This was revealed by the Financial Institutions Training Centre in its Q2 2024 Fraud and Forgeries report released on Saturday, highlighting a surge in fraudulent activities across banking platforms.
The FITC report is based on returns on fraud and forgery cases received from 28 deposit money institutions in the country.
According to FITC, 80 of such returns were received in the quarter under review. It said that 26 reports were submitted in April, while twenty-seven 27 reports were received in both May and June.
A breakdown of FITC’s data showed that the Q2 loss shows an 8,993 per cent increase in loss when compared with the N468.4m lost in Q1 2024.
This also represents a 637 per cent increase when compared with the N5.7bn loss recorded in Q2 2023.
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