A total of N42.33 billion has been lost due to fraud-related incidents in the first half of the year, as disclosed by banks in Nigeria. These losses were recorded on multiple payment channels with the exclusion of mobile channels.
The fraud and forgeries report from the Financial Institutions Training Center (FITC) showed a dangerous spike in the financial channels except for mobile fraud.
Computer/web fraud skyrocketed by 1,560.3%, increasing from N24m to N400.8m in Q1 to Q2 2024. Bank branch fraud shot up by 31%, hitting a value of N42.2bn in Q2 2024 from N133.9m in Q1. However, mobile fraud saw a decline by 59% from N216.4m in Q1 to N88.7m in Q2 2024.
Amazingly, there were no ATM-related fraud cases, as this could be attributed to the massive use of POS machines at every corner.
Card fraud saw a decline of 47.66%, a reduction of 21,469 cases in Q1 to 11,231 Q2, while cheque-related fraud rose by 36.67% from 30 cases in Q1 to 41 cases in Q2. Cash fraud cases moved up a notch by 9.09%, from 209 cases in Q1 to 228 in Q2 2024.
Among all these reports, it’s important to note that mobile fraud dropped drastically by 99% from N21.6bn in Q4 2023 to N216.36m in Q1 2024. While POS fraud and bank branch fraud dropped by 68.34% and 62.42%, respectively.
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