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In a recent report by the Nigeria Inter-Bank Settlement System Plc (NIBSS), the institution disclosed that the Nigerian financial sector lost over N5 billion, and these activities happened between January and September 2020.
The report themed, ‘Fraud in the Nigeria Financial Services’ also noted that 39 percent of fraudulent activities are committed by external parties, while 37 percent were orchestrated by internal parties.
The report read in part, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 per cent are perpetrated by external parties while 37 per cent are perpetrated by internal parties.
“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.
“This year, about 91 per cent of all fraud attempts as at September have resulted in a total loss, and more than N5bn was lost as a result of fraud within the period.
“This represents financial institutions with an opportunity to protect their investments as well as attract customers by offering increased artificial protection and the ability to recover lost funds more easily.”
The report also stated that data from the industry antifraud portal data showed that 56 per cent of all reported fraud attempts were carried out using social engineering.
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