Restricting an account is something all banks have to do sometimes. But we know that it can be worrying so we wanted to share some more information about why this happens, and what you can do to resolve it.
Restricting accounts is a legal requirement
We’re a regulated entity and as part of our operating requirements, we have to follow specific rules created by the CBN for financial institutions. Many of these restrictions have been created to protect customers from fraud or impersonation.
It protects you from on- and offline fraud, and account-related crimes.
We restrict accounts when we think your money (or identity) might be compromised
If our systems suspect criminal or fraudulent activities on your account, your account will be frozen to protect your money. And accounts are typically downgraded if we sense irregularities in the details provided while you’re trying to upgrade.
Follow this link to see how you can unfreeze your gomoney account easily
We also restrict accounts when we suspect foul play
If we explained what would be flagged as “criminal activities”, criminals will find a way around them so for your security (and ours), we’ll skip this part. 🌚
Here’s what we’re doing to minimize the possibility of frozen or downgraded accounts:
Banking is a highly regulated industry, and for good reason. These laws and checks exist to help keep your money safe, but as is the gomoney way, we’ll do everything we can to ensure that this is as stress-free for you as humanly possible.
From the 23rd of November, we’ll be updating our security regulations with new multi-factor security to cut down the chances of your account getting downgraded or frozen.
We’ll be updating our account authentication process to include the following:
🤳🏾Liveness (facial verification) test
Facial verification is our latest addition to our multi-factor authentication; a brief selfie-style photoshoot to help us register your facial features and match them to your ID. Once this is done, we’ll have a foolproof means of verifying that your account is yours should you change your phone or require additional verification.
This is the bit of the regular banking process where you take your passport photo to the banking hall and wait to be verified. Here, it’s all on your phone, in your home and it’ll only take one minute.
📮Next of Kin confirmation
What’s a bank account without a Next of Kin? This helps us know who gets the money in your account should you be unable to access it for any reason 🙂
🏠Updated home address formats
Banks typically verify home addresses to ensure that the customer can be reached securely if they suspect fraudulent activities. We’re updating our home-address format to an easily verifiable one for this reason. To ensure that your account is in-line with this format, we’ll need you and every other gomoney customer update their address. Your address is also where we’ll deliver your physical cards and gomoney swag 😎
💌Updated email address
This is to receive verification OTPs for your multiple gomoney virtual cards 🙊(as an alternative to SMS). It’s also so we can talk to you about features and gomoney updates!
As always, should you have questions or need clarifications, please send us a message from your in-app Help section, our community or on our support account on Twitter
Happy secure banking!
Your friends at gomoney