Connect with us

E-Financial

Banks Lose N468m to Fraud in Q1 2024 -FITC

Published

on

Kindly share this post

Deposit Money Banks (DMBs) in Nigeria recorded a total loss of N468.42 million dues to fraudulent activities in the first quarter of 2024, according to Financial Institutions Training Centre (FITC).

Banks Lose N468m to Fraud in Q1 2024 -FITC

The reported represented a decrease of 77.62 per cent over the N2.09bn lost in the fourth quarter of 2023 according to FITC Report on Fraud and Forgeries in Nigerian Banks for Q1 2024 released on Monday.

FITC was established in 1981 as a not for profit special purpose professional services organization that is limited by guarantee of its members, who are also members of Nigerian Bankers’ Committee, as comprised of the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, all licensed Banks and Discount Houses in Nigeria.

The institution also noted that number of cases reported by the DMBs in Nigeria dropped by 7.5 per cent compared to the 12,405 cases reported in the fourth quarter of 2023.

“Nigerian banks lost N468.42m in the first quarter, a substantial decline from the N2.09bn loss they recorded in Q4, 2023

“For Q1 2024, a total of 11,472 cases were reported, and when compared to the 12,405 cases recorded in the Q4 2023, a 7.52 per cent decrease is noted” the report read.

Revealing channels where the criminal activities were perpetrated, the institution cited computer/ web fraud, mobile fraud, and Point of Sale (POS) as the top three prevalent forms of fraudulent activity.

This, it added, is consistent with the trend observed in the previous quarter.

According to the FITC report, mobile fraud accounted for 46.29 per cent of the total losses recorded by the banks valued at N216.83m, while computer/web fraud entries accounted for 17 per cent.

“During Q1 2024, fraudulent activities were conducted through various channels, which included ATMs, online platforms such as web and mobile banking, bank branches, and point-of-sale (POS) terminals.

“In the first quarter of 2024, cards were the only instrument for fraud that recorded an increase, while the use of cheques and cash recorded relatively lower fraudulent activities when compared to the previous quarter.

“Specifically, there was a 31.12 per cent rise in fraud cases through the POS Channel, rising from 2,683 cases in Q4 2023 to 3,518 cases in QI 2024” FITC stated in the report.

The institution urged commercial banks across the country to be more vigilant, while noting that banks need to ensure advanced fraud detection technologies.

In addition, FITC urged DMBs to employ the services of Artificial Intelligence, Machine Learning, Robotics Process Automation, Advanced Analytics, and Predictive Modelling to arrest the situation.

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Don’t Panic, All Deposits in Nigerian Banks are Safe-  CBN

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has assured Nigerians not to panic as it has put in place policies to ensure that all monies deposited in financial institutions across the country are secured.

Don’t Panic, All Deposits in Nigerian Banks are Safe-  CBN

The development comes following a fresh uproar across the country on Monday, warning customers of certain banks to immediately withdraw their deposits.

A statement by Hakama Ali, the apex bank’s acting director, Corporate Communications,on Tuesday, reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.

The statement said, “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.

“In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.

“The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.”

Furthermore, the CBN said it has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.

“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” the statement added.


Kindly share this post
Continue Reading

E-Financial

SEC Vows to Tackle Crypto Fraud, Others

Published

on

Kindly share this post

Securities and Exchange Commission (SEC) has vowed to combat fraud, money laundering, and market manipulation in the country’s rapidly evolving cryptocurrency sector.

SEC Vows to Tackle Crypto Fraud, Others

Emomotimi Agama, director general, SEC, who stated this during the opening of the International Organisation of Securities Commissions World Investor Week in Lagos, said, “As the aforementioned framework continues to evolve, enforcement action against illegal crypto platforms will significantly increase in severity.

“As financial products become more complex and technology-driven, from fintech innovations to cryptocurrency trading, it is critical and responsible for stakeholders to commit to equipping investors with the knowledge to navigate these markets confidently and responsibly.”

To address the unique challenges posed by the crypto landscape, he disclosed that the SEC had developed and released comprehensive frameworks aimed at regulating Virtual Asset Service Providers.

Agama emphasised that those frameworks were designed to maintain market integrity while encouraging innovation.

He noted, “Through this approach, we have created a Regulatory Incubation Programme within which new technologies and digital assets can be tested and approved for public use.”

Babajide Sanwo-Olu, governor of Lagos State, backed the SEC’s efforts, emphasising that Lagos stood at the intersection of innovation, technology, and finance.

“The emergence of digital assets and the increasing role of technology in finance present both unprecedented opportunities and challenges. We must engage thoughtfully and strategically with these developments,” he stated.

He underscored the need for comprehensive regulation, stating, “While the potential of cryptocurrencies to democratise finance is significant, we must also be mindful of the risks they introduce, particularly in areas of regulation, security, and investor protection.”

Sanwo-Olu reinforced the importance of sustainable finance, noting, “As we seek to address global challenges such as climate change and economic instability, it is clear that finance must be a force for good. Investments in responsible businesses are sound strategies for long-term value creation.”

 

 

 


Kindly share this post
Continue Reading

E-Financial

Iremide Ogunyemi wins Fidelity Bank’s ‘Read2Lead’ Writing Competition

Published

on

Kindly share this post

A student of The Ambassadors’ College, Ota, Ogun State, Miss Iremide Ogunyemi, has won N2 million cash, a publishing deal worth N2 million and another N2 million to upgrade her school’s library after emerging the star prize winner of the inaugural edition of the Fidelity Bank organized Read2Lead writing competition. This was disclosed at the competition’s prize presentation event held in Lagos over the weekend.

Welcoming guests to the event, Mrs. Pamela Shodipo, the Executive Director of South Directorate, Fidelity Bank Plc, who represented Dr. Nneka Onyeali-Ikpe,OON, the bank’s Managing Director/Chief Executive Officer, said the initiative was created to unlock the creative potentials of students and help them become better positioned for successful careers.

“All over the world, young people are driving change through innovation and Nigeria is no exception. As a Bank, we believe in the transformative power of education in changing the fortunes of any nation. It is this belief that led us to organize the Read2Lead initiative. By fostering the fundamental yet crucial skill of reading and writing from a young age, we aim to empower children to face academic challenges confidently and solve life problems skillfully.

“The Read2Lead initiative, therefore, encapsulates our approach to instilling a culture of reading and writing among young people. As highlighted by the esteemed American journalist, critic, and social reformer, Margaret Fuller, “Today a reader, tomorrow a leader”; we believe that igniting our youths’ imagination early can unlock their potential and set them on a path to success”, explained Onyeali-Ikpe.

The prize presentation ceremony had in attendance the representative of the Ogun State Commissioner of Education, management staff of Fidelity Bank Plc, the top 30 students from the competition, their parents, teachers, colleagues and media personalities.

“When I started, I didn’t know I would emerge a finalist in the competition. I just decided to participate because I love writing. This was the first competition that I saw that asked for a fictional essay. As that is what I like, I decided to write. I want to thank Fidelity Bank for coming up with this initiative as it is a really good and creative competition”, disclosed an elated Miss Ogunyemi.

In a surprising twist of events, Miss Mfeheke Okoko and Miss Daniella Orji, also of The Ambassadors’ College, Ota, Ogun State, took home cash prizes for N1.5million and N1million for emerging the first and second-runners up respectively in the competition which saw students from across Nigeria compete in three phases of writing challenges.

In the first stage of the initiative, tagged, “The National Writing Showdown”, over 3,000 students were tasked with a creative writing task for a spot among the top 150 writers.

In the second stage known as “The Sweeta Writing Mastery”, the top 150 participants were given a novel to read and requested to write an alternate ending for the book for chance to join the top 30 finalists.

In the third and final stage themed, “The Author’s Workshop”, the top 30 students were enrolled in an immersive writing boot camp anchored by experienced writers and facilitators who selected the top three finalists.


Kindly share this post
Continue Reading

Trending