EFCC Nigeria loses N6.2 billion to fraud, others

1,461 fraud cases were reported in 2014 but only 3% of entities involved in the reported cases were apprehended.

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Nigeria lost N6.2 bln to cyber crimes in 2014, says EFCC official play

Nigeria lost N6.2 bln to cyber crimes in 2014, says EFCC official

(Pulse)
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An official of the Bank Fraud section of the Economic and Financial Crimes Commission (EFCC), Ibrahim Shazali, has revealed that about N6.2 billion was lost to cybercrimes in 2014. Shazali made the disclosure in Ilorin, Kwara State, on Tuesday at the ongoing Nigerian Deposit Insurance Corporation (NDIC) workshop.

He added that the amount was considerably larger than the N485 million that was lost through similar channels back in 2013, stating that Point of Sales (PoS) terminal, ATMs, and mobile anking platforms were the avenues through which these cybercrimes were most committed.

EfCC Logo play

EfCC Logo

(premuimtimes)

 

Shazali however affirmed that while the value of cybercrimes has been growing exponentially, the value of fraudulent transactions was still less than one percent of the total transactions.

READ: Fresh facts emerge in CBN fraud case

"This should not, however, lead to premature sighs of relief as the success rate of attempted fraudulent transactions rose from a mere three per cent to 80 per cent in the space of just one year," he said.

Former EFCC Chairman, Ibrahim Lamorde play

Former EFCC Chairman, Ibrahim Lamorde

(Twitter)

 

The EFCC official also said that although banks experienced more external fraud than internal fraud, the value of the loss to internal frauds was always far higher than those of external frauds.

1,461 fraud cases were reported in 2014 but only 3% of entities involved in the reported cases were apprehended.

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