30 results
- 4 Aug 2021
Unity Bank Unveils New USSD Platform to Combat E-Banking Fraud
Unity Bank Plc has unveiled a new code on its USSD platform that completely puts the customer in control of his Bank Account against any e-Banking fraud. The new code which is *7799*9*Phone Number #…
- 8 Jul 2018
Mobile Banking Fraud: MAXUT, OneSpan Hold 3rd Banking Security Summit
OneSpan, in collaboration with MAXUT Consulting, recently held its 3rd Annual Banking Security Summit. This followed the growing fraud trends in mobile banking and payments around the world,…
- 14 Jun 2015
CBN Asks Banks to Set Up Fraud Desks
Central Bank of Nigeria (CBN) has in a circular directed Deposit Money Banks to maintain dedicated fraud desks in order to stem frauds within the banking industry. The CBN also said that it had…
- 23 Aug 2021
Access Bank Launches Awareness Campaign to Combat E-banking Fraud
As part of its continued commitment to educate and protect customers from e-banking fraud, Africa’s largest retail bank, Access Bank Plc, has launched an awareness campaign aimed at sensitizing…
- 4 Jan 2017
Keystone Bank Deploys NetGuardians for Protection Against e-Banking Fraud
Nigeria’s Keystone Bank Limited, has adopted NetGuardians, Swiss FinTech leader, for real-time protection against eBanking fraud. The move helps ensure compliance with the Central Bank of Nigeria’s…
- 13 Jul 2023
Bank Customers Lose N472m to Bank Fraud in Three Months – Report
Report by the Financial Institutions Training Centre (FITC) shows that Bank customers in Nigeria lost N472 million to fraud in the first quarter of 2023, according to financialtrust report. It noted…
- 2 Aug 2026
CBN Exposes over 13,000 BVNs Tied to Fraud as Banks Tighten Security
The number of Bank Verification Numbers (BVNs) on the Nigerian banking industry’s fraud watchlist reached 13,117, according to the Central Bank of Nigeria (CBN). This is coming as banks strengthen…
- 25 Oct 2017
How and Why Contract Staff Aid Bank Fraud
There are indications that the growing tendency among banks to give sensitive positions to contract staff is heightening the risk of lenders being hit by fraudsters, according to New Telegraph.…
- 18 Dec 2024
Fraud in Bank Branches Surges by 31 Percent in Q2 — FITC
The Nigerian banking sector has witnessed a concerning rise in fraudulent activities, with incidents of fraud in bank branches increasing by 31 percent in the second quarter of 2024. This alarming…
- 14 Dec 2012
Angst over Rising Employees’ Frauds in Banks
Occupational fraud, mostly through employee theft, is a growing problem for financial system in the country according to Martins Ndigwe, counterparty risk management and financial analyst. He said…
- 16 Apr 2024
Wema Bank Launches Anti-Fraud Campaign to Protect Customers
Wema Bank has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners. The Anti-Fraud…
- 22 Dec 2025
Banks warn customers against public Wi-Fi for banking amid festive fraud surge
Banks across the country have raised fresh warnings to customers over the rising risk of digital fraud linked to the use of public Wi-Fi networks for banking and payment transactions, particularly…
- 1 Apr 2018
NDIC Creates Toll Free Line to Tackle Banking Fraud
Alarmed by the rising sharp practices by banks operating in the country, Nigeria Deposit Insurance Corporation (NDIC), has created a help desk to help bank customers with complaints. The…
- 20 Oct 2015
Nigeria Loses N6.2Bn to Bank Frauds, Others in 2014
About N6.2 billion was lost to cybercrimes in Nigeria in 2014, according to Ibrahim Shazali, an official of the Economic and Financial Crimes Commission (EFCC), Bank Fraud Section, He disclosed…
- 27 Dec 2017
NCC Holds Workshop on Electronic Banking Fraud in Port Harcourt
Nigerian Communications Commission recently hosted a broad spectrum of stakeholders at a workshop, the Third Industry Working Group on Electronic Banking Fraud in Nigeria, at the Nigerian Bar…
- 21 Jan 2026
Banks to Cut Fraud Response Times to Under 30 Minutes
Banks in the country have agreed to reduce fraud response times to under 30 minutes, a move expected to significantly improve recovery outcomes and limit systemic risk, according to the Central Bank…
- 26 Feb 2025
Nigerian Banking Sector Fraud Increases Threefold to N53Bn -NIBSS
Money lost to fraud in Nigeria's banking system has nearly tripled over the past five years, according to an analysis released by the Nigeria Inter-Bank Settlement System (NIBSS). NIBSS estimated…
- 25 May 2021
Insider Connections Facilitate most Banking Frauds – EFCC
Bawa Usman, zonal head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that insider connections facilitate most financial frauds in the banking industry. Bawa, whose zone…
- 24 Nov 2021
EFCC Fingers Insiders for Most Fraud in Banking Sector
Economic and Financial Crimes Commission (EFCC) has said that most frauds in the banking sector were perpetrated by insider Information, Communication Technology (ICT) employees. Mr Abbah Sambo,…
- 24 Mar 2022
Interswitch Rolls Out Biometrics to ATMs to Tackle Banking Fraud in Nigeria
Interswitch, digital payments solution provider, is in the process of rolling out a new solution designed with advanced biometric features to help fight banking fraud at point-of-sale (POS) terminals…
- 30 Apr 2024
Banks Lose N2.09Bn to Frauds in Q4 2023 – FITC
Nigerian banks lost a total of N2.09 billion to frauds in Q4 2023 with mobile emerging as the top channel through which the largest amount was lost, according to report by Nairametrics. This was…
- 10 Aug 2018
Banks’ Customers Exposed to Fraud as Insiders Mine Data for Fraudsters
The pervasive electronic banking fraud in the banking sector is leaving in its wake losses and crisis of confidence in the financial industry, according to investigation by Nigeria…
- 21 Aug 2013
Cases of Banks’ Frauds on the Rise-NDIC
Nigeria Deposit Insurance Corporation (NDIC) yesterday released its 2012 report and statement of accounts, which showed that banks in the country reported a total of 3,380 cases of frauds involving a…
- 1 Jun 2009
Union Bank Advises on Fraud Prevention
Mr. Samuel Ayininuola, executive director, commercial banking – south, Union Bank of Nigeria Plc, has charged employees of banks in the country to shun fraudulent practices to enhance and…
- 17 Dec 2018
CBN Orders Banks to Report Fraud or Face Sanctions
The Central Bank of Nigeria (CBN) has warned banks in the country to enhance their reporting on fraud related cases in accordance to its directives, adding that it would no longer condone failure to…
- 1 Aug 2016
Electronic Fraud: Banks Focus on COBiT Certification
Having completed the certification of Payment Card Industry Data Security Standards (PCI DSS) version 3.1, the latest security measure aimed at waging off hackers from networks, money deposit banks…
- 6 May 2026
Police Arrest Members of N713m Bank Fraud Syndicate, Chinese Suspect at Large
Nigeria Police Force has arrested two suspects over a N713.9 million fraud linked to a breach involving a third-party banking platform. The police in a statement signed by Anthony Okon Placid, Force…
- 13 Jul 2018
Customers Experience Banking Fraud, Worry About Online Security Measures- Poll
Researchers of analytics software firm FICO found that majority of Internet users are annoyed with web and phone security measures. Out of 2,000 polled adults, 81% don’t see the need for what they…
- 3 Jun 2018
ACI, iSight Roll out Next-gen Case Management for Bank Fraud
ACI Worldwide, a provider of real-time electronic payment and banking solutions, and i-Sight, a provider of web-based investigative case management software, have partnered to deliver next-generation…
- 28 Sept 2017
NCC, CBN Collaborate to Checkmate Mobile Banking Fraud
The Nigerian Communications Commission, (NCC) yesterday said it was partnering with the Central Bank of Nigeria (CBN) to sensitize customers on mobile money banking fraudsters. Prof. Umar Danbatta,…