Electronic fraud in banking hits N6.1trn by 2021 – CBN

Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria (CBN) has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021.

Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC) in Benin.

According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally.

Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department (RPIRD) NDIC, said it was due to broader ecosystem scope, evolution of channels, adaptability to disruptive innovations and modes payment.

He said other reasons included increased inclusion and evolving technologies.

The director also said that the CBN, through its Consumer Protection Department (CPD), had resolved over 13,715 complaints.

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Salam-Alada added that this resulted in the refund of about N72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017.

He said the amount represented a 28 per cent increase if compared to 19,531 cases recorded in 2016.

Salam-Alada said there was a 24 per cent reduction in actual fraud loss value in 2017 with N1.63 billion as against the to 2016 figures.

According to him, the statistics provided by the CBN shows there is a significant increase in the year-on-year volume and value of transactions across all payment channels in Nigeria.

Consequently, 1.4 billion transactions with a value of N97.4 trillion were processed in 2017 as against 869 million transactions with a value of N69.1 trillion recorded in 2016.

He said the increase of 59.7 per cent and 40.9 per cent were recorded in the volume and value of transactions in 2017.

The director hinted that the CBN would soon issue a framework on consumer protection.

Salam-Alada said the CPD conducted a mapping exercise of financial literacy activities in the country.

He added that it was one of the achievements of the department.

He said the achievements also included the biannual consumer protection compliance exams and review of the guide to banks’ charges.

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  1. It is the work of the CBN to provide mitigants to electronic fraud not just to be doing projections

  2. The government should find a permanent solution to this internet and electronic frauds.

  3. Let them find a way to tackle the issue

  4. stop telling us statistics…. let’s see remedy

  5. I think cbn is doing a very nice job there

  6. This has to be… Look at the level of this country in terms of science and technology

  7. I think the way out is what we are to be working on now.

  8. Youths are really fraudulent these days but I don’t really blame them, there are no jobs

  9. this is good for CBN…of they are doing like this I hope it we make sense

  10. There should be drastic steps to curb this trending issue o

  11. Let them put more drastic measures to stop it.

  12. They always like to be sending useless messages and your money will be deducted.

  13. This is so alarming. What are the set down measures to halt this?

  14. bank executives should device a means to combat this

  15. These yahoo boys are dealing with people

  16. Too alarming. Does it mean that nothing is being done to prevent the crime?

  17. There is money like that and we are still make noise.if they give it out who what it will take it

  18. A lot of money has been stolen from us.. They just deduct any money on ones account

  19. That’s exorbitant… Out of range

  20. Sylvester Micheal Efeokhai

    This is good

  21. Good development this will limit fraud in country and save money

  22. every time fraud, scam everywhere na waoo

  23. Really Electronic Money Laudering is very dangerious

  24. electronic fraud is rampant now fake transfer alert, pos pin scam among others.

  25. I think CBN shows good significant increase

  26. Customers have been the victims from the onset

  27. Good for CBN is a very good development

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