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    UK Court awards £20m Damages in favour of Nigeria against P&ID

    FG, States, LGs share ₦2.00 Trillion for month of July 2025

    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

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    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Wema Bank Plc surpasses recapitalisation target

    Wema Bank Plc surpasses recapitalisation target

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    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

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    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

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    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

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Banks lose over N5bn to fraudsters in 9 months — NDIC

Tuesday, 9 March 2021, 9:25 am
in News, Nigeria
0
Banks lose over N5bn to fraudsters in 9 months — NDIC
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The Nigeria Deposit Insurance Corporation (NDIC) has said that it is working with sister agencies in law enforcement to mitigate cybercrimes in the financial system.

On Monday, NDIC’s Executive Director, Corporate Services, Mrs Omotola Abiola-Edewor, said there has been an increase in the volume of fraud cases in banks in recent years while speaking at the annual capacity building programme for law enforcement agencies in Lagos, with the theme – “Effective Investigation and Prosecution of Banking Malpractices that led to the Failure of Banks in Nigeria.”

This comes on the back of the report that banks in the country lost over N5 billion to fraudsters within the first nine months in 2020.

  • Read: Fixed Income Space opens week bearish, Naira weakens
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Abiola-Edewor stated that the value of the fraud cases rose to N204.65 billion in 2019, compared to N38.93 billion in 2018 and N12.01 billion in 2017.

According to Abiola-Edewor, who was represented by Joshua James Etopidiok, and referenced a report by the Nigeria Inter-Bank Settlement System Plc (NIBSS), ATM related frauds have the highest frequency.

“The channels and instruments through which the reported frauds and forgeries were perpetrated indicated that ATM/Card- related fraud had the highest frequency, accounting for 49.78 percent of fraud cases followed by web based internet banking frauds with 21.02 percent. However, the value of losses was higher in web-based internet banking frauds against ATM card-related fraud”, she said.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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