Nigeria’s financial sector suffered a staggering N52.26 billion loss to fraud in 2024, marking a significant increase from the N17.67 billion recorded in 2023, according to the latest report by the Nigeria Inter-Bank Settlement System (NIBSS).
The report revealed that the amount lost to fraud has surged by 196 per cent over the past five years, mirroring the rapid expansion of digital financial transactions. Despite a 31 per cent decline in the number of fraud cases—dropping from 101,624 in 2020 to 70,111 in 2024—the financial losses skyrocketed by 350 per cent, rising from N11.61 billion in 2020 to N52.26 billion in 2024.
NIBSS also noted a 338 per cent surge in attempted fraud cases between 2023 and 2024, attributing the rise to system vulnerabilities within certain institutions. The report highlighted that fraud activity intensified in 2024, particularly in Q2 and Q3, before showing a decline in Q4.
While the number of fraud victims dropped slightly to 80,658 in 2023, a 4 per cent decrease from 84,130 in 2022, NIBSS warned that the issue remains severe. The agency urged financial institutions to enhance security measures, close system loopholes, and collaborate to combat rising cyber threats.
The report also underscored that individuals aged 40 and above remain the primary targets for fraudsters, continuing a trend from previous years. NIBSS called for stronger regulations to curb fraud and improve recovery rates, emphasising the need for stricter enforcement and proactive consumer protection measures.
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