Nigerian banks’ losses from fraud drop to N468 million in Q1 2024 – Report

Nigerian banks lost N468 billion to fraud in the first quarter of 2024.

This represents a decrease of N1.62 billion when compared to N2.09 billion recorded by the bank in Q3|2023.

The Financial Institutions Training Centre (FITC) disclosed this in its Report on Fraud and Fraud in Nigerian Banks for Q1 2024 released on Monday.

According to the report, Nigerian banks lost N468.42 million in the first quarter, a significant decline from the N2.09 billion loss they recorded in Q4, 2023.

The FITC report also showed a decrease in the number of fraud cases reported by banks compared to the previous quarter.

“For Q1 2024, the total cases reported were eleven thousand four hundred and seventy-two (11,472) cases, and when compared to twelve thousand four hundred and five (12,405) cases recorded in Q4 2023, a decrease of 7.52 percent was recorded,” the organization stated.

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The report cited computer/web fraud, mobile fraud, and POS-related fraud as the three most common forms of fraudulent activity, consistent with trends observed in previous quarters.

According to the FITC report, mobile fraud accounted for 46.29% of the total losses recorded by banks in Q1 2024 at N216.83 million, while computer/web fraud entries accounted for 17.00%, totaling N79.61 million.

“During Q1 2024, fraudulent activities were conducted through various channels, including ATMs, online platforms such as web and mobile banking, bank branches, and point-of-sale (POS) terminals.

“In the first quarter of 2024, cards were the only fraudulent instrument to record an increase, while check and cash usage recorded relatively lower fraudulent activity compared to the previous quarter.

“Specifically, there was a 31.12% increase in fraud cases via POS Channel, increasing from 2,683 cases in Q4 2023 to 3,518 cases in Q1 2024. Similarly, the number of fraud cases via Mobile Channel increased by 0.45%, increasing from 3,173 cases in Q4 2023 to 3,393 cases in Q1 2024,” FITC said in the report.

By: Babajide Okeowo

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