Banks lose over N4b to electronic fraud, CBN says

In from Ali Smart . . .

The incidences of electronic fraud in the banking sector seems to be on the increase, as Nigerian banks have lost over N4billion to electronic fraud in the last one year, the Central Bank of Nigeria has said.
Speaking at a public forum on Tuesday in Abuja, Alhaji Abubakar Barau, deputy governor of CBN, said the nation’s banking sector is in the dire strait due to the high incidence of fraud, especially electronically induced fraud.
According to him, the spate of e-fraud, if not checked, is capable of jeopardising the fortunes of the banking sector.

Read also: TSA: CBN fines First Bank, UBA N4.8bn

The CBN boss who hinted of plans to collaborate with other agencies of government to stem the tide of bank fraud, said this has become inevitable in order not to erode confidence in the nation’s banking sector especially at a time concerted efforts are being made to ensure inclusiveness induced the banking sector.

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