…Cybercrime, POS fraud dominate as financial institutions face escalating losses
A recent report from the Financial Institutions Training Centre (FITC) has revealed that Nigerians lost ₦42.6 billion to various forms of fraud between April and June 2024.
This surge in fraudulent activities includes computer-based, mobile, and point-of-sale (POS) fraud, reflecting a disturbing trend in the nation’s financial landscape.
The report indicated a total of 11,532 fraud cases, with the overall value of fraud reaching ₦56.3 billion—up from ₦34.8 billion in the previous quarter. Mobile fraud was the most prevalent, comprising 33.4% of all cases, while POS-related fraud accounted for 24.6%.
Computer-based fraud also posed a significant threat, contributing to 16.9% of incidents.
FITC highlighted that bank branches suffered the majority of losses, with approximately 95% of the total fraud value occurring at this level.
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The report noted that fraudsters continue to exploit both external vulnerabilities and insider threats, resulting in the dismissal of 49 employees for their involvement in fraudulent activities during the quarter.
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While card-related fraud saw a decline of 31.8%, cheque and cash fraud experienced a notable increase, underscoring the ongoing risks associated with traditional financial instruments.
The report calls for enhanced security measures, including the integration of advanced technologies such as artificial intelligence, to combat the growing sophistication of fraud.
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