Home Business Banks Lose N42.6bn in Q2 2024
Business

Banks Lose N42.6bn in Q2 2024

Share
Nigerian Newspapers: Breaking News in Nigeria Today | Daily Report Nigeria
Share

Nigerian banks have lost a staggering N42.6 billion to fraud in the second quarter of 2024, surpassing the total amount lost in the entire year of 2023.

This was revealed in the Q2 2024 Fraud and Forgeries report released by the Financial Institutions Training Centre (FITC).

According to the report, the amount lost to fraud in Q2 2024 represents a significant increase of 8,993% compared to the N468.4 million lost in Q1 2024.

The report also showed that the amount lost to fraud in Q2 2024 surpassed the total amount lost in 2023, which was N9.4 billion.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

“The FITC report is based on returns on fraud and forgery cases received from twenty-eight (28) deposit money institutions in the country,” said the Centre. “A total of 80 returns were received in the quarter under review.”

The report attributed the largest loss to “miscellaneous and other fraud” types, which constituted 96.46% of the total amount lost, with a value of N41.14 billion.

READ ALSO: Two Men Apprehended For Packing Sand From Three Banks For Money Rituals

This was followed by losses from fraudulent withdrawals and computer/web fraud, amounting to approximately N781.2 million and N400.7 million, respectively.

The FITC advised banks to enhance their monitoring and auditing procedures to prevent fraud and protect customers’ funds.

“Access controls should also be strengthened by limiting access to settlement files to only a small, vetted group of authorized personnel given the appropriate clearance and are regularly trained on the latest security protocols,” said the Centre.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Business

Eid al-Adha: Naira Gains Big Against Dollar in Official, Black Markets

The naira appreciated massively against the dollar across the official and parallel...

NNPCL to Hand Over Nigerian Refineries to Private Firms
Business

NNPCL Slashes Fuel Price to N895 per Litre Amidst Market Competition

NNPCL has reduced the pump price of premium motor spirit (PMS) to...

Business

Naira Currency Appreciates Against US Dollar Amid Policy Reforms

The Nigerian currency, Naira, has appreciated by ₦4.59 against the US dollar,...

Business

Mauritania’s Sidi Ould Tah Elected AfDB President, Pledges to Boost Africa’s Growth

Sidi Ould Tah from Mauritania has been elected as the ninth president...

5win
RocketplayRocketplay casinoCasibom GirişJojobet GirişCasibom Giriş GüncelCasibom Giriş AdresiCandySpinzDafabet AppJeetwinRedbet SverigeViggoslotsCrazyBuzzer casinoCasibomJettbetKmsauto DownloadKmspico ActivatorSweet BonanzaCrazy TimeCrazy Time AppPlinko AppSugar rush