ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home National

Electronic fraud in banking hits N6.1trn by 2021 – CBN

15th November 2018
in National
0
banks
0
SHARES
139
VIEWS
Share on FacebookShare on Twitter

NAN

Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria (CBN) 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 Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department (RPIRD) NDIC, 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.

READ ALSO: Airport search: Atiku’s wife fumes, says ‘My husband’s not a thief’

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.

Tags: Central Bank of Nigeriaelectronic fraud lossesibrahim hassanndicsunday salam-alada
Ajiri Daniels

Ajiri Daniels

Sun News Online Team

Related Posts

Rotary Club pays WAEC/NECO fees for 30 students in Abuja
National

New Rotary president takes over, rolls out 2022-23 projects 

1st July 2022
Ooni holds Ayangalu drum festival, prays for peace, tranquillity in Nigeria
National

Ooni holds Ayangalu drum festival, prays for peace, tranquillity in Nigeria

1st July 2022
National

Aluko, Publisher of defunct Third Eye Newspapers, is dead

1st July 2022
Next Post
Dolapo Osinbajo

Dolapo Osinbajo tasks youths on scripture reading, better life promotion

court

Court dismisses suit against Ajaokuta LGA over failure to file within stipulated period

BUHARI

Buhari, Guinea Bissau President in closed-door meeting

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Pastor, wife held as 3 die in Church during deliverance

Buhari thanks Lisbon Mayor for accommodating Nigerians fleeing Russia-Ukraine war

Nigeria, Portugal sign MOUs in diverse sectors – Presidency

22 Lawmakers pass vote of no confidence on principal officers of Bauchi Assembly

Miss trainings, forfeit promotion, Customs boss warns officers

Litup releases new EP

Trending

Rotary Club pays WAEC/NECO fees for 30 students in Abuja
National

New Rotary president takes over, rolls out 2022-23 projects 

1st July 2022
0

From Fred Itua, Abuja First female President of the Rotary Club Of Abuja, Garki Neighborhood, Hajia Zainab...

Ooni holds Ayangalu drum festival, prays for peace, tranquillity in Nigeria

Ooni holds Ayangalu drum festival, prays for peace, tranquillity in Nigeria

1st July 2022

Aluko, Publisher of defunct Third Eye Newspapers, is dead

1st July 2022
police

Pastor, wife held as 3 die in Church during deliverance

1st July 2022
Buhari thanks Lisbon Mayor for accommodating Nigerians fleeing Russia-Ukraine war

Buhari thanks Lisbon Mayor for accommodating Nigerians fleeing Russia-Ukraine war

1st July 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • New Rotary president takes over, rolls out 2022-23 projects 
  • Ooni holds Ayangalu drum festival, prays for peace, tranquillity in Nigeria
  • Aluko, Publisher of defunct Third Eye Newspapers, is dead
  • Pastor, wife held as 3 die in Church during deliverance
  • Buhari thanks Lisbon Mayor for accommodating Nigerians fleeing Russia-Ukraine war
  • Nigeria, Portugal sign MOUs in diverse sectors – Presidency
  • 22 Lawmakers pass vote of no confidence on principal officers of Bauchi Assembly
  • Miss trainings, forfeit promotion, Customs boss warns officers
  • Litup releases new EP
  • Nasarawa: Umbugadu vows to deploy technology to tackle insecurity if elected governor
  • Edo Rep, Ise-Idehen, passes away
  • Ogun police arrest alleged ‘yahoo boy’ who turned lady to dog
  • Benin royal family, Chiefs resent Edo govt plans to acquire Ezoti sacred traditional grounds
  • Archbishop Kaigama decries continued killing of Christians
  • My plans as Rotary 9125 District Governor — Dr Nnadi
  • Senator Yisa Braimoh extols Gov. Obaseki at 65
  • Census: NPC solicits stakeholders support for hitch-free exercise in Ebonyi
  • Osun Election: I will use 8yrs, Oyetola boasts
  • NBA seeks improved welfare for judges in Bauchi State
  • Shiroro attack, direct assault on Nigeria, perpetrators won’t go unpunished, Buhari vows

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....