The rise of electronic payment led to a 496.96 percent increase in fraud in Nigeria’s financial industry between 2019 and 2023.
This was contained in the recent ‘Annual Fraud Landscape’ report of the Nigeria Inter-Bank Settlement System (NIBSS).
The report said Nigeria’s Bank customers lost ₦59.33 billion between 2019 and 2023, with losses increasing from ₦2.96 billion in 2019 to ₦17.67 billion in 2023.
“The amount lost to fraud has increased over the past five years along with the growth of financial transactions in the digital payments sector.
“The Mobile channel was statistically the most profitable channel for fraudsters in 2023 with a Fraud Interest Index of 34 per cent. It is followed by Internet Banking and POS with 33.99 per cent and 26.37 per cent, respectively”, NIBSS stated.
The development comes amid the 463 percent surge in electronic transactions, which reached ₦611.06 trillion in 2023 and ₦108.42 trillion in 2019.
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