{"id":100743,"date":"2022-10-27T19:30:28","date_gmt":"2022-10-27T18:30:28","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=100743"},"modified":"2022-10-27T19:30:28","modified_gmt":"2022-10-27T18:30:28","slug":"three-banks-report-26877-fraud-cases-in-h1","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/three-banks-report-26877-fraud-cases-in-h1\/","title":{"rendered":"Three banks report 26,877 fraud cases in H1"},"content":{"rendered":"<div class=\"I_ZkbNhI D_FY W_6D6F\" data-test-id=\"message-view-body\">\n<div class=\"msg-body P_wpofO mq_AS\" data-test-id=\"message-view-body-content\">\n<div class=\"jb_0 X_6MGW N_6Fd5\">\n<div id=\"yiv3676029364\">\n<div>Access Bank, GTB and Fidelity Bank recorded 26,877 fraud cases in the first six months of the year, according to analyses of their financial reports for the first half of 2022.<\/p>\n<p>This was a 56.45 per cent decrease from the 61,715 fraud cases that were recorded by the banks between June and December, 2021.<\/p>\n<p>In line with Section 5.1.2 (L) of the CBN Code of Corporate Governance, the Guaranty Trust Holding Company and subsidiary companies reported 15,004 fraud incidences in the period under review.<\/p>\n<p>The bank reported that N1.55bn and $50,700 were involved in these cases, with N158.37m recorded as actual\/expected loss.<\/p><\/div>\n<div>\nSimilarly, Access Bank Plc reported N1.2bn as fraud losses for the period. The bank recorded 10,706 fraud attempts in the first half of 2022.<\/p>\n<p>About 7,104 attempts were successful while 3,602 were unsuccessful. The sum of N12.55bn was involved in these attempts<\/p>\n<p>According to the bank, 7,928 electronic\/USSD fraud cases were recorded in the period under review, with 849 successful attempts.<\/p>\n<p>Fraudulent transfer\/withdrawals\/reactivation of accounts had the most amounts involved, with successful attempts worth N9.48bn made and actual loss worth N1.08bn.<\/p>\n<p>Other successful and unsuccessful fraud attempts fell under the following categories: cash theft\/ suppression\/pilferage\/dry posting, among others.<\/p>\n<p>Fidelity Bank PLC recorded 1,167 fraud incidents in the period under review. The amount involved was N471.01m and $8,367 but actual loss was N4.90m and $2,400.<\/p>\n<p>According to the Nigeria Interbank Settlement System, Nigeria\u2019s has one of the most advanced electronic payment capabilities in the world. It said the increase in transaction processing speed and available channels had also created an avenue for fraudulent transactions to thrive.<\/p>\n<p>In its \u2018NIBSS Insight: Fraud in the Nigeria Financial Services\u2019 report, it said, \u201cStatistically, even a 1 per cent successful fraud rate would result in 100,000 successful fraudulent transactions daily.<\/p>\n<p>\u201cThis would directly impact customer\u2019s faith in the entire system and could significantly impact our financial inclusion drive as well as the CBN cashless policy.\u201d<\/p>\n<p>Speaking on its fraud risk management, GTCO said, \u201cCausal analysis of key fraud and forgeries incidents (over the counter or cybercrimes) identified in the Group or prevalent in local and global business environments are carried out and reported.<\/p>\n<p>\u201cLikely and unlikely loss estimations are also determined in the process as input in the OpRisk capital calculation process. The focus in Fraud Risk Management is to ensure that processes for preventing, deterring, detecting fraud and forgeries incidents, and sanctioning offenders are effective.\u201d<\/p>\n<p>Commenting, ICT expert and Senior Partner of e86 Limited, Olugbenga Odeyemi, said several fraud cases needed insiders from banks.<\/p>\n<p>He stated, \u201cSome of the hacking and fraud cases that we\u2019ve seen happened not because of the lack of security on the banks\u2019 electronic platforms, but because of poverty, greed, and sometimes the lack of education on the part of the customers.<\/p>\n<p>\u201cOther than asking banks to invest more in the security of their platforms, it\u2019s equally important that banks spend more resources on educating their customers.<\/p>\n<p>\u201cThat said, several fraud cases couldn\u2019t have happened without the help of insiders in some of the banks. I think Nigerian banks should spend more money on the welfare of their staff while making appropriate changes to their internal processes, starting from their hiring processes.\u201d<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"jb_0 X_6MGW N_6Fd5\"><\/div>\n<\/div>\n<div class=\"H_7jIs D_F ab_C Q_69H5 E_36RhU\" data-test-id=\"toolbar-hover-area\">\n<div class=\"D_F W_6D6F r_BN gl_C\" data-test-id=\"card-toolbar\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Access Bank, GTB and Fidelity Bank recorded 26,877 fraud cases in the first six months of the year, according to analyses of their financial reports for the first half of&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":100745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-100743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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