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Checking e-fraud in Nigerian banks - Nigeria Today

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"The Central Bank of Nigeria underscored the seriousness of this matter recently when it reported a N2.19 billion loss by the country’s commercial banks to e-fraud in the 2016 fiscal year. There were 19,531 recorded cases in 2016, compared with 10,743 in 2015. This is an 82 percent increase in e-fraud cases between 2015 and 2016. The figure may even be higher. The figure contained in the Nigeria Electronic Fraud Forum Annual Report unveiled last week by the CBN Governor, Godwin Emefiele, during a stakeholders’ workshop on cybercrime, showed different segments of the banks where the frauds were committed, and the value of losses recorded. A breakdown revealed that across the counter transactions accounted for the highest with a total value of N511.07 million. This was followed by Automated Teller Machine (ATM) transactions with N464.5m; Internet banking N320.66m and mobile banking transactions, N235.17m. Other losses came from e-commerce transactions, N132.25m; web transactions, N83.77m; cheques, N4.55m; kiosks, N10.19m; and others, N190.97m. The report noted that, ‘based on trend and human perception, it is believed that fraud rates increase towards the end of the year due to festivities…and the need for people to get more money.’ Nonetheless, the report stated that fraud can happen at any time, and therefore, called for ‘preventive and detective strategies’. From all indications, the extant preventive and detective strategies were not sufficient to prevent the e-fraud cases. For instance, between 2000 and 2014, Nigerian banks lost a hefty N199bn, largely due to inappropriate and reckless management of customers’ data"

Checking e-fraud in Nigerian banks - Nigeria Today

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