GTBank Customer Alleges N2.59m Fraud From Two Accounts, Accuses Bank of Negligence
A customer of Guaranty Trust Bank (GTBank), Stella Adepegba, has accused the financial institution of negligence after fraudsters allegedly withdrew a total of N2.587 million from two accounts belonging to her and her daughter within 24 days.
Adepegba said the unauthorised transactions occurred on October 8 and November 1, 2026, despite her claims that she did not disclose her banking details or receive any one-time password (OTP) requests.
Speaking about the incidents, she said the first affected her daughter, Victoria Adepegba’s Child Saver’s Account, on October 8 at about 8pm.
According to her, N2.507 million was transferred from the account through the Nigeria Inter-Bank Settlement System Instant Payment channel in four transactions, leaving less than N2,000.
She said N399,000, N398,000 and N220,000 were transferred to a Moniepoint account bearing the name Abdulmalik Idris, while another N1.49 million went to a GoMoney account bearing the name Zainab Ibrahim.
Adepegba alleged that neither she nor her daughter received debit alerts for the transactions. She claimed a GTBank employee later informed her about the withdrawals and offered to block the account after the funds had already been withdrawn.
She said she reported the incident at the bank’s Kubwa branch in Abuja on October 9 and was asked to document the unauthorised transactions.
However, she alleged that the bank subsequently sent an email attributing the incident to compromised login credentials, an explanation she rejected.
The customer said the situation worsened on November 1 when another N80,000 was allegedly transferred fraudulently from her personal GTBank account to a FairMoney account bearing the name Jamilu Ahmad.
The two incidents brought the family’s reported losses to N2.587 million.
Adepegba questioned how the second account was compromised despite her changing her login details following the earlier incident.
“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 maintained that her mobile phone, SIM card and ATM card remained in her possession during both incidents, adding that she neither disclosed her banking credentials nor received OTP requests.
The customer also criticised the bank’s handling of her complaints, alleging that it had failed to refund the money despite repeated reports and assurances that the matter would be resolved.
Reacting to the allegations, the Chief Communication Officer of Guaranty Trust Holding Company Plc, Oyinade Adegite, said the incidents had been investigated and feedback provided to the customer.
Adegite attributed the account compromise to possible customer-side security vulnerabilities, explaining that fraudsters increasingly use phishing techniques to obtain banking credentials.
She said malicious links could install malware on customers’ devices, potentially allowing criminals to capture sensitive information.
“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 security measures, including two-factor authentication, and insisted that the 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.
However, she expressed sympathy over the reported losses and promised to follow up on the second incident to explore possible intervention.
The dispute raises questions about the circumstances surrounding the unauthorised transactions, the effectiveness of the bank’s security measures and the responsibilities of financial institutions in investigating and resolving customers’ fraud complaints.