Financial institutions in Nigeria lost N52.26 billion to fraud in 2024, marking a sharp rise from N17.67 billion in 2023.
The Nigeria Inter-Bank Settlement System (NIBSS) revealed a 196% fraud loss increase over five years, despite a 31% drop in reported fraud cases.
While fraud cases decreased from 101,624 in 2020 to 70,111 in 2024, total losses surged by 350%, indicating higher transaction values per incident.
The report also highlighted a 338% rise in attempted fraud due to vulnerabilities in some financial systems during Q2 and Q3 of 2024.
NIBSS noted that individuals aged 40 and above remain prime targets, stressing the need for better education and robust security measures.
The agency called for stricter regulations and industry collaboration to combat rising fraud risks and improve recovery chances.
