According to data from the Nigeria Inter-Bank Settlement System (NIBSS), internet banking was responsible for 34% of electronic banking frauds.
The NIBSS data also shows that 3% of electronic banking fraud took place on point of sales (PoS) terminal while e-commerce was responsible for 1% of electronic banking fraud and others 19%.
Also, a report by the Nigeria Electronic Fraud Forum (NeFF) of the Central Bank of Nigeria (CBN) has revealed that electronic banking fraud is on the increase. Considering the surge in ecommerce and its potential to drive increased investment in Nigeria’s economy, analysts hailed the recent release of an e-fraud report by the Nigeria Electronic Fraud Forum as a welcome development.
NeFF in the report stated that due to spikes in phishing, particularly in the last quarter of each year since 2012, most banks have invested in anti-phishing solutions to protect customers.
According to the report, most organisations leverage on fraud prevention as a competitive advantage. Banks, it stated, are naturally unwilling to share their fraud management strategies with competitors.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now