The electronic payment space in Nigeria has sure had its fair share of fraudsters ravaging the industry. If you ask me, I’d blame it on the very poor security we put in place for stuffs like that in this country. Little wonder other countries do not trust Nigerians when it comes to electronic payment.
According to the latest report, “the industry recorded about 82 percent increase in the reported fraud case, when compared to 2015 and over 1200 percent compared to 2014.” OT also made known that “despite the 82 percent increase in the reported fraud cases, with an estimated N2.19 billion loss to fraud, the industry was able to reduce fraud by 2.7 percent, when compared to the 2015 figure.”
A breakdown of this fraud was made known, saying that N511.1 million fraud occurred across the counter, N464.5 million through ATMs, N320 million through internet banking, and N243.3 million through POS.
Further more, still on the breakdown, mobile banking saw N235.1 million fraud, eCommerce N132.2 million, web fraud N190.9 million, Kiosk N10.1 million, cheque N4.5 million and N190.9 million through other platforms which are not categorized.
Conclusively, “Comparing the attempted fraud against the actual loss, the industry was able to salvage 49.7 percent of the total amount attempted by these fraudsters within the years” the report said adding that “these figures informed us that there are more attempts on yearly basis with different innovation tricks or modus operandi to take advantage of the system.”
When all are added, electronic platforms had the highest level of fraud with 77 per cent, while the non-electronic platforms witnessed 23 per cent fraud cases.