The Nigerian Inter-Bank Settlement System, on Thursday said the banking industry lost the sum of N12.30 billion to various frauds between 2014 and 2017.

Managing Director, NIBBS, Mr Adebisi Shonubi, disclosed this at the third Annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos.

Shonubi said the figure was lost in 41,461 fraud cases between 2014 and 2017.

Specifically, he noted that 2014 fraud volume stood at 1,461, 10,743 (2015), 19,531 in 2016 and 25,043 in 2017.

He said, “Industry fraud overview with focus on mobile & payments related frauds,” Shonubi said the industry lost N6.22 billion in 2014 on attempted fraud value of N7.76 billion

Shonubi who was represented by Mr Olufemi Fadairo, Head, Industry Security Services, said the sum of N2.26 billion was lost in 2015 on attempted fraud value of N4.37 billion in 2015.

According to him, the industry lost the sum of N2.19 billion in 2016 on attempted fraud value of N4.37 billion.

Shonubi said gender fraud analysis during the period showed males accounted for 73 per cent, while females accounted for 23 per cent.

He said more fraud cases were reported in 2017, with an increase of 28 per cent compared with 2016 but with less financial loss.

On fraud channel, Shonubi said the Automated Teller Machine accounted for the highest fraud in 2017 with an actual loss of N497.64 million with a fraud volume of 9,823.

According to him, mobile trailed with N347.65 million loss on 5,055 fraud volume, while across the counter transactions accounted for N259. 02 million loss in 314 fraud volume.

He said “While fraud trend is generally on the decline, mobile fraud trend alone is on the increase.”

Shonubi said mobile fraud would overtake ATM fraud by 2020 with the rate of increasing fraud in the channel.

He listed the top three mobile threats in Nigeria to include phone theft, SIM swaps and kidnaps.

Shonubi, however, called on Nigerians to shield themselves by ensuring phone lock, SIM lock, swap/recycle checks.

http://investorsking.com/banks-lost-n12-3bn-to-fraudsters-in-four-years-nibss/

Fraudsters within they mean. Many thieves within the system colluded with thieves without.

Really

Bank ain't safe to keep your money, well, as long as mine isn't tempered with am still good to go save......nothing ain't safe in naija as a whole

Nawa ooo

na dem dem do am

What is the integrity of bankers and those who are in charge of bank security system?

But a bank seeing more than that on common sms profit

They have just started. We will wipe dem off existence soon

No wonder MoneyGram keeps cancelling transfers to Nigeria. Nigeria and fraud. Charts have skyrocketed. Instant Redflag at the mention of Nigeria.
These boys think they're smart. It's telling on the entire nation.
Nigerian prince and princesses. Atm and POS thieves. Internet phishers. Continue

G boys

bloody lying bankers, you did it yourself

Banks cannot lose.. where the money come go? Because if you steal from the bank you will still keep the money in the bank.. how bank come take lose like that?
Commonsense

O ga o

how do i get my cut

2018 numbers might be over 50,000 cases. How these muntulas are proud to announce these numbers and how they exponentially increase over the years just tire me, are they implying they could do nothing to cut down the numbers? How safe is our money in the banks?

So you be fraudster?

Buffalowings3:
how do i get my cut

Did you guys see that the number of bank fraud cases was low for 2014 and was increasing steadily up to 2017? The recession increased the level of poverty, and there is a positive correlation between poverty and crime. The recession also affected banks revenue and profit, this made banks to increase the level at which they casualize staffs, and when u don't pay your staff well, be sure they would steal from you. I really do not pity the banks.

Shame on all of you useless banks; poverty breeding, arrogant scumbags. May your losses double in the incoming years. 12 billion is small, we pray for 12 trillion.

Thank God for insurance o...we for don hear several fold ups.

That is small compared with what our representaTHIEVES in government steal coupled with the fraud by yahoo boys in collabo with corrupt bank officials. That is why yahoo yahoo won’t stop cos these bank officials get their own cut.
It is just like bank robbery most of which takes place with an insider.

nuelyoyo:
Did you guys see that the number of bank fraud cases was low for 2014 and was increasing steadily up to 2017? The recession increased the level of poverty, and there is a positive correlation between poverty and crime. The recession also affected banks revenue and profit, this made banks to increase the level at which they casualize staffs, and when u don't pay your staff well, be sure they would steal from you. I really do not pity the banks.

its a global phenomenon. Cyber scrimes is on the increase globally. rather than whine and complain . Why not pick up cyber security skills to circumvent this situation. If you are good at what you do, then organizations will employ you to help defeat cyber criminals.

Its a global something, as we do more things digitally. it exposes us to the risk and vulnerabilities of having our devices connected to the net

NotComplaining:
Shame on all of you useless banks; poverty breeding, arrogant scumbags. May your losses double in the incoming years. 12 billion is small, we pray for 12 trillion.

Mumu! Like you and your families save your money in a dug hole. if bank loses 12trillion how you would get your money from the bank?

spilling rubbish just to garner likes

chukzyfcbb:


Mumu! Like you and your families save your money in a dug hole. if bank loses 12trillion how you would get your money from the bank?

spilling rubbish just to garner likes

Who is talking about me? The naija banking system needs to fail.

How much do we loose to the fraudsters parading as politicians

All those contract staff you pay 60k month...How do you think they will survive.