The latest banking fraud and forgeries report by Financial Institutions Training Centre (FITC) has disclosed that bank customers in Nigeria lost a total of N472 million to fraudsters in the first quarter of this year.
This represents an 85.13 per cent decline, compared to the N3.18 billion that was lost in the fourth quarter of 2022.
The FITC data also revealed that there was a 79.44% decrease in the total amount involved in fraud cases in Q1 2023 compared to the previous quarter. The sum decreased from N12.58 billion to N2.59 billion.
According to the report, the total number of fraud cases reported in Q1 2023 also declined by 14.07 per cent, as a total of 12,553 cases were reported in the first quarter of this year compared with 14,609 cases recorded in the preceding quarter.
"For Q1 2023 under review, an analysis of the magnitude-based ranking of fraud categories shows that Mobile Fraud has the highest ranking which accounts for N1.1 billion (42.72%), and this is followed by the Computer/Web fraud category at N646 million (24.99%).
"This was followed by POS Fraud at N450 million (17.41%) and fraudulent withdrawals at N139 million (5.36%)," FITC stated in the report."
A report by FITC has revealed that bank customers in Nigeria lost a total of N2.72bn to fraud in the first and second quarters of 2022.
It was also disclosed that there was a total of 67,878 cases of fraud recorded within this period.
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