The Director, Consumer Protection Department of Central Bank of Nigeria, Sunday Salam-Alada, says electronic fraud losses in the banking system are projected to reach ₦6.1 trillion by 2021.
He disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation in Benin.
According to him, the volume and value of e-transactions are projected to continue to increase Nationally and Globally.
The report added that it was due to a broader ecosystem scope, the evolution of channels, adaptability to disruptive innovations and modes payment.
He said other reasons included increased inclusion and evolving technologies.
CBN, through its Consumer Protection Department, has so far resolved over 13,715 complaints which resulted in the refund of about ₦72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017.
