A surge in fraudulent activities across banking platforms in Nigeria led to a loss of N42.6 billion by Nigerian banks in three months between April and June this year.
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.
According to the CAC, the registrations is also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN).
