The Nigerian Inter-Bank Settlement System, on Thursday said the banking industry lost the sum of N12.30 billion to various frauds between 2014 and 2017.

Managing Director, NIBBS, Mr Adebisi Shonubi, disclosed this at the third Annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos.

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

Specifically, he noted that 2014 fraud volume stood at 1,461, 10,743 (2015), 19,531 in 2016 and 25,043 in 2017.

He said, “Industry fraud overview with focus on mobile & payments related frauds,” Shonubi said the industry lost N6.22 billion in 2014 on attempted fraud value of N7.76 billion

Shonubi who was represented by Mr Olufemi Fadairo, Head, Industry Security Services, said the sum of N2.26 billion was lost in 2015 on attempted fraud value of N4.37 billion in 2015.

According to him, the industry lost the sum of N2.19 billion in 2016 on attempted fraud value of N4.37 billion.

Shonubi said gender fraud analysis during the period showed males accounted for 73 per cent, while females accounted for 23 per cent.

He said more fraud cases were reported in 2017, with an increase of 28 per cent compared with 2016 but with less financial loss.

On fraud channel, Shonubi said the Automated Teller Machine accounted for the highest fraud in 2017 with an actual loss of N497.64 million with a fraud volume of 9,823.

According to him, mobile trailed with N347.65 million loss on 5,055 fraud volume, while across the counter transactions accounted for N259. 02 million loss in 314 fraud volume.

He said “While fraud trend is generally on the decline, mobile fraud trend alone is on the increase.”

Shonubi said mobile fraud would overtake ATM fraud by 2020 with the rate of increasing fraud in the channel.

He listed the top three mobile threats in Nigeria to include phone theft, SIM swaps and kidnaps.

Shonubi, however, called on Nigerians to shield themselves by ensuring phone lock, SIM lock, swap/recycle checks.

Source:- Investorsking