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Alarming! See How Much Nigeria Lost to Cyber Crime in 2014

Posted by Lolade on Wed 21st Oct, 2015 - tori.ng

The EFCC has revealed that Nigeria lost massive sums of money last year as a result of cyber crime.

An official of the Economic and Financial Crimes Commission (EFCC), Bank Fraud Section, Mr Ibrahim Shazali, on Tuesday, October 20, revealed that Nigeria lost about N6.2bn to cyber crimes in 2014.

Shazali stated this in Ilorin at the ongoing Nigerian Deposit Insurance Corporation (NDIC) workshop for financial journalists.

He said the figure was grossly higher than the N485 million that was lost through the same channels in 2013.

Shazali identified Point of Sales (PoS), ATMs and mobile banking as the major avenues where the cyber crimes were being committed.

However, he said that while the value of cyber crimes had been growing exponentially, it was comforting that the value of fraudulent transactions was less than one per cent of the total transactions.