The Nigeria Inter-Bank Settlement System (NIBSS) has said that financial institutions lost almost N18 billion to fraud in 2023. This information was disclosed in its Annual Fraud Landscape (January to December 2023) which was published on its website on Monday.
Established in 1993, NIBSS provides a platform for same-day clearing and settlement of inter-bank transfers and payments.
According to the information it received from financial institutions via the Industry Fraud Reporting Portal, the Web, and Point of Sale (POS) channels were used the most to perpetrate fraud.
The report also highlighted that while the fraud count went down by 6%, the actual loss from fraud increased by 23%.
The month of May registered the most fraud cases with almost 12,000, while October recorded the highest fraud value with almost N4 billion stolen during the month.
The most targeted demographic were individuals aged 40 and above. The report noted “this sustained trend emphasizes the enduring appeal of the demographic group as potential victims, reinforcing the need for continuous efforts to educate and protect individuals in this category from fraudulent activities,”
