How porous could Nigeria’s financial system be?

Without guns or any physical weapons, criminals were able to pilfer more than a billion naira from our banks in three years.

According to a figure obtained from the Central Bank of Nigeria, CBN as published in the Nigerian Electronic Fraud, NeFF Report, the banking sector recorded 31,736 fraud cases involving the sum of 16.5 billion Naira between January 2014 and December 2016.

The fraud report was prepared by the CBN's Banking and Systems Payment Department.

According to the report, the frauds were perpetrated through several means including Across the Counter, Automated Teller Machines, ATM, cheques and even through online payments.

Others are Internet banking, mobile banking, Point-of-Sale and web transactions.

The report stated that in the last three years, there had been more attempts in the number of fraud cases, adding that the development might be linked to the economic hardship being experienced in the country.

For instance, the report stated that the volume of fraud cases rose by 635.3% from 1,461 incidents in 2014 to 10,743 in 2015.

And between 2015 and 2016, the report stated that the incidents of fraud rose to even more alarming level by 81.8% from 10,743 to 19,532 cases.

Can we forward this to the Acting President and the Minister of Finance?