The Financial Institutions Training Centre, FITC, has revealed the three most prevalent frauds in Nigerian banking sector.
According to the Centre, these are computer/web fraud, mobile fraud, and POS-related fraud.
These were revealed as the top three prevalent forms of fraudulent activity in the Nigerian banking sector in the first quarter of 2024.
FITC disclosed this in its recently released ‘Report on Fraud and Forgeries Report in Nigerian Banks for Q1 2024′.
According to the report, mobile fraud had the highest ranking, among the frauds. It accounted for N768.84 million (25.73 percent) of the total amount.
This was followed by Computer/Web fraud at N680.75 million (22.78 percent) and POS Fraud came next at (18.93 percent).
However, the report maintained that banks’ losses to fraud declined by 77.62 percent to N468.42 million in the first quarter of 2024. This is down from N2.09 billion in the last quarter of 2023.
The report also, stated that Nigerian banks’ workers’ involvement in fraud declined by 12.96 percent to 47 cases in Q1 2024. This down from 54 cases in Q4 2023.
It maintained that 35 staff appointments were terminated in Q1 2024. Which is significantly higher than in Q4 2023 where staff terminations were only recorded for nine cases.
The Centre said, “The F&F report for Q1 2024 shows a significant decline in at least 60 percent of the areas measured. This is when compared to the Q4 2023 report. It described this as a welcome development.
“We need to understudy fraud control activities in this quarter. And to improve upon same and ensure that going forward the numbers keep dropping. While also implementing continuous vigilance and proactive measures.
“Banks need to ensure the application of advanced fraud detection technologies. And employ analytics to continuously monitor transactions of suspicious patterns and anomalies,” FITC stated.
source: Daily Post
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