Nigeria’s Financial Institutions Training Centre (FITC) reported a surge in fraud, costing the nation ₦42 billion between April and June 2024. The frauds targeted Point-of-Sale systems and mobile devices, with a total value of ₦56.3 billion. Mobile fraud was the most prevalent, accounting for 33.4 percent of incidents. The majority of losses occurred at bank branches, with 95% of the total fraud value recorded. The report highlights the continued vulnerability of both modern and traditional systems.
