NIBSS Reveals Major Fraud Technique in Nigerian Banks, Reports Significant Drop in 2025 Fraud Losses

The Nigerian Inter-Bank Settlement System (NIBSS) disclosed the prominent fraud technique in Nigerian banks, highlighting a sharp decrease in fraud losses in 2025. Premier Oiwoh, the Managing Director of NIBSS, presented updated data on fraud trends, emphasizing social engineering as a major threat.

Despite the decline in fraud losses to N25.85 billion in 2025 from N52.26 billion in 2024, digital payment channels remain vulnerable. The report mentioned various fraud schemes targeting e-commerce, internet banking, and mobile platforms, with criminals exploiting technology and human behavior.

Oiwoh stressed the need for industry collaboration to prevent substantial losses.