ul Banks Lose N2.19b To Fraudsters In 2016, Says CBN - JamieNaija Blog

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Banks Lose N2.19b To Fraudsters In 2016, Says CBN

DEPOSIT Money Banks (DMBs) lost N2.19 billion to fraudsters last year, the Central Bank of Nigeria (CBN) said yesterday.

According to the apex bank, 19,531 fraud cases were reported for banks last year as against 10,743 recorded in2015.

CBN Governor Godwin Emefiele broke the news while unveiling the Nigeria Electronic Fraud Forum annual report in Abuja.

The Nigeria Electronic Fraud Forum NEFF stakeholders workshop on cybercrime “Tackling Enforcement Challenges under the Cybercrime Act” as its theme.

A breakdown of the actual amount lost showed that across the counter transactions of N511.07 million accounted for the highest losses.

This was followed by Automated Teller Machine (ATM) transactions with N464.5 million, internet banking (N320.66 million), Point-of-Sale transaction (N243.32 million) and mobile banking transactions (N235.17) million, among others.

Speaking on the workshop theme, Emefiele, who was represented by the CBN Deputy Governor, Operations, Mr. Adebayo Adelabu, said the challenges faced while enforcing the Cybercrime Act of 2015 had made it imperative for a review of the act.

He said: “It is now about two years into the commencement of the Act, and so it is not too early to conduct a holistic review of its implementation.

“Thus, your deliverables at this workshop should include a careful examination of the extent to which the obligations placed by the Act are fulfilled and the general assessment of any challenges experienced in compliance with the provisions of the Act.”

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