Nigerians Lose ₦42 Billion To POS, Mobile Phone Frauds Between April, June 2024 – Report
Fraud involving computers, mobile devices, and point-of-sale (POS) systems dominated fraudulent activities across Nigeria during the second quarter of 2024.This was revealed in the latest fraud report by the Financial Institutions Training Centre (FITC), which recorded a total of 11,532 fraud cases in the period under review.
According to the report, computer/web fraud, mobile fraud, and POS-related fraud emerged as the most frequent, continuing a pattern observed throughout 2023 and into the first quarter of 2024.
The total value of fraud in the second quarter was reported at ₦56.3 billion, marking a significant rise from the ₦34.8 billion documented in the first quarter of the year.
Of this amount, ₦42.6 billion was successfully stolen by fraudsters, while financial institutions...