Nigerian banks lost N17.67bn to fraud in 2023, a 23% increase in actual loss despite a 6% decrease in fraud cases.
Nigerian banks lost N17.67bn to fraud in 2023, a 23% increase in actual loss despite a 6% decrease in fraud cases, according to NIBSS's Annual Fraud Landscape report. Mobile channels, web, and POS channels were targeted, with individuals aged 40 and above being the main targets. NIBSS urges the financial industry to enhance security measures and collaborate to address fraud challenges.
April 29, 2024
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