Fraud cases involving computer, mobile, and point-of-sale (POS) systems accounted for the majority of fraudulent activities recorded in Nigeria during the second quarter of 2024. This was revealed in the latest fraud report by the Financial Institutions Training Centre (FITC), which detailed a total of 11,532 cases during the period under review. “Computer/web fraud, mobile fraud, and POS-related fraud were the three most prevalent types, continuing the trend observed throughout 2023 and into the first quarter of 2024,” the report indicated. According to the report, the total value of fraud reported in the second quarter was N56.3 billion, an increase from N34.8 billion reported in the first quarter of the year. Out of the N56.3 billion, N42.6 billion was lost to fraudsters, while N13.7 billion was successfully recovered by financial institutions. It noted that fraud cases related to mobile channels, which included mobile apps and internet banking, dominated the list, accounting for 33.4 percent of the total cases. Closely following were POS-related frauds, representing 24.6 percent, and web-based fraud, contributing 16.9 percent of the cases. Computer-based fraud also featured prominently in the report, underscoring the growing threat of cybercrime within Nigeria’s financial ecosystem. The report revealed that bank branches recorded the largest share of losses, with 95 percent of the total fraud value. According to FITC, despite advances in technology, insider and outsider threats remain prevalent, with involvement from both staff and external fraudsters. It noted that staff involvement in fraud increased, with 49 employees dismissed for their roles in fraudulent activities during the quarter. “A magnitude-based ranking of fraud categories indicated that bank branches had the highest impact, with a total loss of around N54bn, comprising a substantial 95.63 percent of the overall fraud amount. This was followed by web-based fraud, which accounted for N1.2billion (2 percent), while POS and mobile fraud each contributed about 1 percent, with N651million and N547million, respectively,” it expounded. FITC also highlighted the shift in fraud tactics, with card-related fraud decreasing by 31.8 percent, while cheque and cash fraud cases surged significantly, leading to massive financial losses. According to the institute, the rise in cash-related fraud was particularly concerning, indicating that fraudsters are still finding ways to exploit traditional financial instruments. FITC reiterated the importance of leveraging artificial intelligence and advanced technology to combat the increasing sophistication of fraud in the country’s financial sector. It stressed that proactive measures, such as enhanced security systems and continuous staff training, were crucial for curbing the menace of fraud. For FITC, the financial sector continues to face mounting challenges, with fraudsters exploiting both new and traditional channels to target banks and financial institutions across Nigeria. “The need for stricter regulatory oversight and the adoption of cutting-edge technology remains paramount in safeguarding the financial landscape from future threats,” it stated. The reports also stated that commercial banks lost N42.6 billion to fraud and forgeries over three months from April to June this year.