Nigerian commercial banks lost N42.6 billion to fraud in Q2 2024, a 637% increase from Q2 2023.
Nigerian commercial banks reported a staggering loss of N42.6 billion to fraud from April to June 2024, significantly exceeding the total of N9.4 billion lost in all of 2023. This marks an 8,993% increase from the previous quarter and a 637% rise from Q2 2023. Miscellaneous fraud accounted for 96.46% of these losses. The Financial Institutions Training Centre recommends enhanced monitoring, auditing, and AI tools to combat this surge in fraudulent activities.
6 months ago
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