...CBN directs lenders to cut fraud response time
Bank fraud has recorded its first slump since 2021, with the number of reported cases declining steadily across the industry, a trend largely attributed to the effectiveness of the Bank Verification Number (BVN) and the National Identification Number (NIN) frameworks in curbing identity-related crimes.
Reported fraud cases have declined steadily across the industry, while the total value involved in fraud dropped sharply by 51 percent, reflecting improved controls and faster res
