Banks in Nigeria have reported a staggering N42.33bn in fraud-related losses over the first two quarters of 2024, with increases recorded across multiple payment channels, except mobile fraud.
According to data from the Financial Institutions Training Centre in its Q1 and Q2 2024 Fraud and Forgeries report, the losses, which spiked across all channels except for mobile fraud, revealed an alarming trend.
Notably, fraud related to bank branches rose 31 per cent, reaching N42.2bn in Q2 2024, compared to just N133.9m in the first quarter of the year.
Similarly, computer/web fraud surged by 1,560.3 per cent, with the value increasing from N24m in Q1 to N400.8m in Q2 2024.
Mobile fraud, however, saw a decline, dropping by 59 per cent from N216.4m in Q1 to N88.7m in Q2 2024. There were no reported cases of fraud related to ATM channels for the two quarters.
The Q1 and Q2 2024 figures also reveal a shift in fraud-related activities involving specific financial instruments.
