UPDATE; Wema Bank holds doctor liable for fraudulent loan

Wema Bank is asking Lagos-based doctor Abdulazeez Olaonipekun to repay a N583,000 loan taken by a fraudster who stole his smartphone, leaving him in debt and frustration.

Abdulazeez was heading home from work on May 28 when his phone was stolen. Shortly after, a N550,000 salary advance loan was taken from his bank account, followed by a N33,000 payday loan the next day, both without his authorization. The stolen money was transferred to an Opay account belonging to Sunday Ozoh, leading to the bank expecting Abdulazeez to repay the amount.

The doctor tried to block his bank accounts using a neighbour’s phone but couldn’t reach Wema Bank’s customer care in time.

When he finally checked his email on May 29, he found out about the unauthorized loans. Despite reporting the issue to Wema Bank, he was told he needed a court order to reclaim the stolen funds, costing him at least N100,000.

In June, the bank began deducting money from his account, adding to his frustration. Abdulazeez expressed disbelief at how easily the fraudsters bypassed security measures. Wema Bank stated that they are investigating the unauthorized transactions and are in direct communication with Abdulazeez to resolve the issue and recover the funds.

The incident highlights ongoing concerns about the security of digital banking and the challenges faced by customers when dealing with fraud.