A Lagos-based Guaranty Trust Bank customer, Onifade Isaac, has alleged that N4.6m was fraudulently transferred from his account without his authorisation or an SMS transaction alert.
Isaac said the incident occurred on August 22, 2026, when the money was moved from his GTB savings account through the bank’s mobile application to a Pocket App account bearing the name Zahara’u Iliyasu.
According to the customer, he did not discover the transaction until later that day when he attempted to withdraw money for a family need and was informed that his account balance was insufficient.
Isaac said he subsequently checked his account and discovered that the N4.6m had been transferred without his knowledge or approval.
He said the transaction was particularly alarming because he received no SMS notification despite having an active phone line in his possession.
The customer explained that he immediately contacted GTBank’s customer service after discovering the transaction, despite the incident occurring during the weekend.
According to Isaac, the bank acknowledged his complaint and instructed that both his account and the recipient’s account be blocked to prevent further movement of the funds.
He also said GTBank placed a “Do Not Debit” instruction on the receiving account after the suspected fraudulent transfer was reported.
However, Isaac claimed that the intervention did not prevent the money from being withdrawn from the recipient account.
When he visited his bank the following Monday, he said he was informed that the funds had already been utilised by the recipient despite the earlier instructions to block the account.
The development has raised questions about how quickly banks and financial technology platforms can freeze suspicious transactions once a fraud complaint has been reported.
Isaac provided documents to The PUNCH supporting his account of the incident, including an affidavit sworn before the Chief Magistrate Court of Lagos State in the Yaba Magisterial District.
In the affidavit, he alleged that GTB failed to send him an OTP required to authorise the mobile application login and transfer, while also failing to send an SMS alert for the transaction.
A police extract dated August 27 also reportedly recorded Isaac’s complaint that he neither received an OTP nor an SMS notification before the N4.6m transfer.
An email from GTB’s E-Fraud, Analytics and e-Channel Security Group on the day of the incident indicated that the bank had blocked his account and escalated the debit to the receiving bank.
However, the customer said the subsequent discovery that the funds had already been withdrawn left him uncertain about the effectiveness of the freeze placed on the recipient account.
His bank statement covering August 1 to August 24 showed an opening balance of N4,395,275.11 and a closing balance of only N10,446.86 after the N4.6m outward transfer was recorded on August 22.
The statement described the transaction as an outward transfer to “Pckapp – Zahara’u Iliyasu,” effectively wiping out the money available in the account.
The case has renewed concerns about the security of mobile banking services as more Nigerians increasingly rely on digital platforms for transfers and other financial transactions.
Mobile banking has made it easier for customers to move large amounts of money instantly, but the speed of digital transactions can also make fraud difficult to reverse once funds have moved through multiple financial institutions.
The incident has particularly drawn attention to the role of transaction alerts and authentication mechanisms in protecting customers from unauthorised transfers.
Questions have also emerged over the effectiveness of “Do Not Debit” instructions when suspicious funds have already moved into accounts operated through third-party payment platforms.
Industry observers have questioned how quickly such instructions are communicated between banks and fintech companies and whether existing systems are capable of preventing suspected fraudsters from withdrawing disputed funds.
The case is not the first reported complaint involving alleged unauthorised transactions by GTBank customers, with other Nigerians previously reporting disputes involving unexplained debits and suspected fraudulent transfers.
However, the latest incident stands out because of the size of the alleged loss and the customer’s claim that he did not receive an SMS alert before the entire sum was transferred.
The PUNCH reported that efforts to obtain a response from GTBank management regarding the allegations were unsuccessful as of press time.
Isaac is now seeking the recovery of the N4.6m, having submitted the relevant affidavit and police documentation in support of his complaint.
The case could further intensify calls for stronger coordination between banks, fintech platforms and financial regulators when customers report unauthorised transfers.
It also highlights the importance of rapid fraud detection and intervention, particularly when large transactions occur without the customer's apparent authorisation.
For customers, the incident serves as another reminder of the need to monitor bank accounts regularly and immediately report suspicious transactions.
For financial institutions, however, the case raises a larger question about whether existing safeguards are sufficient to protect customers when unauthorised transfers occur through digital banking channels.
As Isaac's complaint remains unresolved, attention will now focus on whether the disputed funds can be recovered and how GTBank responds to the allegations surrounding the transaction.