VANGUARD
In recent years, Nigeria’s banking industry has become plagued by a shattering wave of financial heists, leaving millions of hard-earned naira in the hands of criminals.
However, these brazen acts have not only exposed the vulnerabilities of the country’s banking system but have also left ordinary Nigerians reeling from a debilitating lack of justice.
As the nation grapples with the far-reaching consequences of these incidents, citizens are growing increasingly frustrated over the persistent failure of authorities to investigate, arrest, and prosecute the criminals responsible for this criminal act.
Instances of sophisticated financial fraud in Nigeria have grown alarmingly commonplace, undermining public trust in the banking sector, as cyber-criminals continue to exploit loopholes in the country’s outdated security systems, targeting unsuspecting individuals, banks, and even government agencies.
The impact of these security breaches extends beyond financial losses. Many residents are now fearful of conducting online transactions or even using their banking apps for fear of falling victim to cybercriminals. This cautious approach has disrupted daily activities and added unnecessary stress to their lives.
For instance, recently, a report by the Financial Institutions Training Centre, FITC, on Fraud and Forgeries in Nigerian banks for Q2’23, revealed that Deposit money banks in Nigeria have experienced a sharp rise in fraud cases and amount of money lost in the second quarter of 2023, Q2’23.
The latest report also shows that number of insider involvement rose astronomically. The total amount involved in the fraud cases during the period rose to N9.75 billion, up by a whopping 276.98 per cent from N2.58 billion in the preceding quarter, Q1’23.
The total losses to the incident amounted to N5.79 billion during the period, representing a staggering 1,125 per cent rise compared with N472 million lost in the first quarter (Q1’23).
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