CBN Reports N134bn Fraud Loss in Banking Sector

According to the Central Bank of Nigeria (CBN), fraudsters have accumulated losses of N134.48 billion from banks and customers between 2020 and 2025, amid the rapid expansion of digital payment technologies. The CBN's "Nigeria Payment System Vision 2028" document reveals that total attempted fraud across the banking payment ecosystem reached N187.79 billion during this six-year period.

The actual losses were recorded across multiple payment channels, including counter transactions, Automated Teller Machines (ATMs), cheques, e-commerce platforms, internet banking, mobile banking, and point-of-sale terminals. Fraud losses increased steadily from N11.61 billion in 2020 to N52.26 billion in 2024, with the latter year marking the highest annual loss, accounting for nearly 39% of the total losses.

The report attributes the sharp rise in fraud losses in 2024 to a major international fraud case involving N30 billion. Despite a decline in fraud attempts in 2025, the CBN noted that the industry is experiencing significant challenges in safeguarding its increasingly digital financial system.