According to the Central Bank of Nigeria (CBN), financial sector losses due to electronic fraud totaled N9.5 billion in 2023.
This was revealed on Friday during the Nigeria Electronic Fraud Forum’s third quarter general meeting by Musa Jimoh, the director of CBN Payment Systems Management.
According to him, losses from electronic fraud increased from N3 billion to N9.5 billion in just five years between 2019 and 2023.
Jimoh, who is also the NeFF Chairman, warned that if electronic fraud is not stopped in its tracks, it will bring down the nation’s banking system.
He often emphasized the necessity for banks, financial institutions, and other business owners in the sector to secure their activities in the online world.
“Today, we are here to continue that conversation to look at new strategies by which we can combat E-fraud. If we don’t combat cyber criminals, they will take us down and disrupt the entire system.
“For fraud trends over the last five years, in 2019, we’re looking at about N3 billion, and currently 2023, we are looking at about N9.5 billion. Fraud losses have increased dramatically over the last five years,” he said.