Customers of UBA, Zenith Bank, Access Banks Lose N472 Million to Fraudsters in 3 Months
- A new report said that bank customers in Nigeria lost a total of N472 million in the first three months of 2023
- The information is contained in a statement by Finacial Institutions Training Centre
- It disclosed that a total of 12,552 cases of fraud were recorded during this period
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According to a report by Financial Institutions Training Centre (FITC), bank customers in Nigeria lost N472 million to fraud in the first three months of 2023.
FITC disclosed that there was a total of 12,552 cases of fraud recorded during the period under review.
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The development followed a report on FITC’s website.
Losses decline by 85.13% in Q1 of 2023
The centre comprises members of the Nigerian Banker’s Committee, including CBN, Nigeria Deposit Insurance Corporation, and all licensed banks in the country.
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The information revealed a decline in losses compared to what bank customers lost to fraudulent banking activities in the fourth quarter of 2022.
Punch reports that FITC said a total of N3.18 billion was lost to fraudsters across banking platforms in Q4 of 2022, meaning that the losses were reduced by 85.13% in Q1 of 2023.
The data by FITC revealed a total of 79.44% decline in the total amount involved in fraud cases in the first three months of 2023 compared to the previous quarter, with a decrease from N12.58 billion to N2.59 billion.
The total number of fraud cases reported in the first quarter of 2023 also reduced by 14.07%.
Top sources of fraud in banks and financial sectors
The report said that 12,553 fraud cases were recorded in the first quarter of this year compared with 14,609 cases recorded in the previous quarter.
Fraud cases occurred mainly through mobile/web, and PoS, consistent with the trend from the previous quarter.
Of the total amount lost in Q1 of this year, the data revealed that mobile fraud comprised 34.07% at N161 million, followed by computer/web fraud accounting for 27.69% at N130 million and fraudulent withdrawals representing 24.72% at N116 million.
Top sources of fraud in banks revealed as customers in Nigeria lose N1.17 billion in 2022, report says
Legit.ng reported that a report by Financial Institute Training Centre (FITC) has shown that bank customers in Nigeria lost a total of N1.17 billion in the second quarter of 2022.
The centre revealed that information from 24 commercial banks in Nigeria indicates that the amount was lost out of a total of 8.78 billion reported fraud cases in the period under review.
The data revealed a decline in the number of fraud cases across the banks compared to the first quarter of 2022.
Source: Legit.ng
