the deal go than lose the cash and the deal all together. did recommendations come from friends who know him/her? Convenience of online shopping here will have to be weighed against losing your hard earned cash. If you can risk following up with the anti-fraud unit of a bank that receives thousands of reports or with the police that gets countless reports of this sort then you can lower your alert flag. If the funds go beyond 50k, then the receiver must have BVN which is at least a step forward. One would have thought the higher the value the more you should worry but like I said in the context of our discussion the opposite is the case. Once the product being purchased or service being paid for is less than 50,000 let your *fraud alert be on Red*.So what advice would I give? Shopping online… Who discovers a fraud seconds after really? If you’re scammed by anyone using these accounts, the steps outlined would hardly be of help unless you were fast enough(like within seconds of your transfer) to get in touch with the bank and report the fraud. Well, maybe we’d look at the pros and cons of this account type another day but let’s stay within the framework of the discussion-online vendor fraud. Typically the withdrawals can only be made in tranches of N20,000. The accounts require no BVN, no passport photograph, no ID card etc but can only be operated using USSD as long as the transaction threshold(N50,000.00) is not exceeded. This means one can open a Wallet account with the name of Wole Soyinka(Well maybe the system of some banks might flag such a name) or Shina Peters just about any name can be used. Yes, nothing else is required as none of the information provided is verified. Account is opened only using a phone line and nothing else. The account type came from an initiative of the CBN and the industry in a bid to deepen financial inclusion. *Most* frauds of this kind are done using what we call *‘Wallet accounts’* which can be opened in any bank. The major assumption here is that the scammer runs a legitimate bank account that can be flagged in the event of fraud for recovery or whose details can be traced easily from his KYC records with the bank. I just want to expatiate a bit on some assumptions in the writeup so we can advise others too as the sheer number of these incidents these days is quite alarming. I hope you don’t mind me doing a rider on this. READ: How to protect your Crypto assets from thefts, hacks, and frauds ![]() With a court order, the bank will release the information of your scammer to the police to help track them and recover your money. Report to the police and also speak to a lawyer to file an expert court order.Your bank will direct you on the steps to recover your money.If you don’t have their email address, you can walk into your bank or the scammer’s bank, and speak to the customer service in charge of fraud to file a complaint.With this, the scammer will not be able to carry out any transaction until they visit the bank.This will help the bank to place the scammers account on hold. Send an email to your bank’s E-fraud team as well as the online scammer’s bank, with proof of the transactions and forward a copy of the mail to CBN FRAUD DESK. All banks have a team in charge of online fraud.If you made the transfer via your mobile app or SMS, go to your transaction history and copy out the “Transaction ID Number” of that transaction.Copy out the full name and account details of the vendor who scammed you.Take a screenshot of the conversation you had with the online vendor on social media (Instagram, Facebook and Twitter).How to recover your money after being scammed
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