Market News

Nigeria Banks’ customers lost over N1bn to fraud in Q2 2022 - DAILY POST

JANUARY 29, 2023

By   Ogaga Ariemu

A report by the Financial Institutions Training Centre, FITC, has disclosed that Bank customers in Nigeria lost over one billion naira to Banks’ branch and mobile channels fraud in the second quarter of 2022.

In a recent report on Fraud and Forgeries, FITC stated a total of 67,878 cases of fraud were recorded in the period under review.

FITC’s data stated that there is a decline in the amount of fraud in the system compared to the first quarter.

The total sum reported to be involved in fraud cases decreased by 40.05 per cent from N14.65bn in Q1 2022 to N8.78bn in Q2 2022.

“The amount lost via the web channel decreased considerably from N1.07bn to N98.4m while the amount lost via the ATM channel decreased from N43m to N5.9m.

“On the other hand, an increase was noted in the amount lost via the bank branch and mobile fraud channels, from N103.45m to N618.24m (497.56 per cent) and N270.92m to N449.03 million (65.74 per cent).”

The FITC said banks needed to strengthen their internal control measures to improve efficiency in pre-empting fraud activities and ultimately prevent fraud.


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