Though fraud count reduced to 95,620 in 2023 when compared to 2022, the amount lost however increased to N17.67 billion last year compared to the previous one.
The Nigeria Inter-Bank Settlement System’s ‘ Annual Fraud Landscape’ report, covering January to December 2023, observed that while the total number of reported fraud incidents decreased by six per cent, the actual losses incurred by victims rose by 23 per cent.
The agency pointed out that scammers targeted individuals aged 40 and above and exploited vulnerabilities in mobile banking to actualise their nefarious acts. Fraud loss via Internet banking increased by 325 per cent between 2022 and 2023, largely due to N2.4 billion in internal fraud on corporate accounts reported by a Deposit Money Bank .
The investigation revealed that financial institutions reported the highest fraud count and value of 27,555 cases in the first quarter and N5.5 billion in the fourth quarter of the period under review. The Police Command in Lagos State says it has arrested a gang of 10 suspected ritualists, who specialise in killing people and selling their body parts to ritualists.
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