The Economic and Financial Crimes Commission (EFCC) says about 70 per cent of frauds in the banking sector are caused by insider collaboration. Hence, the Commission and other stakeholders insisted that there is a need to sanitise the banking sector against harbouring fraudsters and collaborators, improve identity management and create strict regulations to safeguard the country’s wealth.
The Economic and Financial Crimes Commission ( EFCC ) says about 70 per cent of frauds in the banking sector are caused by insider collaboration. Hence, the Commission and other stakeholders insisted that there is a need to sanitise the banking sector against harbouring fraudsters and collaborators, improve identity management and create strict regulations to safeguard the country’s wealth.
According to the Financial Institutions Training Centre (FITC), Nigeria’s financial services industry has seen an increase in incidents of fraud amounting to ₦159 billion in the last four years. This comes as the EFCC and the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) said there was a need to urgently address internal and external factors escalating fraud in the countr
EFCC Banking Sector Fraud Insider Collaboration Identity Management Regulations Nigeria Financial Services Industry FITC Fraud Incidents ₦159 Billion Association Of Chief Audit Executives Of Banks In ACAEBIN