The NIBSS said that more than N5bn was lost as a result of fraud in the banking sector between January and September 2020.
Part of the report read, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 percent are perpetrated by external parties while 37 percent are perpetrated by internal parties.
“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.
“This year, about 91 percent of all fraud attempts as of September have resulted in a total loss, and more than N5bn was lost as a result of fraud within the period.
“This represents financial institutions with an opportunity to protect their investments as well as attract customers by offering increased artificial protection and the ability to recover lost funds more easily.”
The report also stated that data from the industry antifraud portal data showed that 56 percent of all reported fraud attempts were carried out using social engineering.