Nigerian Banks Report N3.3 Billion Fraud Loss in Q1 2025
Nigerian banks reported a loss of N3.3 billion to fraud in the first quarter of 2025, marking a 137% increase from the previous quarter. Despite a decrease in the total number of reported fraud cases, the financial impact of these incidents rose sharply.
The banks successfully prevented a substantial amount of attempted fraud, with digital channels being a major source of risk. Fraud cases involving employees decreased, while external fraud remained dominant.
Losses from payment instrument and cash-related fraud saw significant increases.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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