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.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
Read full article
Continue on Legit.ng
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
CBN Raises Alarm Over Banking Fraud Trends Amid Digital Payment Surge
NDIC Reports N1.5tn Yet to Be Recovered from 50 Failed Banks, 100 MFBs
Nigerian Banks Declare N502 Billion Profit, Witness Rise in Customer Deposits
Central Bank of Nigeria Reports 70% Growth in Nigerian Fintech Sector in 2025
Nigerian Banks Boost Customer Deposits to N35 Trillion
Nigeria's Finance and Insurance Sector Grows 14.54% in 2025
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
