Nigerian commercial banks reported a staggering loss of ₦42.6 billion due to fraud and forgeries in just three months, from April to June 2024, according to the Financial Institutions Training Centre (FITC). This amount surpasses the entire ₦9.4 billion loss recorded throughout 2023.
FITC’s Q2 2024 Fraud and Forgeries report, released on Saturday, highlights a significant rise in fraudulent activities across various banking platforms, as banks experienced an 8,993% increase in losses compared to the ₦468.4 million lost in Q1 2024.
This represents a 637% increase compared to ₦5.7 billion in Q2 2023.
The report showed that 96.46% of the total loss came from “miscellaneous and other fraud” types, amounting to ₦41.14 billion. Other significant losses were recorded from fraudulent withdrawals (₦781.2 million) and computer/web fraud (₦400.7 million).
During the period, fraudulent activities spiked across multiple channels, including ATMs, online platforms, and bank branches, with a notable 31,497% increase in losses from bank branches, which amounted to ₦42.2 billion.
While mobile fraud recorded a decline, cash-related fraud cases rose 9.09%, likely driven by increasing demands for cash ransom in kidnapping cases.
FITC recommended that banks enhance monitoring by implementing AI-driven tools, multi-factor authentication, and regular internal audits to counteract these growing threats.
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