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CBN says bank customers may lose up to N6.1 trillion to electronic fraud by 2021

Sunday Salam-Alada, CBN director, says the volume and value of e-transactions are projected to continue to increase nationally and globally.

Godwin Emefiele, Governor of the Central Bank of Nigeria during a biometric exercise

This implies that in 3 years time, bank customers across the country may lose more than N6 trillion to various e-fraud.

Sunday Salam-Alada, Director, Consumer Protection Department, disclosed this in Benin,  at a workshop organised for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC).

According to him, the volume and value of e-transactions are projected to continue to increase nationally and globally, News Agency of Nigeria (NAN) reports.

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Salam-Alada, represented by Ibrahim Hassan, Director, Research, Policy, International Relations Department (RPIRD) NDIC, said it was due to broader ecosystem scope, an evolution of channels, adaptability to disruptive innovations and modes payment.

He said other reasons included increased inclusion and evolving technologies.

The director also said that the CBN, through its Consumer Protection Department (CPD), had resolved over 13,715 complaints.

He added that this resulted in a refund of about N72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017.

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He said the amount represented a 28% increase if compared to 19,531 cases recorded in 2016 and a 24% reduction in actual fraud loss value in 2017 with N1.63 billion as against the 2016 figures.

The director hinted that the CBN would soon issue a framework on consumer protection.

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