The Nigerian Electronic Fraud Forum (NEFF) reported that 63,895 bank customers lost a total of N3.6 billion to cyberfraud between 2017 and 2018.
This was disclosed by the Chairman of NEFF, Sam Okojere, when he presented the forum’s 2018 annual report titled “Emerging fraud threats: An evaluation of the industry cybersecurity posture”.
Okojere, who is also the Director of Payments System Management Department at the Central Bank of Nigeria (CBN), said that the number of cyberfrauds in the system increased in 2018, compared to the year before then.
“In the latest nigeria inter-bank settlement system fraud landscape report, it was reported that an actual loss of n2bn was suffered by the industry in 2018 compared to n1.6bn in the preceding year.
“The volume also increased to 38,852 from 25,043 reported in 2017. of these figures, the mobile channel recorded the highest volume and value, with an estimate of 11,492 in volume and N598.8m in actual loss value, calling for concerted efforts by all stakeholders to tame future escalation.”
