ATM & Internet Banking gets the big chunk of Nigeria’s rising eFraud profile


A total of 2 billion Naira was lost through the Nigerian banking e-channel in 2012 sources disclosed. Accounting for over 65% of the total fraud cases in the year, majority of the fraudulent transactions were perpetuated though ATM, Fraudulent transfer/withdrawals, and Internet banking channels.

Speaking at the 12th Quarterly General Meeting of the Committee of Chief Inspectors of Banks in Nigeria (CCIBN) in Lagos, Managing Director and Chief Executive Officer of Fidelity bank Plc, Mr. Reginald Ihejiahi expressed the lack of co-operation among banks as a growing concern. The present silence among banks on ATM frauds makes it difficult for banks to share vital information that would help curb the menace, the fidelity bank chief emphasized

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