Newsonline Nigeria reports that the latest banking fraud and forgeries report by FITC has revealed that bank customers in Nigeria lost a total of N472 million to fraudsters in the first quarter of this year.
However, this was a decline in losses compared to what was lost to fraudulent banking activities in Q4 2022. According to FITC, a total of N3.18 billion was lost to fraudsters across banking platforms in Q4 2022, which means that the losses declined by 85.13% in Q1 2023.
This Nigeria News platform understands that FITC data also revealed that there was a 79.44% decrease in the total amount involved in fraud cases in Q1 2023 compared to the previous quarter. The sum decreased from N12.58 billion to N2.59 billion.
The total number of fraud cases reported in Q1 2023 also declined by 14.07%. According to the report, a total of 12,553 cases were reported in the first quarter of this year compared with 14,609 cases recorded in the preceding quarter.
The numbers in Q1 2023 reveal that of all the fraud activities, mobile, computer/web, and PoSvwere the top three channels with the highest number of fraud occurrences. This is consistent with the trend from the previous quarter.
From the total amount lost in Q1 2023, the data also reveals that mobile fraud accounts for 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.
While stating that the overall decrease noted in the fraud incidences, the amount involved, and the actual amount lost is quite commendable for the banking institutions, FITC said it is necessary for banks to further strengthen their internal control measures for improved efficiency in pre-empting fraud activities and ultimate prevention of fraud. It added that there is also a need to o support the internal control measures through increased sensitization of customers on the prevalence of fraud activities and how to protect themselves from it.
FITC is a not-for-profit professional organisation with members of the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and all licensed banks in Nigeria.
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