A Lagos-based bank customer, Onifade Isaac, has said that he lost N4.6m to an unauthorised transaction from his Guaranty Trust Bank account without receiving any SMS alert notifying him of the transfer.
The incident, which occurred on August 22, 2026, has renewed public concern over the reliability of mobile banking security alerts as more Nigerians report silent, unauthorised debits from their accounts.
According to Isaac, who resides in the Alimosho area of Lagos State and works as a warehouse manager, the sum was moved from his GTB savings account through the bankโs mobile app to a Pocket App account bearing the name Zaharaโu Iliyasu.
โOn the 22nd of August 2026 at 11:49 am, the sum of N4.6m was fraudulently moved out of my account through the GTB Mobile App,โ he said.
โI did not know of this transaction until evening when I needed to withdraw a small amount of money to settle a family need, and I was told I had insufficient balance,โ he added.
Isaac further explained that he only discovered the fraud after checking his account independently, as no notification had been sent to him at the time of the transaction.
โI wasnโt sent any SMS alert for that transaction.
Immediately after I noticed, I called GTBank customer service, being a weekend, to notify them,โ he stated.
He added that the bankโs customer service team acknowledged the report and gave instructions to block both his account and the recipientโs account, in addition to placing a โDo Not Debitโ order on the receiving account.
โIt was acknowledged with instructions to block my account as well as the recipient account, and place a Do Not Debit on the recipient account,โ he said.
However, Isaac said that when he visited the bank in person the following Monday, he was informed that despite the block, the funds had already been withdrawn.
โI went straight to my bank to ask them if they had blocked the account and the recipient account, which they said yes, it has been done. After some days, I was told that the funds had been utilised by the recipient,โ he added.
Isaac made available to The PUNCH documents to support the claim. They include an affidavit deposed at the Chief Magistrate Court of Lagos State, Yaba Magisterial District, dated August 26, 2026, in which he stated under oath that Guaranty Trust Bank โcompletely failed to send me an implied/mandatory One Time Password to authorise this mobile app login/transfer, nor did I receive any SMS transaction alert despite my phone network being fully active and in my possession.โ
The affidavit further sought โan immediate reversal and full restitutionโ of the stolen sum.
A police extract from the crime diary of the Nigeria Police Force, dated Thursday, August 27, 2026, corroborates the account, recording that Isaac reported to the station with the affidavit and stated that the bank failed to send him an OTP or an SMS transaction alert, despite his phone network being fully active and in his possession.
An email response from GTBโs E-Fraud, Analytics and e-Channel Security Group, sent on August 22, 2026, the same day as the incident, appeared to confirm that action had been taken.
โPlease be informed that your account has been blocked to prevent unauthorised access to your account,โ the bankโs representative, Hannah Oguntade, wrote.
โThe debit has been escalated to the receiving bank,โ she added.
A bank statement covering the period August 1 to August 24, 2026, shows the accountโs closing balance fell to N10,446.86, from an opening balance of N4,395,275.11, with a single outward transfer of N4,600,000 recorded on August 22, 2026, described in the statement as an โOutward Transfer to Pckapp – Zaharaโu Iliyasu.โ The record shows the transaction effectively wiped out the accountโs entire standing balance in one transfer.
However, efforts by The PUNCH to contact the management of Guaranty Trust Bank through the Chief Communications Officer of GTCO Plc, Oyinade Adegite, were unsuccessful, as she did not answer her phone calls.
She had also yet to check or respond to a WhatsApp message sent to her mobile phone since Sunday, August 30, 2026.
The development has raised fresh questions about the effectiveness of banksโ fraud-response mechanisms, particularly the actual enforcement power of a โDo Not Debitโ instruction once issued, and how quickly such freezes are implemented across banking and fintech platforms.
Industry watchers say the case highlights a widening gap in Nigeriaโs growing mobile-first banking ecosystem, where transactions routed through third-party payment platforms may not always be frozen in real time, even after a bank has flagged them as fraudulent.
The case adds to a growing list of similar complaints. Two customers of Access Bank had separately reported unauthorised debits of N3m and N500,000 from their accounts in recent weeks, according to social media reports, suggesting the trend may not be isolated to a single financial institutiโฆ
Sources: Punch
