Online Fraud Report: Nigerians losses N2.91 billion to scammers.

Have you ever received one of those fake texts that ask you to send your BVN details and you ignored it? Be happy you did because the fraudsters behind those text messages and similar emails made up to N2.19 billion in 2016, according to the Nigeria Electronic Fraud Forum’s (NeFF) annual report.The report, which offers insights into the state of electronic fraud in Nigeria, says there has been an 82% increase in reported electronic fraud cases compared to 2015 and 1200% compared to 2014. Those are astronomical numbers and, frankly, quite worrisome. 

A further breakdown shows that N511 million was lost to over-the-counter fraud, N464.5 million to ATM fraud, N320 million to Internet banking fraud, and N243.3 million to POS fraud.

Electronic channels had the lion share of fraud incidents covering 77% of the total sum. N235.1 million was lost via mobile banking, N132.2 million vie e-commerce, N190.9 million via web fraud, and N190.9 million through other uncategorized channels. 

These figures show a worrying trend in the finance industry. Many people have fallen victim to these scams and more needs to be done to curtail this menace. Before the authorities and institutions do the needful however, be sure to keep your details safe and watch where you use your card.