Banks Lose over N5Bn to Cyber Fraud in 9 Months- NIBSS

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has said that over N5bn was lost to fraudulent activities in the Nigeria Banking sector from January to September 2020.

According to the NIBSS report on ‘Fraud in the Nigerian Financial Services’, fraudulent activities have led to severe loss of about $42bn globally.

The report showed that N203.357m was lost by customers in 984 fraud attempts, while 3,163 attempts that could have resulted to a N380.159m loss was repelled in the period.

The report stated, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 per cent is perpetrated by external parties while 37 per cent is perpetrated by internal parties.

“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.

“This year, about 91 per cent of all fraud attempts as at September have resulted in a total loss, and more than N5bn was lost as a result of fraud within the period.”

The report said there is the need for financial institutions to offer increased artificial protection for customers’ investment.