2017 NeFF Annual Report reveals rising ATM related fraud, drop in across counter
The 2017 NeFF Annual Report unveiled in Lagos weekend by the Central Bank of Nigeria (CBN), has shown that while the value of fraud perpetrated across counter has been on the decline over the last three years, those on Automated Teller Machine (ATM) and mobile has been on the rise.
Otherwise, from N732.85m in 2015, the value of fraud committed across the counter dropped to N511.003m and N259.022m in 2016 and 2017.
In his remarks during the public presentation in Lagos, Director of Banking and Payment System at the apex bank, Dipo Fatokun, who chaired the presentation forum, explained that fraud via ATM channels has been on the rise from N355.89m in 2015, it rose to N464.514m in 2016 and increased further to N497.643m in 2017.
Also, mobile payment fraud rose to N347.645m in 2017, having dropped slightly from N248.144m in 2015 to N235.17m in 2016.
Fatokun noted that there has been an increase in electronic fraud despite the various efforts put in place to check it.
He hinted that the highly expected cybersecurity guidelines being put together by the CBN which will be released very soon will ensure security of customers’ funds, adding that “it has become necessary to review and strengthen the existing rules and enact new regulations” to combat electronic fraud in the country”.
Fatokun was quick to point out that the increasing level of fraud on mobile had been mainly from USSD transactions. Banks in recent time had embraced USSD banking as part of efforts to deepen financial inclusion, promote cash less policy whilst making banking continent for customers.
