It’s getting scarier in the banks. It appears, the easier it becomes to conduct financial transactions, the easier it becomes for fraud to thrive.

On Thursday, the Nigerian Inter-Bank Settlement System (NIBSS), released a shocker – that Nigeria’s banking industry lost the total sum of 12.30 billion naira to various forms of fraud between 2014 and 2017.

Managing Director of NIBBS, Mr Adebisi Shonubi, who was recently appointed Deputy Governor of the Central Bank of Nigeria, CBN disclosed this at the third Annual Banking Security Summit organised by a data security firm, OneSpan in Lagos.

Shonubi said the figure was lost in 41,461 fraud cases within the four-year period.

Specifically, he noted that 2014 fraud case volume stood at 1,461, 10,743 (2015), 19,531 in 2016 and 25,043 in 2017.

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Speaking on “Industry Fraud Overview with Focus on Mobile & Payments Related Frauds,” Shonubi said the industry lost 6.22 billion naira in 2014 alone on attempted fraud value of 7.76 billion naira.

Represented by Mr Olufemi Fadairo who is Head, Industry Security Services at NIBSS, Shonubi also disclosed that the sum of 2.26 billion naira was lost in 2015 on attempted fraud value of 4.37 billion naira.

While in 2016, the industry lost the sum of 2.19 billion naira in 2016 on attempted fraud value of 4.37 billion naira.

Meanwhile, more fraud cases were reported in 2017, with an increase of 28% compared with 2016 but with less financial loss.

Further analysis of the fraud trend during the period under review showed that males accounted for 73%, while females accounted for 23%, according to Shonubi.

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