News
Nigerians lost N42bn to POS, mobile phone frauds in 3 months- Report
By Mario Deepromoter
Scam cases involving computer, mobile, and point-of-sale (POS) systems accounted for the majority of fraudulent activities recorded in Nigeria during the second quarter of 2024.
This was disclosed in the latest fraud report by the Financial Institutions Training Centre (FITC), which detailed a total of 11,532 cases during the period under review.
“Computer/web fraud, mobile fraud, and POS-related fraud were the three most prevalent types, continuing the trend observed throughout 2023 and into the first quarter of 2024,” the report indicated.
According to the report, the total value of fraud reported in the second quarter was N56.3billion, an increase from N34.8billion reported in the first quarter of the year.
Out of the N56.3billion, N42.6billion was lost to fraudsters, while N13.7billion was successfully recovered by financial institutions.
It noted that fraud cases related to mobile channels, which included mobile apps and internet banking, dominated the list, accounting for 33.4 percent of the total cases.
Closely following were POS-related frauds, representing 24.6 per cent, and web-based fraud, contributing 16.9 percent of the cases.
Computer-based fraud also featured prominently in the report, underscoring the growing threat of cybercrime within Nigeria’s financial ecosystem.
The report revealed that bank branches recorded the largest share of losses, with 95 per cent of the total fraud value.
According to FITC, despite advances in technology, insider and outsider threats remain prevalent, with involvement from both staff and external fraudsters.
It noted that staff involvement in fraud increased, with 49 employees dismissed for their roles in fraudulent activities during the quarter.
“A magnitude-based ranking of fraud categories indicated that bank branches had the highest impact, with a total loss of around N54bn, comprising a substantial 95.63 per cent of the overall fraud amount.
This was followed by web-based fraud, which accounted for N1.2billion (2 percent), while POS and mobile fraud each contributed about 1 percent, with N651million and N547million, respectively,” it expounded.
FITC also highlighted the shift in fraud tactics, with card-related fraud decreasing by 31.8 per cent, while cheque and cash fraud cases surged significantly, leading to massive financial losses.
According to the institute, the rise in cash-related fraud was particularly concerning, indicating that fraudsters are still finding ways to exploit traditional financial instruments.
FITC reiterated the importance of leveraging artificial intelligence and advanced technology to combat the increasing sophistication of fraud in the country’s financial sector.
It stressed that proactive measures, such as enhanced security systems and continuous staff training, were crucial for curbing the menace of fraud.
For FITC, the financial sector continues to face mounting challenges, with fraudsters exploiting both new and traditional channels to target banks and financial institutions across Nigeria.
“The need for stricter regulatory oversight and the adoption of cutting-edge technology remains paramount in safeguarding the financial landscape from future threats,” it stated.
The reports also stated that commercial banks lost N42.6billion to fraud and forgeries over three months from April to June this year.
News
Boko Haram: Zulum donates N30m to family of slain army officer
Borno State Governor, Babagana Umara Zulum, has donated the sum of N30 million to the family of the late army officer, Lieutenant Colonel Thomas Ebisingha Alari, who lost his life in the ongoing battle against Boko Haram insurgents in the Timbuktu Triangle recently.
This was made known in a statement by Zulum’s spokesperson, Dauda Iliya, which indicated that the donation was made personally to the wife of the late officer by the Governor on Saturday in Maiduguri.
According to the statement, Zulum extended his condolences to the family of Lt. Col. Alari and all others who have lost their lives fighting to restore peace in Borno State.
“Yesterday, we sent a high-level state government delegation to the funeral. However, I felt the need to personally extend my condolences on behalf of the government and people of the state,” Zulum said.
The Borno State governor added: “We are also presenting a token donation of N30m for his immediate family to purchase a house because I was told that Lt. Col. Alari didn’t own a personal house.
“I want to assure you that, apart from this, we will continue to offer support to you and the families of our fallen heroes who have put their lives in defence of our country.”
The presentation was made in the presence of the Theatre Commander of Operation Hadin Kai, Major General Waidi Shuaibu, Sector 2 Commander, and Major General Chidiebere Ejike.
News
Kogi CP directs full compliance of third party insurance
The Commissioner of Police, Kogi State Command, Miller Dantawaye, has ordered strict adherence to the directive of the Inspector-General of Police, Kayode Egbetokun, on the enforcement of mandatory third-party insurance for all vehicles across the state.
A statement issued on Saturday by Command’s Public Relations Officer SP William Aya stated that the compliance officially commences today, February 1, 2025.
Aya said the CP, however, urged officers to be professional and strictly adhere to the standard procedures when enforcing the directive
“The CP emphasised that this enforcement aims to enhance road safety and ensure that all vehicle owners comply with insurance regulations designed to protect both motorists and other road users.
He urged the people of Kogi State to cooperate with Police officers carrying out enforcement duties, noting that failure to comply would attract legal consequences.
The commissioner further advised all vehicle owners and road users in the state to obtain valid Third-Party Insurance to avoid any inconveniences during enforcement.
He has directed all Area Commanders, Tactical Commanders, and Divisional Police Officers to ensure full implementation of this directive while maintaining a high level of professionalism and adherence to standard procedures.
News
Court remands Enugu husband for severing wife’s hand
An Enugu man, Sunday Echeji, who was accused of cutting off his wife’s hand in domestic violence, has been ordered to be remanded in correctional centre.
Echeji was arraigned before Chief Magistrate Court 1 in Enugu, Enugu State, on Friday, according to a statement issued on Saturday by the office of the First Lady of the state.
The incident, which occurred in Ugwuogede village, Ibagwa-Agu, Nsukka Local Government Area, sparked widespread outrage across the state.
The accused person is charged with attempted murder under Section 275, Subsection A of the Criminal Code CAP 30, Vol. 1 Reversed Laws of Enugu State, 2024.
However, the magistrate court transferred the case to the State Department of Public Prosecution, citing lack of jurisdiction.
Echeji was thereafter remanded at the Enugu State correctional centre pending his arraignment at the State High Court.
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