By ADEBISI ADEMOLA.
The Central Bank of Nigeria (CBN) said electronic fraud cases in commercial banks dropped to N4 billion in 2017 from N4.37 billion of 2016.
The apex bank in its 2017 annual report released to the public on Thursday, said Actual Loss Value to electronic fraud In 2017 was N1.63 billion as against N2.19 billion reported in 2016.
According to CBN, number of electronic fraud cases closed 2017 at 25,043 from 19,531 in 2016.
According to the CBN’s Nigeria electronic Fraud Forum (NeFF) report, “The number of fraud cases increased by 28.0 per cent to 25,043 at end-December 2017, but actual losses declined by 24.0 per cent relative to that of 2016.”
From the annual report of 2017, the CBN noted that volume and value of electronic payments in 2017 rose by 60.0 and 39.7 per cent to 1,478.5 million and N99,292.3 billion, respectively, compared with 941.8 million and N71,100.00 billion in 2016..
“The rise was attributed to increased consumer awareness and confidence in e-payment channels,” the CBN explained.
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