The introduction of the Bank Verification Number, BVN, has started yielding results as the value of fraud in the financial sector slid by N4 billion in 2015.
This was disclosed by the Director, Banking and Payments System Department, Dipo Fatokun, on Tuesday, February 9, at the ongoing 21st seminar for finance correspondents and business editors in Ibadan.
Dipo, who revealed the fraud statistics from the Nigeria Inter Bank Settlement System, (NIBSS) noted that the actual loss resulting from fraud declined to N2.256bn in 2015 from N6.216bn recorded in the previous year.
Attempted fraud dropped to N4375bn from N7, 750bn, while volume increased from 1,461 in 2014 to 10,743 in the year under review.
“The block in the leakages from fraudulent activities made possible by the various CBN circulars released in 2015 or released prior to the year under review but vigorously enforced last year played pivotal roles in the achievement of the feat,” Fatokun said.
