Banking sector records N9.5bn losses to electronic fraud in five years

CBN: Bank Sector Record Electronic Fraud Lose Of N9.5B in 2023

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According to the Central Bank of Nigeria (CBN), financial sector losses due to electronic fraud were N9.5 billion in 2023. This was revealed on Friday during the Nigeria Electronic Fraud Forum’s third quarter general meeting by Musa Jimoh, the director of CBN’s Payment Systems Management.

According to him, losses from electronic fraud increased from N3 billion to N9.5 billion in just five years between 2019 and 2023.

Jimoh, who is also the NeFF Chairman, warned that if electronic fraud is not stopped in its tracks, it will bring down the nation’s banking system. He often emphasized the necessity for banks, financial institutions, and other business owners in the sector to safeguard their activities in the online world.

“Today, we’re here to carry on that discussion and look at fresh ways to tackle e-fraud. Cybercriminals will take us down and damage the entire system if we don’t fight them.

“For fraud tendencies over the previous five years, we’re looking at around N3 billion in 2019 and, as of now, N9.5 billion in 2023. Over the past five years, fraud losses have drastically escalated, according to him.

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