At the programme with theme: “Effective Investigation and Prosecution of Banking Malpractices that led to the Failure of Banks in Nigeria”, she stated that the value of the fraud cases rose to N204.65 billion in 2019, compared to N38.93 billion in 2018 and N12.01 billion in 2017.
According to Abiola-Edewor, who was represented by Joshua James Etopidiok, and referenced a report by the Nigeria Inter-Bank Settlement System Plc (NIBSS), the fraud incidences could be attributed to the increase in the sophistication of fraud related techniques, such as hacking, cybercrime as well as increase in information technology related products and usage, fraudulent withdrawals and unauthorized credit.
“The channels and instruments through which the reported frauds and forgeries were perpetrated indicated that ATM/Card- related fraud had the highest frequency, accounting for 49.78 percent of fraud cases followed by web based internet banking frauds with 21.02 percent. However, the value of losses was higher in web-based internet banking frauds against ATM card-related fraud”, she said.
Also speaking at the event, Mr B. A. Taribo, Director, Legal Department, NDIC, said the objective of the workshop is to develop capacity amongst law enforcement agencies in the investigation and prosecution of banking malpractices, with special emphasis on failed banks.