Business

Banking electronic fraud hits N6.1trn by 2021 – CBN

 

The Director, Consumer Protection Department, Central Bank of Nigeria (CBN) Mr Sunday Salam-Alada, has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021.

Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC) in Benin.

According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally.

Salam-Alada, represented by the Director, Research, Policy, International Relations Department (RPIRD) NDIC,  Mr Ibrahim Hassan, said it was due to broader ecosystem scope, evolution of channels, adaptability to disruptive innovations and modes payment.

He said other reasons included increased inclusion and evolving technologies.

The director also said that the CBN, through its Consumer Protection Department (CPD), had resolved over 13,715 complaints.

Salam-Alada added that this resulted in the refund of about N72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017.

He said the amount represented a 28 per cent increase if compared to 19,531 cases recorded in 2016.

Salam-Alada said there was a 24 per cent reduction in actual fraud loss value in 2017 with N1.63 billion as against the to 2016 figures.

According to him, the statistics provided by the CBN shows there is a significant increase in the year-on-year volume and value of transactions across all payment channels in Nigeria.

Consequently, 1.4 billion transactions with a value of N97.4 trillion were processed in 2017 as against 869 million transactions with a value of N69.1 trillion recorded in 2016.

He said the increase of 59.7 per cent and 40.9 per cent were recorded in the volume and value of transactions in 2017.

The director hinted that the CBN would soon issue a framework on consumer protection.

Salam-Alada said the CPD conducted a mapping exercise of financial literacy activities in the country.

He added that it was one of the achievements of the department.

He said the achievements also included the biannual consumer protection compliance exams and review of the guide to banks’ charges.

Comment With Facebook

Comments (203)

  1. Howdy excellent website! Does running a blog like this take a great deal of work? I have very little knowledge of computer programming however I was hoping to start my own blog in the near future. Anyway, should you have any recommendations or tips for new blog owners please share. I know this is off subject nevertheless I simply needed to ask. Thanks!|

  2. I am curious to find out what blog system you have been using? I’m experiencing some minor security problems with my latest blog and I would like to find something more safe. Do you have any suggestions?|

  3. Hi over there. My name is Rayna. Office supervising has been his normal work for a little extra time. California is where my house is and i also have damages I need here. It’s not a common thing but what she likes doing is coin collecting but she can’t permit it to become her livelihood. Check out the latest news in this little website: #link#

  4. An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!

  5. Hi there, just became aware of your weblog thru Google, and found that it’s truly informative. I am going to be careful for brussels. I will be grateful should you proceed this in future. Many other folks might be benefited from your writing. Cheers!|

  6. Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I?d prefer to use some with the content on my blog whether you don?t mind. Natually I?ll give you a link on your web blog. Thanks for sharing.

  7. i bookmared your site

  8. The author is called Rhett. I used for you to become unemployed now I am a cashier and it is something I actually enjoy. To read comics exactly what I do every week. Her family lives in Idaho. If you want to find out more the look at my website: #link#

  9. An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!

  10. Magali could be the name mother and father gave her but she never really liked that name. He’s always loved living in Vermont. I used to be unemployed these days I am a hour or so assistant but soon my husband and i will start our own business. Researching fashion is something his wife doesn’t really love but he is doing. I’ve been working on my website for many years now. Try it here: #link#

  11. Basil just what you can call me but could call me anything such as. Data processing may be the his primary income hails from. My family lives in Burglary. One of my favorite hobbies is to camp however haven’t made dime with it. If you want to find uot more the look at his website: #link#

  12. The name of writer is Rhett Shattuck but he never really liked that designate. To play curling is something I’m going to never give up. Supervising is generate income support our grandkids and Do not think think I’ll change it anytime very soon. Years ago he moved to Puerto Rico but he needs to move regarding his children. You can always find her website here: #link#

  13. The writer’s name is Miss Epley. It’s actually common thing but the things i like doing is solving puzzles even so don’t support the time presently. The job she’s been occupying do you recall is an individual’s resources assistant but she plans on changing it. My family lives in Connecticut. See what’s new on my website here: #link#

  14. An outstanding share! I have just forwarded this onto a colleague who had been conducting a little homework on this. And he in fact ordered me breakfast because I found it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanks for spending some time to discuss this issue here on your internet site.|

  15. Miss Friel is what’s written on the birth certificate and she totally digs that name or company name. His wife doesn’t like it the way he does but what he really likes doing is researching fashion but he can’t get his employment. Supervising has been my profession for quantities of but I plan on changing this can. My husband and I chose to live in California. If you want to find out more check out his website: #link#

  16. Thanks for every other informative website. Where else may I get that kind of info written in such a perfect method? I have a project that I am simply now working on, and I have been at the glance out for such information.|

  17. An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!

  18. Nice fulfill you, I am Lance Dorr and I totally love this label. It’s not a trendy thing but what he likes doing is baking but he’s thinking on starting new things. She works as a messenger. Vermont is where my property is and mother and father live lieu. If you want to find out more the look at his website: #link#

  19. The name of creator is Rhett Shattuck but he never really liked that nickname. Years ago he moved to Puerto Rico but he must move as a his parents. To play curling is something Let me never give up. Supervising is buying and selling websites support our neighbors and Certain think I’ll change it anytime pretty soon. You should find her website here: #link#

  20. The name of the author is Rhett Shattuck but he never really liked that phrase. Years ago he moved to Puerto Rico but he in order to be move because of his family members. To play curling is something I will never give up. Supervising is generate an income support our kids and I do not think I’ll change it anytime almost immediately. You should find her website here: #link#

  21. Basil Gonzales is historical past of the people use to call hime constantly and he totally digs that name. I am really fond of to jog and I shall be starting another thing along with them. Data processing has been my profession for time out. My family lives in Puerto Rico and my parents live hometown. See what’s new on my own website here: #link#

  22. Hiya! I know this is kinda off topic but I’d figured I’d ask. Would you be interested in exchanging links or maybe guest authoring a blog post or vice-versa? My blog discusses a lot of the same subjects as yours and I think we could greatly benefit from each other. If you’re interested feel free to send me an e-mail. I look forward to hearing from you! Wonderful blog by the way!|

  23. Violeta Shiflet is what’s written to be with her birth certificate and she totally digs that phone. California is the place he loves most and his parents live nearby. Administering databases is the his primary income derives from and his salary been recently really fulfilling. One of her favorite hobbies is solving puzzles will be the she is trying to cash in on it. You can always find his website here: #link#

  24. I really like your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you? Plz reply as I’m looking to design my own blog and would like to find out where u got this from. thanks a lot|

  25. Miss Friel is what’s written on the birth certificate and she totally digs that recognize. His wife doesn’t like it the way he does but what he really loves doing is researching fashion but he can’t cause it to his practice. Supervising has been my profession for your time but I plan on changing this tool. My husband and I chose to live in California. If you want to find out more away his website: #link#

  26. “You actually make it appear so easy along with your presentation however I find this topic to be really one thing which I believe I might by no means understand. It sort of feels too complex and extremely vast for me. I’m having a look forward on your next submit, I will try to get the hold of it!”

  27. Pretty! This has been an extremely wonderful article. Thank you for supplying this information.|

  28. I am so grateful for your article post.Much thanks again. Want more.

  29. I read this paragraph completely on the topic of the difference of hottest and preceding technologies, it’s remarkable article.|

  30. It is the best time to make some plans for the future and it’s time to be happy. I have read this publish and if I could I want to counsel you some attention-grabbing issues or advice. Perhaps you can write next articles regarding this article. I wish to read even more issues about it!|

  31. I loved as much as you will receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get got an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again as exactly the same nearly a lot often inside case you shield this hike.|

  32. Wow, this paragraph is pleasant, my sister is analyzing these kinds of things, thus I am going to inform her.|

  33. I’m pretty pleased to discover this web site. I need to to thank you for your time for this particularly fantastic read!! I definitely appreciated every part of it and I have you book-marked to look at new information in your web site.|

  34. Hi presently. My name is Rayna. It’s not just a common thing but what she likes doing is coin collecting but she can’t allow it to become her community. Office supervising recently been his regular job for a moment. California is where my house is and have exactly I need here. Check out the latest news little website: #link#

  35. Pretty great post. I simply stumbled upon your weblog and wanted to mention that I have really loved surfing around your blog posts. After all I will be subscribing on your rss feed and I hope you write once more very soon!

  36. Nice to meet you, I’m Thad. Vermont is where my home is and mom and dad live near by. I am currently a procurement officer and the salary is really doing. It’s in your home common thing but what she likes doing is electronics and already she has time to new components. You can find my website here: #link#

  37. My brother recommended I might like this web site. He was entirely right. This post truly made my day. You can not imagine simply how much time I had spent for this info! Thanks!|

  38. Incredible points. Outstanding arguments. Keep up the good spirit.|

  39. Nice to meet you, I’m Thad. It’s not just a common thing but what she likes doing is electronics the brand new she has time to consider new issues. I am currently a procurement officer and the salary already been really worthwhile. Vermont is where my house is and mom and dad live closeby. You can find my website here: #link#

  40. Thanks designed for sharing such a nice idea, paragraph is nice, thats why i have read it entirely|

  41. Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how could we communicate?|

  42. Everything is very open with a clear description of the challenges. It was definitely informative. Your website is useful. Thank you for sharing!|

  43. It’s going to be finish of mine day, but before end I am reading this impressive article
    to improve my knowledge.

  44. What’s up everyone, it’s my first visit at this web site, and post is in fact fruitful in support of me, keep up posting these types of content.|

  45. Oh my goodness! Impressive article dude! Many thanks, However I am going through problems with your RSS. I don’t understand why I can’t subscribe to it. Is there anyone else having similar RSS issues? Anyone that knows the answer can you kindly respond? Thanx!!|

  46. You’re so awesome! I do not believe I’ve truly read anything like this before. So wonderful to find another person with some original thoughts on this subject matter. Really.. thanks for starting this up. This web site is one thing that is needed on the web, someone with a little originality!|

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.