Fidelity bank’s customers involve in N786m fraud, forgeries in 2 years
As the banking sector continued to record sharp practices, customers of Fidelity Bank Plc in the last two years were involved in over N786million fraud and forgeries.
According to the bank’s audited report and accounts, amount involved in fraud and forgeries moved from N135.2million in 2020 to N650.9million in 2021.
The bank reported N62.76million actual loss to fraud and forgeries in the last two ears.
The breakdown revealed that Fidelity Bank reportedN40.5million loss to fraud and forgeries in 2021 from N22.25million in 2020.
The Nigeria Inter-Bank Settlement System had said Nigeria’s adoption of several electronic channels continued to rise as N271.95trillion worth of transactions were recorded on its platform in 2021 compared to N158.21trillion that changed hands on the platform in 2020.
Transactions via mobile channels increased significantly by 164.4 per cent in 2021 to N8.06trillion as against N3.05trillion recorded in 2020.
The company said that Nigeria has some of the most advanced electronic payment capabilities in the world.
The NIBBS, however, warned that “the increase in transaction processing, speed and available channels comes with an unavoidable side effect– more vectors for fraudulent activities.”
NIBSS had earlier said that fraud-related transactions cost Nigerian banks an average loss of N14billion yearly.
