The Nigeria Electronic Fraud Forum has disclosed that a total of 63,895 bank customers lost ₦3.6 billion naira to cyberfraud between 2017 and 2018.
The Chairman, NeFF, and Director, Payments System Management Department CBN Sam Okojere disclosed this while presenting NeFF’s 2018 annual report on, ‘Emerging fraud threats: An evaluation of the industry cybersecurity posture’ .
According to him ,the latest Nigeria Inter-Bank Settlement System fraud landscape report, showed that an actual loss of 2 billion naira was suffered by the industry in 2018 compared to 1.6 billion naira in the preceding year.
He said that phenomenal growth and transformation of any payment system like Nigeria’s, would naturally be accompanied by corresponding growth and sophistication in electronic and cyberfraud schemes.
As a solution he said there had been ongoing negotiations with the telecommunications industry aimed at taming SIM swap fraud in the country.
