Nigerian banks lose N12.30bn to fraud in 4 years – NIBSS – Business

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The Nigerian Interbank Settlement System (NIBSS) said on Thursday that the banking industry had lost an amount of $ 12.30 billion. USA for various cases of fraud from 2014 to 2017.

Mister Adebisi shonubi, Managing director, NIBBS, revealed this at the third Annual Banking Security Summit, organized by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos.

Shonubi said that this figure was lost in 41,461 fraud cases between 2014 and 2017.

In particular, he noted that the volume of fraud in 2014 amounted to 1461, 10 743 (2015), 19 531 in 2016 and 25 043 in 2017.

Speaking of "Overview of industry fraud with a focus on mobile and payment fraud, "Shonubi said the industry lost N6.22 billion in 2014 due to attempted fraud of N7.76 billion

Shonubi, who was represented by Mr. Olufemi Fadiro, the head of the Industry Security Service, said the amount was $ 2.26 billion. The United States was lost in 2015 compared with an attempt to obtain fraud in the amount of N4.37 billion.

According to him, in 2016, the industry lost an amount of 2.19 billion dollars. US in the amount of fraud in the amount of 4.37 billion dollars. USA.

Shonubi said that gender fraud analysis for this period showed that men accounted for 73 percent, while women accounted for 23 percent.

According to him, in 2017 there were more cases of fraud with an increase of 28 percent compared to 2016, but with less financial losses.

According to the fraud channel, Shonubi said that an automated teller machine (ATM) was the highest level of fraud in 2017, with an actual loss of N497.64 million with a fraud rate of 9,823.

According to him, a mobile trailer with N347.65 million. Losses on 5,055 fraud, while on counter transactions accounted for N259. 02 million Losses in the amount of 314 fraud.

He said that "While the trend of fraud is generally declining, the trend of mobile fraud is growing alone."

Shonubi said mobile fraud will go to ATM fraud by 2020 at the rate of growing fraud on the channel.

He listed the top three mobile threats in Nigeria, including phone theft, swaps and kidnapping.

However, Shonubi called on Nigerians to protect themselves by ensuring that the phone is locked, the SIM card is locked, and paging / reuse is checked.

In addition, Mr. Mike Odusami, CEO / President of MAXUT Consulting, said that the summit was aimed at making the financial system more secure for people to trust the system.

"Our solution as a technology company is really about preventing fraud and ensuring that this person who authorizes a bank, since most transactions are not physical, they are carried out through electronic channels.

“And in the background, we control everything that happens in the system, it’s monitoring of fraud, and we have helped many banks and financial institutions to do this,” he said.

Odusami said the company is committed to making the banking system more secure for people to have confidence in the system, preventing.

He said that the Nigerian banking system was developed and is not lagging behind in terms of digital banking.

“We are very advanced; we are not lagging behind, but because a lot of transactions are still being done through the USSD channel, this is a normal function channel, and anyone can use it.

“Fraud with the lot is carried out in this channel or through the exchange of SIM-cards, stolen phones and abductions. So we work with banks to develop a solution to curb this,– said Odusami.

He said that the country is still lagging behind in open banking security and that it is relatively new when more players are connected to the banking system.

The Nigeria News Agency (NAN) reports that the summit was thematic:Digital channels and open banking security. ”

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