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Tag: Bank fraud

Scams

ICYMI: GTB customer loses N4.6m to unauthorised transfer

A Lagos-based bank customer, Onifade Isaac, has said that he lost N4.6m to an unauthorised transaction from his Guaranty Trust Bank account without receiving any SMS alert notifying him of the transfer. According to The PUNCH, the incident, which occurred on August 22, 2026, has renewed public concern over the reliability of mobile banking security […]

Banking

Banks lose ₦134.48bn to fraud within five years — Report

Banks and their customers lost a combined N134.48bn to fraud between 2020 and 2025 amid a significant expansion in digital payments and financial technology adoption across the country, according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document. The document, obtained by The PUNCH from the apex bank’s website, […]

Nigerian crypto firm convicted for illegal USDT-Naira transactions, forfeits N140m
Scams

EFCC nabs Cameroonian in ₦1.5bn first-generation bank fraud

Operatives of the Economic and Financial Crimes Commission have arrested Bekono Marc Eric, a Cameroonian national, over his alleged involvement in a N1.5 billion bank fraud in Lagos. The anti-graft agency disclosed this on April 24 in a statement shared on its official X account, noting that the arrest was carried out by its Lagos […]

News

Rising fraud cases in banks spark concerns among stakeholders

Stakeholders in Nigeria’s financial sector are expressing concern over the increasing cases of fraud in banks, with billions of Naira being lost to fraudsters every month. This follows the release of the Financial Institutions Training Centre fraud and forgery report for Q3 2024, which highlights a significant rise in both the number of fraud cases […]

China warns against geographic info data breaches
Banking

Bank customers lose N2.72 billion to crooks – Report

  An FITC  analysis has revealed that bank customers in Nigeria lost a total of N2.72 billion to fraud in the first and second quarters of 2022. According to The Punch, it was that a total of 67,878 instances of fraud were reported throughout this time. This was supported by the second quarter report that our correspondent downloaded […]

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