Check out why Nigerian banks have lost N6.03 billion ($7.8 million) so far in 2023.

In Q2 2023, compared to the prior quarter, the sum involved in these fraud cases dramatically grew by 276.98%, reaching N9.75 billion, while losses jumped by 1125.03%, to N5.79 billion.
Numerous fraudulent activities, including mobile, computer, web, and point-of-sale fraud, have led to requests for tighter security controls in the Nigerian banking industry.

In the first half of 2023, Nigerian banks registered 24,232 fraud cases, according to a report by the FITC (a group of Nigerian bankers). These incidents included mobile fraud, computer/web fraud, and point-of-sale fraud. The report’s title was Reports of Fraud and Forgeries in Nigerian Banks (Quarter 2, 2023)

This is due to the fact that the total amount at stake throughout the review period was N12.33 billion. 24 deposit money institutions supplied a total of 71 returns on instances of fraud and forgery in the second quarter of 2023, according to data published by FITC.

The declaration stated, “A closer analysis reveals that 24 returns were received in April, 23 returns in May, and 24 returns in June.”

In the first quarter of 2023, a total of 12,553 fraud incidents were reported; by the second, only 11,679 remained. According to Q1 data, computer/web fraud, fraud involving P0S, and fraud on mobile devices were the three most prevalent types of fraud, the company noted. In Q2 2023, this pattern persisted.

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