In a recent report by the Nigeria Inter-Bank Settlement System Plc (NIBSS), the institution disclosed that the global financial sector lost $42 billion dollars to fraudulent activities.
The report themed, ‘Fraud in the Nigeria Financial Services’ also stated that the Nigerian financial sector had lost over N5 billion, and these activities happened between January and September 2020.
It noted that 39 percent of fraudulent activities are committed by external parties, while 37 percent were orchestrated by internal parties.
The report read in part, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 per cent are perpetrated by external parties while 37 per cent are perpetrated by internal parties.
“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.
“This year, about 91 per cent of all fraud attempts as at September have resulted in a total loss, and more than N5bn was lost as a result of fraud within the period.
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“This represents financial institutions with an opportunity to protect their investments as well as attract customers by offering increased artificial protection and the ability to recover lost funds more easily.”
What To Know About NIBSS
The Nigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and all licensed banks including the Central Bank of Nigeria own it.
It eases transfers between banks. All inter-bank funds transfer and settlement are catered to by the institution.
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