NIBSS calls for more vigilance as criminals wipe away N52.3b

Banks and other financial institutions lost about N52.3 billion to fraudulent activities in the five years ending in 2024, the Nigeria Inter-Bank Settlement System (NIBSS) revealed yesterday in its Fraud Report.

NIBSS explained that the amount lost to fraud increased along with the growth of digital transactions.

According to the report, yearly fraud counts decreased by 31 per cent from 101,624 in 2020 to 70,111 in 2024, while the value lost has grown by 350 per cent from N11.61 billion to N52.26 billion in the period.

NIBSS explained that the ratio of total reported fraud value to the total value of transactions recorded over the last five years showed a decrease from 0.0053 per cent in 2020 to 0.0022 per cent in 2023 and an increase from 0.0022 per cent in 2023 to 0.0040 per cent in 2024.

The report revealed that total attempted and actual losses between 2023 and 2024 increased by 338 per cent and 195 per cent respectively. This significant increase is attributed to fraud incidents at some institutions, stemming from system vulnerabilities.

According to NIBSS, when compared to the previous quarter, fraud activity increased in 2024, with attempted amounts and actual losses rising significantly in Q2 and Q3, before declining in Q4.
https://guardian.ng/business-services/business/banks-fraud-related-losses-rise-by-350-to-n52-3b-in-five-years/