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