Nigerian banking sector loses over N5bn to frauds in 9 months ─ NIBSS

Emmanuel Akosile | ConsumerConnect

Following fraudulent activities perpetrated by both internal and external parties in the system, the Nigeria Inter-Bank Settlement System (NIBSS) Plc has revealed that over N5billion of depositors’ money was lost in the country’s banking sector between January and September 2020.

The NIBSS stated this in its NIBSS Insight report on ‘Fraud in the Nigerian Financial Services’.

The report read in part: “On a global scale, fraudulent activities have resulted in losses amounting to about $42billion.

“Approximately 39 percent are perpetrated by external parties while 37 percent are perpetrated by internal parties.

“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.

According to NIBSS, “this year, about 91 percent of all fraud attempts as of September have resulted in a total loss, and more than N5billion was lost as a result of fraud within the period.”

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