Fraud is causing trouble for Nigerian banks, according to a report by FITC. In the first half of 2023, there were 24,232 cases of fraud in these banks.
The report looked at different types of fraud, including mobile fraud, computer/web fraud, and Point of Sale (POS) fraud. The total amount of money involved in these cases was N12.33 billion.
Banks report 71 fraud cases in Q2 2023
The report showed that in the second quarter of 2023, there were 71 instances of fraud and forgery reported by 24 different banks. This was broken down by month: 24 cases in April, 23 in May, and 24 in June.
In the first quarter of the year, there were 12,553 fraud cases, and this number dropped to 11,679 in the second quarter. The most common types of fraud were related to mobile, computer/web, and POS activities.
The report also revealed that the total amount of money involved in fraud cases increased significantly in the second quarter compared to the previous one.
The amount jumped from N2.58 billion to N9.75 billion, a 276.98% increase. Additionally, the money lost due to fraud increased by 1125.03%, going from N472 million in the first quarter to N5.79 billion in the second quarter.
The report also highlighted a decrease in outsider involvement in fraud cases but an increase in staff involvement.
To address these issues, the report recommended that Nigerian banks improve their security systems to prevent unauthorized access and protect customer information.