Nigeria Electronic Fraud Forum,
NEFF, has revealed that Nigerians lost N11.9 billion to the Mavrodi Mundial
Moneybox, MMM, Ponzi scheme last year.
NEFF, which was unveiled
yesterday in Abuja, made this claim in its annual report. According to NEFF, Nigerians invested over N28.7 billion in the scheme between
June and December 2016.
The report also showed that the
N28.7 billion was money that passed through the NIBSS, involving only 14 banks
that are currently on the NIBSS industry Anti-fraud System, HEINDALL, an
indication that the aggregate amount Nigerians invested in the MMM and the loss
could be much higher than the above figures.
The report also indicated that
Nigeria’s financial sector lost N2.19 billion to fraudsters in 2016. It said the actual money lost to
fraudsters is slightly less than the N2.256 billion recorded in 2015.
However, the volume of fraud
cases jumped to 19,531, against 10,743 cases in 2015, an indication that the
financial system had increasingly suffered attacks from fraudsters.
The attempted fraud value in the
year under review slightly decreased to N4.368 billion , from the 2015 figure
of N4.374 billion.
The report indicated that some
banks shield fraudsters in the financial system by refusing to expose them,
thereby making it easy for such criminals to continue in their evil.
It said that 1,020 were those who
benefitted from fraud in the year under review but that the affected bank sent
the Bank Verification Number, BVN, of a mere 217, representing 21 per cent of
them.
It said, “It is quite unfortunate that despite several awareness and tips about BVN watchlist, some institutions still refuse to send BVNs of their customers who have been involved in fraudulent acts for watch-list, thereby leaving these fraudsters free in our ecosystem and subsequently perpetrating more fraud.
“Out of the 1, 020 unique individuals who were beneficiaries of fraudulent transactions in 2016 across listed channels, only 217 BVNs were sent to the NIBBS (Nigeria Inter-Bank Settlement System) for watch-listing.Click to signup for FREE news updates, latest information and hottest gists everyday
“If we do not cut off these unscrupulous elements from the financial ecosystem, they will continue to migrate from one institution to another wreaking more havoc.”
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Nigerians really lost money, but God is our strength
ReplyDeleteWhich strength?
DeleteWhen you resolve to making easy money without labor -you should sure know that your greed will take you nowhere