Fraudulent transactions in Nigeria’s banking sector have tripled over four years, rising from N11 billion to N52 billion.
Statistics from the Nigeria Inter-Bank Settlement System (NIBSS) show that N52.3 billion was lost to fraud in 2024 alone.
Fraudsters attempted to steal N86.4 billion in 2024, highlighting growing financial crimes despite increased digital transaction security measures.
NIBSS noted that fraud losses have risen alongside the expansion of digital financial transactions within Nigeria’s banking sector.
Fraudsters used various tactics, including withdrawing funds to gift cards and opening accounts with stolen identities.
Over N400 million was received in accounts opened using stolen identities of senior citizens, minors, and foreigners.
NIBSS confirmed some stolen funds were recovered, and implicated bank staff are currently under investigation.
