Banks lost N2.2bn to electronic fraud in 2016 - CBN

Updated Friday 7 July 2017 14:23
Banks lost N2.2bn to electronic fraud in 2016 - CBN
According to ‘Dipo Fatokun, CBN’s Director, Banking and Payments System Department and Chairman, Nigeria Electronic Fraud Forum (NeFF), in a latest report, the industry processed transactions in 2016 that amounted to 278,744,529, while the value was over N64 trillion.

Did you know? You can comment on this post! Just scroll down

He said the industry recorded about 82 per cent increase in reported fraud cases when compared to 2015 and over 1200 per cent when compared to 2014. 

“Comparing the attempted fraud against the actual loss, the industry was able to salvage 49.7 per cent of the total amount attempted by the fraudsters within the year. These figures informed us that there are more attempts on yearly basis with different innovation tricks or modus operandi to take advantage of the system,” he said. 

Looking ahead into 2017, Fatokun said the financial industry as a whole must collaborate to ensure a wider gap exists between the attempted fraud and actual loss, adding the analysis in this report would allow us to benchmark and also understand where the vulnerabilities lie. 

Article Posted 2 Years ago. You can post your own articles and it will be published for free. No Registration is required! But we review before publishing! Click here to get started

Love This? Share It!

One Favour Please! Subscribe To Our YouTube Channel!

468k

Like us on Facebook, Follow on Twitter

React and Comment

Click Here To Hide More Posts Like This
Watch and Download Free Mobile Movies, Read entertainment news and reports, Download music and Upload your own For FREE. Submit Your Content to be published for you FREE! We thrive on user-submitted content! But we moderate!

Attention
We use cookies to serve you better. We have to let you know this in accordance with EU laws. You accept our terms and conditions by using this platform. Please Click on the OK button below to hide this message