A total of 49 employees of Nigerian Banks were dismissed due to their participation in fraudulent activities from April to June of this year.
The Q2 2024 fraud and forgeries report from the Financial Institutions Training Centre (FITC) disclosed this information.
When compared to the 35 cases of termination in Q1 2024, this represents a 40% increase in the number of employees whose appointments were terminated.
According to the report, 58 bank workers were implicated in the 11,532 instances of fraud reported during the reviewed period.
This marks a 23% increase from the 47 insider involvement cases reported in Q1 2024. Additionally, outsider involvement in fraud cases increased by 5.20% from 10,397 in Q1 to 10,938 in Q2 2024, as shown in the FITC report.
Recall that News Central reported that Nigerian banks lost a total of N42.6 billion due to fraud and forgeries between April and June 2024.
A report released by the FITC highlighted an alarming 8,993% increase compared to the N468.4 million lost in Q1 2024, and a 637% rise from the N5.7 billion lost in Q2 2023.
Miscellaneous and other types of fraud accounted for the majority of the losses, with N41.14 billion, representing 96.46% of the total.
The FITC called on Nigerian banks to fortify their access controls to settlement files to better protect against such fraudulent activities.
