Nigeria Banks terminated 35 bank employees appointments in the first quarter of 2024.
They were allegedly involved in fraud-related issues.
The Financial Institutions Training Centre (FITC) reported that this led to decline in bank losses to fraud by 77.62 percent in 2024.
The losses to fraud declined to ₦468.42 million in the first quarter of 2024 from ₦2.09 billion in the last quarter of 2023.
The total amount involved in fraud cases declined by 56.73 percent from ₦6.91 billion to ₦2.99 billion.
FITC said, “The F&F report for Q1 2024 shows a significant decline in at least 60 percent of the areas measured when compared to the Q4 2023 report and this is a welcome development.”
“Fraud has witnessed a boom in recent years because of the rapid growth and adoption of digital payments channels.”
“In its fraud report for 2023, the Nigeria Inter-Bank Settlement System revealed that fraudsters successfully scammed 80,658 bank customers within the year.”
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