Banks lose N6bn to fraud in six months – Report

Mobile fraud, computer/web fraud, and Point of Sale fraud cases made Nigerian banks to record 24,232 fraud cases in the first six months of 2023, a report by FITC has disclosed.

The report was titled, “Reports of Fraud and Forgeries in Nigerian Banks (Quarter 2, 2023).”

This is as the total amount involved hit N12.33bn in the period under review. FITC disclosed that in the second quarter of 2023, it received a total of 71 returns on cases of fraud and forgery from 24 deposit money institutions.

It said, “A closer analysis shows that 24 returns were received in April, while 23 returns were received in May, and 24 returns were received in June.”

In the first quarter of 2023, a total of 12,553 fraud cases were recorded, by the second quarter of 2023, it dropped to 11,679. Data for Q1 indicted that mobile fraud, computer/web fraud, and P0S related fraud were the three most prevalent types of fraud, and this trend persisted in Q2 2023, the firm noted.

Commenting on the amount involved, it stated, “The data reveals a significant 276.98 per cent increase in the total amount involved in fraud cases during Q2 2023 compared to the previous quarter.

“The sum increased from N2.58bn to N9.75bn. Likewise, for amount lost there was a substantial increase of 1125.03 per cent from N472m in Q1 2023 to N5.79bn in Q2 2023.”