Fraudsters Stole N134.48bn from Nigerian Banks, Customers in Five Years — CBN Reveals

• Banks and customers in Nigeria lost a total of N134.48bn to fraud between 2020 and 2025, according to a Central Bank of Nigeria report.

Banks and their customers in Nigeria lost a combined N134.48bn to fraud between 2020 and 2025, according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document.

The report showed that attempted fraud during the period stood at N187.79bn, highlighting the scale of fraudulent activity across the country’s expanding digital financial ecosystem.

The losses were recorded across multiple channels, including internet banking, mobile banking, POS terminals, ATMs, e-commerce platforms, web systems, and over-the-counter transactions.

Fraud figures rose steadily from N11.61bn in 2020 to N17.67bn in 2023 before surging sharply to N52.26bn in 2024, which alone accounted for nearly 39 per cent of total losses within the period.

The CBN attributed the 2024 spike largely to a major internal fraud case involving about N30bn, noting that isolated incidents can significantly distort overall industry figures despite improvements in other channels.

Attempted fraud also climbed sharply over the years, peaking at N86.36bn in 2024 before dropping alongside actual losses in 2025 to N37.57bn and N25.85bn respectively.

According to the report, “Fraud amounts in Internet Banking, Mobile, and POS channels declined, yet overall losses rose by 196 per cent, primarily due to a major internal case involving N30bn.”

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Despite the challenges, the report noted a 51 per cent decline in electronic payment fraud in 2025, attributing the improvement to stronger regulations, enhanced monitoring, and improved collaboration across the financial sector.

The Central Bank of Nigeria stated that while digital payments have boosted financial inclusion and efficiency, they have also introduced new security risks that require stronger cybersecurity and fraud prevention systems.

It added that the Nigeria Payments System Vision 2028 will prioritise security, trust, interoperability, and innovation as part of efforts to strengthen the country’s financial ecosystem going forward.