Nigerian commercial banks have suffered a massive loss of N42.6 billion to fraud within just three months, according to a report released
by the Financial Institutions Training Centre .
FITC’s report highlights a dramatic rise in fraudulent activities, with various channels, including ATMs, online platforms, bank branches, and point-of-sale terminals, being exploited. The FITC report, based on fraud returns from 28 deposit money institutions, shows that 80 cases were reported during Q2, with a significant jump in the amount involved.
Meanwhile, fraudulent activities involving cheques and cash increased by 36.67 percent and 9.09 percent, respectively. With these startling figures, the FITC urged Nigerian banks to strengthen their monitoring and auditing procedures. To mitigate further risks, the FITC suggested restricting access to sensitive settlement files to a small, vetted group of personnel trained in the latest security protocols.
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