Nigerian commercial banks have lost N42.6bn to fraud and forgeries in Q2 2024, surpassing the total loss in 2023. The Financial Institutions Training Centre (FITC) reported an 8,993% increase in Q2 losses compared to Q1 2024, with’miscellaneous and other fraud’ causing the largest loss at N41.14bn.
The report also revealed a 637% increase in Q2 losses from Q2 2023. Fraud activities were carried out through various channels, including ATMs, online platforms, bank branches, and point-of-sale terminals. Card fraud saw a significant decrease, falling from 21,469 in Q1 to 11,237 in Q2.
