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Fraud, Forgeries In Nigerian Banking industry Soared 182.8% In 2014 - NDIC Reveals

Posted by Lolade on Wed 08th Jul, 2015 - tori.ng

Fraudulent transactions in Nigeria's banking sector recorded a significant rise as reported by the Nigeria Deposit Insurance Corporation, NDIC.

According to the audited financials released by the Nigeria Deposit Insurance Corporation, NDIC, on Tuesday, July 7, there has been a significant jump in reported cases of fraud and forgeries in the banking industry.

According to NDIC report, in the year ended December 31, 2014, Nigerian banks reported 10,612 fraud cases, as against 3,786 in the corresponding period of 2013, “representing an increase of 182.77 per cent.”

The amount involved increased by N3.81billion or 17.5 per cent from N21.80billion in 2013 to N25.61billion, even as “expected/actual loss increased from N5.76 billion in 2013 to N6.19 billion.”

The report also noted that the leap in “expected/actual loss in fraud and forgeries was mainly due to the astronomical increase in the incidence of web-based (online banking)/ATM and fraudulent transfer/withdrawal of deposit frauds.”