Nigerian Banks Lost N5 Billion To Fraud In 9 Months


Image result for Nigeria Inter-Bank Settlement System Plc (NIBSSYemisi Izuora

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has revealed that the banking sector has reported more than N5 billion loss to fraud  between January and September 2020.

This was contained in the NIBSS Insight report on ‘Fraud in the Nigerian Financial Services’issued on Tuesday, February 16.

NIBSS report read, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 per cent are perpetrated by external parties while 37 per cent are perpetrated by internal parties.

“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.

“This year, about 91 per cent of all fraud attempts as of September have resulted in a total loss; and more than N5bn was lost as a result of fraud within the period.

“This represents financial institutions with an opportunity to protect their investments; as well as attract customers by offering increased artificial protection and the ability to recover lost funds more easily.”

The NIBSS report also stated that data from the industry antifraud portal data showed that 56 per cent of all reported fraud attempts were carried out using social engineering.

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