AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Banks can place a hold or Post No Debit on the receiving account, investigate, and return funds where the law and the evidence allow, but they can only return what is still in the account. Moniepoint, for example, says recovery is not guaranteed and that fraud cases need a police report or court order, so report within hours and involve the police early.
What a bank can and cannot do
Once money reaches another account, it belongs on the books of the receiving bank, which has a customer relationship with the account holder. Your bank cannot reach in and take it back. What it can do is tell the receiving bank, through their fraud desks, that the money was obtained by fraud, and ask for action. A Mondaq summary of the CBN's transfer rules notes that banks have run fraud desks since a 2015 CBN circular that allows blocking of suspicious funds.
| Action | What it does | Who triggers it |
|---|---|---|
| Hold or lien on the amount | Stops that sum being spent while the case is looked at | Receiving bank, on a fraud report |
| Post No Debit (PND) | Blocks all outgoing payments; credits still land | Receiving bank, regulator, court or law enforcement |
| Investigation | Checks the account holder, the inflow and onward transfers | Both banks |
| Return of funds | Sends money back to you | Receiving bank, with consent, legal cover or a court order |
| Disclosure of account holder details | Identifies who received the money | Usually only on a valid court order or police request |
Moniepoint's support pages give a practical picture: an unauthorised transfer is reported with the receipt, a recall depends on funds being available, beneficiary consent and the beneficiary bank's discretion, a police report or court order is needed, data is shared with police only on a valid court order, and recovery is not guaranteed.
Why the remaining balance decides everything
Scammers rarely leave money where it lands. It is often moved within minutes to other accounts, wallets or cash-out agents. A hold can only freeze what is left. If ₦300,000 landed and ₦280,000 moved on before the hold, the first bank can protect ₦20,000; the rest has to be traced to the next accounts, each of which needs its own request.
A CBN draft on authorised push payment fraud, reported by TechCabal in December 2025, proposed that the bank where the fraud started notify other banks within 30 minutes, that investigations finish within 14 working days, and that refunds involving several banks be completed within 16 working days. The draft also proposed that a bank with inadequate systems should bear the cost. As at October 2026 we could not confirm that it has been finalised, so treat these as proposals.
What you need to give the bank
- Your account details and the exact transaction: date, time, amount, session ID.
- The receiving account number, bank and name shown.
- How the scam happened, in a few sentences, with screenshots of chats, adverts or calls.
- A police report, or proof that you have reported, as soon as you have it.
- Any other accounts or phone numbers the scammer used, so the bank can check for linked accounts.
- Your contact details and a request for a reference number.
- Whether you have already told the police or another bank, with their reference numbers.
If your bank says it can do nothing
Ask it, in writing, to confirm that it sent a fraud notice to the receiving bank and when, and what response it received. If your complaint is not acknowledged within three days or resolved within about two weeks, the CBN complaints guide allows escalation to the Consumer Protection Department, with proof that you reported to the bank first.
The police and court route
If the receiving bank will not return money without legal authority, the police can request information and seek court orders, and you can apply to court yourself with a lawyer. The Cybercrimes Act 2015 makes computer-related fraud an offence with a minimum of three years' imprisonment or a ₦7,000,000 fine, and sending a misleading electronic message with intent to defraud carries a minimum of five years or ₦10,000,000. A prosecution can lead to restitution orders. Online reports can be made to the Nigeria Police Force National Cybercrime Centre e-reporting portal; see also reporting fraud to the police and EFCC.
Worked example
Example only. Ngozi pays ₦250,000 for a phone advertised online at 11.05am. By 11.40am the seller has blocked her. She calls her bank at 11.45am. The receiving bank finds that ₦240,000 moved at 11.10am to two other accounts and ₦10,000 remains, and places a hold on the ₦10,000. Her bank sends requests to the two next banks; one finds ₦90,000 still there. With a police report, ₦100,000 of the ₦250,000 may be returnable; ₦150,000 depends on the police tracing the people behind the accounts.
Where Pryme fits
Pryme accounts are protected with an authenticator app and a transaction PIN (security). If you are a victim, a statement or verifiable receipt generated through VerifyDoc.ai helps your bank and the police see exactly what left your account (receipts). For the first hour after a scam, see can the money be frozen before withdrawal.
Questions people ask
Can my bank take money back from a scammer's account?
Not directly. It asks the receiving bank to hold and return funds. The receiving bank can act on a fraud report, but usually needs consent, a police request or a court order, and only what is still in the account can be returned.
Will the bank tell me who the scammer is?
Usually not directly. Account holder details are typically shared with the police on a valid request or court order, as Moniepoint's fraud page describes.
How long does a bank fraud investigation take?
It varies by bank. A CBN draft from November 2025 proposed 14 working days for investigation, but as at October 2026 we could not confirm it is final. Ask your bank for its timeline.
Is it worth reporting if the scammer has withdrawn everything?
Yes. The police can still trace the people behind the accounts, and onward accounts may hold some of the money.
Sources
- Moniepoint Support: Fraud · accessed Oct 2026
- Mondaq (G Elias): CBN rules on erroneous and failed inter-bank transfers (8 Jul 2025) · accessed Oct 2026
- TechCabal: Nigerian banks may get 16 days to refund fraud victims under CBN draft (2 Dec 2025) · accessed Oct 2026
- Cybercrimes (Prohibition, Prevention, etc.) Act 2015 (text) · accessed Oct 2026
- Nigeria Police Force National Cybercrime Centre: E-Reporting Portal · accessed Oct 2026
- CBN: How to Lodge a Complaint (2022) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.