Business

Bank Fraudsters Steal N472m From Nigerians In 3 Months

In Q4 2022, a total of N3.18 billion was lost to fraudsters across banking platforms…..

By Johnson Atoukudu

The Financial Institutions Training Centre (FITC) has released a report indicating that Nigerian bank customers experienced a loss of over N472 million to fraudsters during the initial three months of 2023. The report, which can be found on FITC’s website, states that there were a total of 12,553 fraud cases reported during this period. FITC is an institution whose members consist of the Nigerian Banker’s Committee, including the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria. However, the data reveals a decrease in losses compared to the fraudulent banking activities in the fourth quarter of 2022.

In Q4 2022, a total of N3.18 billion was lost to fraudsters across banking platforms, indicating an 85.13% decrease in losses during Q1 2023. Additionally, the FITC data shows a 79.44% reduction in the total amount involved in fraud cases during Q1 2023, dropping from N12.58 billion to N2.59 billion compared to the previous quarter. The number of reported fraud cases in Q1 2023 also decreased by 14.07%, with 12,553 cases reported compared to 14,609 cases in the preceding quarter.

The report highlights that fraud primarily occurred through mobile, computer/web, and Point of Sale (PoS) transactions, consistent with the trend observed in the previous quarter.

The report read, “For Q1 2023 under review, an analysis of the magnitude-based ranking of fraud categories shows that mobile fraud has the highest ranking which accounts for N1.1bn (42.72 per cent), and this is followed by the computer/web fraud category at N646m (24.99 per cent). This was followed by PoS fraud at N450m (17.41 per cent) and fraudulent withdrawals at N139m (5.36 per cent).”

The data from Q1, 2023 also indicated that out of the total amount lost, mobile fraud constituted 34.07% at N161 million, while computer/web fraud accounted for 27.69% at N130 million. Furthermore, fraudulent withdrawals made up 24.72% at N116 million.

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