News

Nigerians lost N42bn to POS, mobile phone frauds in 3 months- Report

Published

4 weeks ago

September 18, 2024

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

Super Eagles: Akpabio condemns maltreatment in Libya, calls for stiffer penalties

Published

32 mins ago

October 15, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The President of the Senate, Senator Godswill Akpabio, CON has condemned in strong terms the nasty treatment of members of the Super Eagles, and its delegation to a return leg of the 2025 African Cup of Nation (AFCON) qualifier in Libya.

Akpabio, in a statement by his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh decried the antics and shameful behaviour of the Libyan officials and authorities saying, “This unfortunate incident is a stark reminder of the disregard for human dignity and the lack of respect for international norms”.

He declared that the reported mistreatment of our players is not only unacceptable but also a breach of the principles of fair play and sportsmanship that underpin international football competitions.

As the President of the Senate, I stand in solidarity with the Super Eagles, the Nigeria Football Federation (NFF), and the entire Nigerian football community in condemning this unjust treatment. The Nigerian Senate will continue to monitor this situation closely and ensure that the rights and dignity of our citizens are protected. We will not tolerate any form of mistreatment or disrespect towards our nationals, regardless of the circumstances.

We demand a thorough investigation from the Disciplinary Committee of the Confederation of African Football (CAF) and appropriate sanctions to be meted out against those involved.

It is also imperative that the Libyan authorities take immediate action to investigate this incident and ensure that those responsible are held accountable to prevent future occurrences.

We call on the international football community to condemn this unacceptable behaviour and support our demand for justice.

News

Just in: AEDC restores power in some parts of Abuja

Published

2 hours ago

October 15, 2024

Naijablitznews

By Mario Deepromoter

The power outages Nigerians experienced on Monday evening have been restored in some parts of Abuja Electricity Distribution Company franchise areas.

A check carried out by NAN revealed that places like Deidei, Suleja, Lugbe, Kuje and other areas had their light restored on Tuesday at about 5:15 am.

Customers in the AEDC were told of the disruption in supply, which was attributed to the collapse of the National grid.

In a statement on its Twitter handle on Monday, the company said that the system collapse occurred at about 6.58 pm.

Be rest assured that we are working with relevant stakeholders to restore power as soon the grid stabilises,” it said.

NAN

News

Bayero v Sanusi: Court of Appeal fixes new date To hear Kano Emirship dispute

Published

2 hours ago

October 15, 2024

Naijablitznews

By Mario Deepromoter

The Court of Appeal in Abuja has set October 17 for the hearing of appeals related to the ongoing emirship tussle in Kano State.

The dispute centres around the appointment of the Emir of Kano, a position that has sparked legal challenges involving several parties.

A three-member panel of justices, led by Justice Mohammed Mustapha, reserved judgment on Monday after listening to submissions from the lawyers involved.

The two major appeals are filed by Alhaji Aminu Ado Bayero against the Attorney General of Kano State and 10 others, as well as a separate case involving the Kano State House of Assembly versus Alhaji Aminu Babba Dan Agundi and six others.

The hearing will also address a motion to stay the execution of the July 25 judgment concerning the enforcement of fundamental rights.

A Federal High Court in Kano, presided over by Justice Abdullahi Liman, has nullified Governor Abba Yusuf’s decision to depose Emir Ado Bayero and appoint Muhammadu Sanusi II on May 23.

The court also held as “null and void” the Kano Emirate Council (Repeal) Bill, 2024, passed by the Kano State House of Assembly, which voided Bayero’s seat.

The judge said, “The above action violates the order of this court earlier stated,” adding “The balance of convenience is on the applicant herein (Alhaji Aminu Babba Dan Agundi).”

However , the ruling comes as a Kano State High Court had also restrained Ado Bayero from acting as the emir.

NAN