The Nigeria Deposit Insurance Corporation (NDIC) yesterday said banks in the country lost over N5 billion to fraudsters between January and September 2020.
It said the losses, for only nine months, was comparable to the financial losses insured institutions suffered for the entire 12 months of 2019.
The NDIC’s executive director, corporate services, Mrs. Omotola Abiola-Edewor, stated this at the Corporation’s annual capacity building programme for law enforcement agencies.
The programme with the theme: “Effective investigation and prosecution of banking malpractices that led to the failure of banks in Nigeria”, was held in Lagos.
Abiola-Edewor, who was represented by an NDIC director, Joshua Etopidiok, referenced a record these days launched by the Nigeria Inter-Bank Settlement System Plc (NIBSS) as the supply of the figures.
She additionally said that a total of fifty two,754 fraud instances have been stated to the NDIC against 37,817 in 2018 and 26,182 in 2017, consistent with the NDIC’s 2019 annual report.
The amount involved in the fraud instances stood at N204.65 billion in 2019, in comparison to N38.93billion in 2018 and N12.01 billion in 2017, Abiola-Edewor stated.
According to her, the total actual loss declined from N15.15billion in 2018 to N5.46billin in 2019.
The NDIC government director defined that the fraud incidents could be attributed to an boom within the sophistication of fraud-related techniques, inclusive of hacking, cybercrime as well as an boom in Information Technology associated merchandise and usage, fraudulent withdrawals and unauthorised credit.
“The channels and contraptions through which the suggested frauds and forgeries were perpetrated indicated that ATM/Card-associated fraud had the best frequency, accounting for forty nine.78 in step with cent of fraud cases followed with the aid of internet-based net banking frauds with 21.02 in step with cent. However, the price of losses turned into better in internet-primarily based internet banking frauds against ATM card-associated fraud,” she said.
Abiola-Edewor stated that the NDIC’s collaboration with sister organizations in regulation enforcement was to curtail such crimes which have been able to inflicting irreversible harm to the banking device’s balance.
Also talking at the event, NDIC legal department director, Mr. B. A. Taribo, stated the objective of the workshop is to increase potential amongst law enforcement organizations in the research and prosecution of banking malpractices, with unique emphasis on failed banks.
He said the workshop would provide wished synergy the various relevant NDIC team of workers and the applicable regulation enforcement officers worried fight in opposition to banking fraud.
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