June 1, 2017 IBOMLLC Team

In 2016, Nigerians lost ₦2.19 Billion ($6.9 Million) to Cyber Crimes

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Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Online fraud rose by 82% in Nigeria for the year 2016 with an estimated loss of ₦2.19 billion ($6.9 million) being lost to cyber criminals.

A report tabled by the Nigeria Communications Week, says that fraud on electronic payment transactions in Nigeria rose by 82% in the year 2016. That saw cyber criminals conduct an online/digital heist worth an estimated ₦2.19 billion. That is according to the Nigeria Electronic Fraud Forum (NeFF) annual report 2016.

Titled ‘a changing payments ecosystem; the security challenge,’ the report, released last Tuesday highlighted the increased of cyber crimes increase by 82% in the year 2016 compared to 2015. Gistreel says banking institutions reported 19,531 cases of fraud, a rise from 10,743 cases reported in 2015.

Breaking down the report, one comes to the realization that across the counter transactions losses were ₦511.07m ($1.6 million). Followed by losses at the ATM, which reach ₦464.5m ($1.4 million), internet banking saw ₦320.66m ($1 million), and Point of Sale (PoP) losses was ₦243.32m ($765,000).

On the mobile banking front, some ₦235.1m ($742,000) were lost. Additionally, ₦132.2m ($416,000) on e-commerce, ₦190m ($601,000) on the …read more

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