Nigeria’s Banking Sector Lost N5bn To Fraud In 9 Months – NIBSS

Nigeria’s banking sector lost about N5bn as a result of fraud between January and September 2020.

The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its report on ‘Fraud in the Nigerian Financial Services’.

Part of the report read, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 per cent are perpetrated by external parties while 37 per cent are perpetrated by internal parties.

“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.

Nigeria's Banking Sector Lost N5bn To Fraud In 9 Months - NIBSS
Nigerian Banks

“This year, about 91 per cent of all fraud attempts as at September have resulted in a total loss, and more than N5bn was lost as a result of fraud within the period.

“This represents financial institutions with an opportunity to protect their investments as well as attract customers by offering increased artificial protection and the ability to recover lost funds more easily.”

The report futher noted that data from the industry antifraud portal data revealed that 56 percent of all reported fraud attempts were carried out using social engineering.

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