CBN: Banks Record N11.98bn Fraud In Six Months


Statistics obtained from the Central Bank of Nigeria have indicated that the country’s banking sector in the first half of this year recorded  5,917 cases of fraud involving the sum of N11.98bn.

The figures which are contained in the CBN’s Financial Stability Report indicates that the 5,917 cases of fraud represented a decrease by 333 when compared to the 6,250 cases recorded at the end of December 2014.

However, the report stated that the incidence of fraud recorded a decline, while its monetary value rose by N2.98bn from N9bn in December 2014 to N11.98bn in June this year.

The CBN report noted that out of the N11.98bn fraud recorded in the banking sector, the actual amount lost was N1.89bn.

The report was silent on the type of banking transactions that resulted into the frauds, but findings by PUNCH showed that over the years, there had been increase in reported Internet fraud.

For instance, the Nigerian Deposit Insurance Corporation had in its 2014 report on the banking sector stated that there were 7,181 reported cases of ATM/card-related frauds, while Internet frauds and fraudulent transfers recorded 1,277 and 1,099 cases, respectively.

Other fraud cases with high frequency are fraudulent conversion of cheques (138 cases), presentation of stolen cheques (59 cases), unauthorised credits (98 cases), presentation of forged cheques (62 cases) and outright theft by bank workers (107 cases).

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