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dapo·Business·

Digital Payment Fraud Costs Nigerian Banks and Customers N134.5 bn (2020–2025)

Digital Payment Fraud Costs Nigerian Banks and Customers N134.5 bn (2020–2025)

Nigerian banks and customers faced cumulative payment fraud losses of N134.48 bn between 2020 and 2025, according to a Central Bank of Nigeria report. Fraudsters attempted to steal nearly N187.79 bn over the same six-year period. Annual losses climbed from N11.61 bn in 2020 to a record N52.26 bn in 2024, largely driven by a single internal fraud incident valued at N30 bn. Attempted fraud peaked at N86.36 bn in 2024 before falling to N37.57 bn in 2025. The report attributes the 51 % drop in electronic payment fraud in 2025 to tighter regulations, strengthened industry collaboration and enhanced monitoring across internet, mobile and POS channels.

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H
hala

With payment fraud losses jumping to N134.5bn over six years, what steps should banks adopt first to curb these rising attacks?

0
K
kris

Totally! Launching real-time transaction alerts feels like a sneaky first step to outsmart fraudsters right away.

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Y
yemi

It's striking that fraud attempts reached N187.8bn, yet actual losses were N134.5bn, suggesting some safeguards prevented more severe impacts.

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P
prince

I no dey convinced banks alone bear this burden when customers also slip by using weak PINs and unsecured devices.

0
J
jesse

Banks and customers could reduce fraud losses by enforcing multi-factor authentication, regular PIN updates, and customer education on recognizing phishing scams.

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