E-fraud volume increases by 683% - Report
The total electronic fraud volume recorded in 2015 increased significantly, by 683%, compared to 2014, an annual report by the Nigerian e-Fraud Forum (NeFF) has shown.
However, the report said the e-fraud rate in terms of value reduced within the period by 63% in 2015, due to the introduction of the BVN and improved collaboration among banks via the fraud desks.
The report, unveiled yesterday by the Central Bank of Nigeria, said in spite of the challenging economy, the use of e-channel platforms -Internet banking, Mobile banking, ATM, POS, Web, etc, has continued to experience significant growth.
According to the fraud report, transaction volume and value grew by 43.36% and 11.57% respectively compared to 2014.
“Fraud value may have reduced in 2015, but the significant increase in volume of attacks depicts the enormous threat of e-fraud.
“Furthermore, information released by security firm, Kaspersky, shows that in 2015, there were over a million attempted malware infections that aimed to steal money via online access to bank accounts,” Osita Nwanu, Head, Systems Control & Business Continuity Management, First City Monument Bank Limited and member of the Committee said.