According to a report from the Financial Institutions Training Centre (FITC), Nigerian bank customers experienced losses of over N472 million to fraudsters in the first quarter of 2023. The report also stated that a total of 12,553 fraud cases were recorded during this period. FITC is an institution whose members include the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria. The data revealed a decrease in losses compared to the previous quarter, Q4 2022. In Q4 2022, a total of N3.18 billion was lost to fraudulent activities across banking platforms, indicating an 85.13% decline in losses in Q1 2023.
The FITC report also showed a 79.44% decrease in the total amount involved in fraud cases in Q1 2023 compared to the previous quarter, with a decrease from N12.58 billion to N2.59 billion. The number of reported fraud cases in Q1 2023 also decreased by 14.07% compared to the preceding quarter, with 12,553 cases reported compared to 14,609 cases.
The report highlighted that fraud mainly occurred through mobile, computer/web, and Point of Sale (PoS) transactions, which aligns with the trends observed in the previous quarter. The report stated, “For Q1 2023 under review, an analysis of the magnitude-based ranking of fraud categories shows that mobile fraud has the highest ranking, accounting for N1.1 billion (42.72%), followed by computer/web fraud at N646 million (24.99%). This was followed by PoS fraud at N450 million (17.41%) and fraudulent withdrawals at N139 million (5.36%).”
In terms of the total amount lost in Q1 2023, the data revealed that mobile fraud accounted for 34.07% at N161 million, followed by computer/web fraud at 27.69% with N130 million, and fraudulent withdrawals representing 24.72% at N116 million.
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