Bank customers lose N472m to fraudsters in three months –Report

A report by FITC has revealed that bank customers in Nigeria lost N472m to fraud in the first quarter of 2023.

It was also disclosed that there was a total of 12,553 cases of fraud recorded within this period.

This was according to the Q1 report obtained by The PUNCH from the website of FITC.

FITC’s institutional members are members of the Nigerian Banker’s Committee, which comprises the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and all licensed banks in Nigeria.

The data, however, showed a decline in losses compared to what was lost to fraudulent banking activities in Q4, 2022.

According to FITC, a total of N3.18bn was lost to fraudsters across banking platforms in Q4 2022, which meant that the losses declined by 85.13 per cent in Q1 2023.