FRAUD and forgery incidents incurred by Access Holdings Plc stood at N5.46 billion, the company’s interim consolidated and separate financial statements for June 30, 2023, have shown.

Findings by The ICIR revealed that the bank’s loss to fraudsters rose by 354.22 per cent, relative to N1.20 billion loss in the corresponding period of last year.

Analysis of the report showed that an N5.459 billion loss resulted from fraudulent transfers/withdrawals/reactivation of customers’ accounts compared to an N4.53 million loss from cash theft/suppression/pilferage/dry posting.

A summation of attempted fraud and forgeries was worth N6.44 billion in incidents as the bank narrowly foiled N975.89 million in unsuccessful attempts.

At the same time, the frequency of the cracks and successful losses resulted in about 3,061 times.

Access Holdings, one of the tier-one banks with the biggest asset of N20.85 trillion as of June 2023, stated, “This report represents the fraud and forgery incidents that occurred during the period. It is a summation of attempted and successful fraud incidents.

“The actual loss that was incurred by the bank for the period is N5.46 billion (June 2022: N1.2 billion). The rest of the loss amount represents the losses incurred by other third parties.”

Compared to the first half of 2022, Access Holdings lost N1.20 billion and recorded fraud cases worth N10.199 billion, of which 7,104 were successful while 3,602 were unsuccessful attempts.

The ICIR reports that the safety of customers’ funds in the banks is becoming a concern as the Central Bank craves financial inclusion and a cashless policy.

The Financial Institutions Training Centre (FITC), an innovation-led and technology-driven organisation, in its latest data, ‘Reports on Frauds and Forgeries in Nigerian Banks,’ revealed a significant increase in the total amount involved in fraud cases during the second quarter (Q2) of this year compared to the previous quarter.

The data indicated that the total amount involved in fraud cases rose from N2.59 billion in Q1 2023 to N9.75 billion in Q2, representing a 276.98 per cent increase.

READ MORE HERE: https://www.icirnigeria.org/access-bank-lost-n5-46bn-to-fraudsters-in-six-months/

This is serious. Whats up with this particular bank?

A Russian hacker can hack Nigerian banks within days... So, I learnt a very king time ago.

Nigerian fraudsters are getting more and more sophisticated with theur tools and softwares like armed robbers and bandits.

Cyberspace security is very wide with porosity.




Wittyness.

A whole Access bank Hmm...

Which kain fraudsters
Na dem bank people fraud themselves o.