A Niga © ria, according to the 2016 annual report on fraud electronics, recorded in cyber crimes, thefts worth about 6.9 million U.S. $. An increase of 82% when compared to 2015 and more than 1.200% compared to 2014.
According to the report, Nigerian banks recorded about 19.531 cases of electronic fraud in 2016 against 10.743 recorded in 2015. The Internet Banking sector lost about $ 1 million in cyber crimes, transactions at the point of sale lost $ 765 thousand and followed by other sectors.
ELECTRONIC platforms in Nigeria presented 77% fraud, a level considered to be very high, while non-ELECTRONIC platforms presented 23% fraud cases.
Adebayo Adelabu, one of those responsible for presenting the report, said that the challenges faced while applying the 2015 cyber crime law made it imperative to revise the act.
He added that the world of Information and Communication Technologies (ICT) has developed the world and we all witness how such developments in electronic payments have continually reduced the significance of physical locations for financial institutions. ICT has revolutionized the way financial services are created, offered and delivered.
Those responsible for the report entitled: “A changing payment ecosystem and the security challenge”, said that in 2017 the financial industry as a whole must collaborate to ensure a greater difference between the attempted fraud and the real loss .
