10 Banks Account For Most Of Bank Fraud In Nigeria - NDIC
So, a lot of fraudulent activities are perpetrated through the banks. That’s a fact.
But what wasn’t known is that these fraud activities are concentrated in ten banks.
These 10 banks accounted for about 87.63% of fraud and forgeries that occurred in the banking sector in the 2017 fiscal period.
The Nigeria Deposit Insurance Corporation, NDIC which prepared the report containing this revelation, did not however name the banks.
The report which was made available to newsmen on Thursday, said out of the total amount of 12.01-billion-naira fraud which the banking sector recorded in 2017, the ten banks accounted for 10.53 billion naira.
It said although the percentage share of the amount involved in fraud of these 10 banks declined, the amount involved in these cases was an increase of 38.05% from the 7.63 billion naira reported in 2016 to 10.53 billion naira in 2017.
The 2017 figure of 10.53 billion naira, according to the report, was however lowered by 32.26% when compared with the 2015 reported value of 16.26 billion naira.
“The number of fraud cases and amount involved remained historically high while efforts were being made to stem the tide through adequate supervisory foresight and interventions by the authorities, as well as initiative by the respective bank management to broaden the depth of internal control processes,” the report said.
The report also explained that fraud incidences perpetrated through Automated Teller Machine platform and other card related channels had the highest frequency and actual loss sustained by banks in 2017.
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