The 2018 fraud summary released
by the Nigeria Electronic Fraud Forum (NeFF) has shown the most fraudulent
activities were carried out using mobile applications and USSD channels.
The value of fraud carried out on
mobile channels rose by 72.2% from N347.64 million in 2017 to N598.8 million in
2018.
Fraud through ATM channels, which
was the highest in 2016 and 2017, dropped to N497,124 million from N464,514
million in 2016 and N497,643 million in 2017.
Presenting the report, Sam
Okejere, NeFF chairman and director, payment system at the Central Bank of
Nigeria, said the data might be an early warning sign.
“This could be an early warning
sign that fraudsters are shifting focus to mobile attacks and testing the
waters in different types of mobile and online banking fraud in 2019.
“The truth is that you do not
need to go to a bank’s branch to carry out a transaction. Most people are
carrying their cards in their phones. The money is not on the phone but is a
channel through which you can assess your bank account and the money in it.
“It is because the attention of
the cyber attackers has moved to the mobile platforms. They are one of us, so
they know where the interest is going. One of the things we are doing is to
create awareness for both the users and the operators so that they can tighten
the security around the mobile device.”
Fraudulent activities carried out
through internet banking declined from N143,144 million in 2017 to N92,770
million.
In its 2019 fraud forecast, NeFF
said financial institution will be the major target of criminal activities.
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