The Nigeria Inter-Bank Settlement System has said that financial institutions lost about N17.67bn to fraud in 2023.<\/p>\n
This\u00a0was disclosed in its Annual Fraud Landscape (January to December 2023)\u00a0which\u00a0was\u00a0published\u00a0on its website on Monday.<\/p>\n
NIBSS\u00a0incorporated in\u00a01993\u00a0provides a mechanism for same-day clearing and settlement of inter-bank transfers and payments<\/p>\n
According to the report, the fraud count decreased by six per cent to 95,620. However, actual loss from fraud increased by 23 per cent in 2023 when\u00a0 compared to\u00a02022\u00a0with the first quarter being the month with the highest fraud volume in 2023 and the fourth quarter being the month with the highest fraud value.<\/p>\n
The month of May recorded the highest fraud count of 11,716, followed by February with 9,492 while October saw the highest actual loss in 2023 at N3.7bn, followed by January with N2.7bn.<\/p>\n
According to the data submitted to NIBSS by financial institutions via the Industry Fraud Reporting Portal, the mobile channel remains the preferred means for fraud as it increased by five per cent compared to the previous year.<\/p>\n
It was also reported\u00a0that the Web and POS channels\u00a0were the most exploited payment channels by fraudsters in 2023.\u00a0The count of Web Fraud decreased by 38 per cent\u00a0and\u00a0ATM fraud recorded a 64 per cent reduction from 2022 to 2023.<\/p>\n
In the year under review, individuals aged 40 and above remained the primary targets of fraudsters, which NIBSS said signified a persistent focus on the targeting strategy of fraudsters.<\/p>\n
\u201cThis sustained trend emphasizes the enduring appeal of the demographic group as potential victims, reinforcing the need for continuous efforts to educate and protect individuals in this category from fraudulent activities,\u201d NIBSS said.<\/p>\n
In 2023,\u00a0a total of\u00a080,658 unique customers fell for the gimmicks of fraudsters\u00a0which\u00a0is four per cent less than 84,130 customers recorded in the previous year.<\/p>\n
\u201cThis decline, though apparent, does not diminish the severity of the issue, urging the financial industry to remain vigilant, enhance security measures and collaboratively address the tenacious challenges\u00a0posed by\u00a0fraud. Some regulations need thorough examination, modification, and reinforcement to reduce the potential for fraud and enhance the chances of successful recuperation,\u201d the report maintained.<\/p>\n
The Nigeria Inter-Bank Settlement System has said that financial institutions lost about N17.67bn to fraud in 2023. This\u00a0was disclosed in its Annual Fraud Landscape (January to December 2023)\u00a0which\u00a0was\u00a0published\u00a0on its website…<\/p>\n","protected":false},"author":1,"featured_media":111618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-111617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n