The latest banking fraud and forgeries report by FITC has revealed that bank customers in Nigeria lost a total of N472 million to fraudsters in the first quarter of 2023.
FITC is a not-for-profit professional organisation with members of the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and all licensed banks in Nigeria.
The report, however, revealed a decline in losses compared to what was lost to fraudulent banking activities in Q4 2022.
According to FITC, a total of N3.18 billion was lost to fraudsters across banking platforms in Q4 2022, which means that the losses declined by 85.13% in Q1 2023.
The FITC data also revealed that there was a 79.44% decrease in the total amount involved in fraud cases in Q1 2023 compared to the previous quarter. The sum decreased from N12.58 billion to N2.59 billion.
