Nigerian Electronic Fraud Forum (NeFF) has put the value of electronic banking fraud cases over the last three years at N5.571 billion.

Data released by NeFF showed that while the value of fraud perpetrated across counter has been on the decline over the last three years, fraud through transactions done via ATMs and mobile banking have been on the increase.

Across the counter data, however, showed that the value of fraud committed stood at N732.85 million in 2015, and then dropped to N511.072 million and N259.022 million in 2016 and 2017.

However, fraud via ATM channels rose from N355.89 million in 2015, to N464.514 million in 2016, and increased further to N497.643 million in 2017.

Likewise, mobile payment fraud rose to N347.645 million in 2017, having dropped slightly from N248.144 million in 2015 to N235.17 million in 2016.

Meanwhile, Central Bank of Nigeria (CBN) said more efforts were being made to ensure safety of customers’ funds.

Mr. Dipo Fatokun, director, Banking and Payment System, CBN, said that “It is sad to note that there has been a little increase in electronic fraud especially in recent times. It has therefore become necessary to review and strengthen the existing rules and enact new regulations to steer the problem.”

Source: Nigeria Communications Week