Bank Fraud Cases Are Up 15.7% In 2015; We Have The Breakdown

A total of 12,279 fraud cases were reported in 2015, representing an increase of 15.71% over the 10,612 fraud cases reported in 2014, according to the NDIC 2015 annual report released today.

• The amount involved was N18.021 billion the NDIC said.
• The actual loss sustained in respect of internet banking fraud was N857 million, representing 27% of total actual loss of the industry.
• There was an increase in the frequency of ATM/Card-Related Fraud cases from 7,181 in 2014 to 8,039 in 2015, an increase of 11.95%.
• However, the loss suffered by the industry due to such frauds declined significantly by 59.4% from previous year figure of ₦1.242 billion to ₦0.504 billion, representing 15.9% of total industry loss to frauds and forgeries.
• Out of the 12,279 fraud cases reported by the DMBs, 425 cases were attributed to staff.
• The number of fraud cases perpetrated by staff had decreased from 465 in 2014 to 425 in 2015. Similarly, losses arising there from substantially decreased by 70% from N3.165 billion in 2014 to ₦0.979 billion in 2015.
• The highest percentage of frauds and forgeries cases of 38.59% was perpetrated by temporary staff.

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.