NIBSS reveals banking sector lost N5bn to fraud in nine months

NIBSS reveals banking sector lost N5bn to fraud in nine months

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has stated that more than N5bn was lost as a result of fraud in the banking sector between January and September 2020.

This was contained in the NIBSS Insight report on ‘Fraud in the Nigerian Financial Services’ issued on Tuesday, February 16.

Part of the NIBSS report read, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 per cent are perpetrated by external parties while 37 per cent are perpetrated by internal parties.

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

“This year, about 91 per cent of all fraud attempts as of September have resulted in a total loss; and more than N5bn was lost as a result of fraud within the period.

“This represents financial institutions with an opportunity to protect their investments; as well as attract customers by offering increased artificial protection and the ability to recover lost funds more easily.”

The NIBSS report also stated that data from the industry antifraud portal data showed that 56 per cent of all reported fraud attempts were carried out using social engineering.

Meanwhile, the Presidential Task Force (PTF) on (COVID-19) has said it will apprehend, quarantine, and ensure inbound passengers disobeying COVID-19 protocols borne the cost of testing for the coronavirus.

Dr Mukhtar Mohammed, PTF National Incident Manager, said this on Monday, February 15, in Abuja at the PTF COVID-19 national briefing.

“We intend to apply the full force of the law over such violators and this includes fines and imprisonment.

“Our aim is not to witch-hunt or punish anyone but to ensure people travel safely; and when they return to the country that they do not constitute a nuisance to their loved ones and the community.

“PTF is aware of the report of syndicates at some international airports outside Nigeria; which specialise in providing fake results to innocent Nigerians who are travelling back home.

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“While investigating the matter… I will like to reiterate that it is the responsibility of passengers returning to Nigeria; to ensure that they are tested before they start returning.

“You cannot be given a negative result when your samples have not to be taken; please understand this and comply,” he said.

 

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