Banks face sharp rise in fraud losses despite fewer cases

Nigerian banks lost N3.3 billion to fraud in the first quarter of 2025, a 137% rise from the previous quarter, according to new data from the Financial Institutions Training Centre (FITC). The report shows that although reported fraud cases dropped by a third to 12,347, the value of attempted fraud soared to N22.27 billion.

FITC said banks were able to block N19 billion, representing 85% of attempted losses, leaving actual losses at 14.8%. Digital channels remained the biggest threat, with computer and web-based fraud accounting for N10.6 billion, and mobile app fraud N2.3 billion.

Fraud through bank branches also rose sharply, nearing N8 billion, while ATM and POS losses declined. Employee-linked fraud cases fell, with 23 staff dismissed and 28 under investigation.

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Outsider-related fraud remained dominant but dropped to 10,896 cases, a 33% decline.