Business

Nigerian banks’ losses to fraud decline by 77.62% in Q1 2024

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According to The Financial Institutions Training Centre (FITC) in its recent report on Fraud and Forgeries Report in Nigerian Banks for Q1 2024, Nigérian banks recorded a significant drop in losses to financial fraud in the first quarter of this year as the amount lost in the period declined by 77.62% compared to the previous quarter.
According to the report, Nigerian banks lost N468.42 million in the first quarter, a substantial decline from the N2.09 billion loss they recorded in Q4, 2023.
In terms of the amount involved in fraud, the report revealed that a total of N2.99 billion was involved in fraud in the quarter, representing a 56.73% decline compared with the N6.91 billion recorded in the preceding quarter.
The FITC report reveals that mobile fraud accounted for 46.29% of the total losses recorded by the banks in Q1 2024 with a value of N216.83 million, while computer/web fraud entries accounted for 17.00%, totalling N79.61 million.

Written by: bossgmsi

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