Electronic banking fraud to hit N6.1trn by 2021 –CBN

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Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021.

Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation in Benin.

According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally.

Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department NDIC, said it was due to broader ecosystem scope, evolution of channels, adaptability to disruptive innovations and modes payment.

He said other reasons included increased inclusion and evolving technologies.

The director also said that the CBN, through its Consumer Protection Department had resolved over 13,715 complaints.

Salam-Alada added that this resulted in the refund of about N72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017.

He said the amount represented a 28 per cent increase if compared to 19,531 cases recorded in 2016.

Salam-Alada said there was a 24 per cent reduction in actual fraud loss value in 2017 with N1.63 billion as against the to 2016 figures.

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