A Financial Institutions Training Centre (FITC) report has revealed that the top three forms of fraud in the Nigerian banking sector in the first quarter of 2024 were computer/web, mobile, and POS-related frauds.
The organisation revealed in its recently released ‘Report on Fraud and Forgeries Report in Nigerian Banks for Q1 2024′ that mobile fraud had the highest ranking, accounting for N768.84 million (25.73%) of the total amount. Following suit was Computer/Web fraud at N680.75 million (22.78%) and POS Fraud at (18.93%).
The report states that fraud-related bank losses declined by 77.62% to N468.42 million in the first quarter of 2024 from N2.09 billion in the last quarter of 2023.
Nigerian bank workers’ involvement in fraud dropped by 12.96% to 47 cases in Q1 2024 from 54 cases in Q4 2023.
35 staff appointments were terminated in Q1 2024, a major jump from nine staff terminations recorded in Q4 2023.
FITC said, “The F&F report for Q1 2024 shows a significant decline in at least 60% of the areas measured when compared to the Q4 2023 report and this is a welcome development.
“We need to understudy fraud control activities in this quarter and improve upon same to ensure that going forward the numbers keep dropping while also implementing continuous vigilance and proactive measures.
“Banks need to ensure the application of advanced fraud detection technologies and analytics to continuously monitor transactions of suspicious patterns and anomalies.”
