Banking Sector Records ₦25.85bn Loss to Fraud in One Year
Nigeria’s banking industry recorded a total loss of ₦25.85 billion to fraud-related activities in the last year, reflecting a notable decline compared to losses recorded in the previous year.
Industry data show that both the volume and value of fraudulent transactions dropped significantly, a development attributed to stronger internal controls, improved monitoring systems, and enhanced collaboration among financial institutions. Despite the progress, electronic payment channels—particularly mobile and internet banking platforms—remained the most targeted by fraudsters.
Experts in the financial sector credited the reduction in losses to the expanded use of digital identity verification tools, including tighter integration of Bank Verification Numbers (BVN) and national identification systems, as well as improved real-time transaction tracking.
However, stakeholders cautioned that the decline does not eliminate the threat of fraud, stressing the need for sustained vigilance, continuous system upgrades, and greater consumer awareness to prevent emerging risks within the banking ecosystem.
