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FITC
Stakeholders in the Nigerian financial sector are worried about the rising cases of fraud across banks with billions of Naira being lost to fraudsters on a monthly basis.
The prevalence of fraud and forgery in Nigeria's payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities.
Experts in the financial industry have urged fintech companies in Nigeria, especially, those seeking to raise funds to prioritize profitability in their business strategies before approaching investors for funding.
Nigerian banks lost a total of N2.09 billion to frauds in Q4 2023 with mobile emerging as the top channel through which the largest amount was lost.
The Chief Executive Officer of PalmPay, one of the leading fintech companies in Nigeria, Chika Nwosu, has said that Nigeria will have to focus more on making the consumers digitally literate to stem the tide of online frauds in the country.
Commercial banks in Nigeria lost a total of N5.79 billion to fraud activities in the second quarter of this year, FITC has revealed.
Nigerian banks sacked 15 of their staff members between January and March this year for using their access to perpetrate fraud.
The latest banking fraud and forgeries report by FITC has revealed that bank customers in Nigeria lost a total of N472 million to fraudsters in the first quarter of this year.
A report by FITC has revealed that bank customers in Nigeria lost a total of N1.17 billion to fraud in the second quarter of 2022
FITC attributed the high spate of digital risks in Nigeria to the digitization of banking services
The post pandemic global acceleration of digitization across the financial services sector, has resulted in an increase in...
FITC is set to hold the 2022 edition of its Technovation Conference, an annual gathering of Fintech leaders, innovators, disruptors, and enthusiasts.