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Home Banking 33% Increase In Bank Fraud in First Half Of 2015

33% Increase In Bank Fraud in First Half Of 2015

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The Central Bank of Nigeria yesterday released its ‘CBN Financial Stability Report. The report stated that the cases of fraud in 2015 reduced by 6% from the cases recorded in 2014. 5,917 cases were reported in 2015, compared to 6,250 cases recorded in 2014.

Despite the decrease in cases of fraud recorded, the monetary value increased from N9bn in 2014 to N11.98bn in 2015, a 33% increase. The report noted that out of the N11.98bn fraud recorded in the banking sector, the actual amount lost was N1.89bn.

According to the report, “Actual losses from these incidents decreased to N1.89bn at end-June 2015 from N3.04bn in the second half of 2014.

The frequency of cases are fraudulent conversion of cheques (138 cases), presentation of stolen cheques (59 cases), unauthorised credits (98 cases), presentation of forged cheques (62 cases) and outright theft by bank workers (107 cases).

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