Fraudsters Stole 2.19 Billion Naira From Banks in 2016 – CBN
It appears our banks are not as safe as we presume them.
Without any physical weapons except deception, fraudsters stole a whopping 2.19 billion Naira from deposit money banks in 2016.
And where did we get this figure, you may ask? The Central Bank of Nigeria, CBN said so on Tuesday.
The figure was contained in the Nigeria Electronic Fraud Forum Annual Report, which was unveiled by the CBN Governor, Mr. Godwin Emefiele, during the NEFF stakeholders’ workshop on cybercrime.
The conference with the theme: ‘Tackling enforcement challenges under the Cybercrime Act’, was held to address some of the impediments to the enforcement of the Act.
The report stated that 19,531 fraud cases were reported for the DMBs in 2016 as against 10,743 in 2015.
It stated that although there was an 82% increase in reported fraud cases as compared to 2015; the banking sector witnessed marginal reduction in the value of attempted frauds and actual losses.
For instance, the report stated that attempted frauds’ value dropped from 4.37 billion Naira in 2015 to 4.36 billion Naira in 2016, while actual loss value declined from 2.25 billion Naira to 2.19 billion Naira.
A breakdown of the actual amount lost showed that across-the-counter transactions accounted for the highest with a total value of 511.07 million Naira.
This was followed by Automated Teller Machine transactions, with 464.5 million; Internet banking, 320.66 million Naira; Point-of-Sale transactions, 243.32 million Naira; and mobile banking transactions, 235.17 million Naira.
Losses from e-commerce transactions were put at 132.25 million Naira; web transactions, 83.77 million Naira; cheques, 4.55 million Naira; kiosks, 10.19 million; and others, 190.97 million Naira.