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Fraudsters Steal N134bn from Banks and Customers – CBN Report

Fraudsters Steal N134bn from Banks and Customers – CBN Report

Rising Fraud Challenges in Nigeria’s Digital Financial Ecosystem

Nigeria's financial sector has witnessed a significant increase in fraud losses over the past five years, with banks and their customers collectively losing N134.48bn between 2020 and 2025. This alarming trend coincides with the rapid expansion of digital payments and financial technology (fintech) adoption across the country, according to a comprehensive report from the Central Bank of Nigeria (CBN).

The data, outlined in the CBN’s Nigeria Payments System Vision 2028 document, highlights the growing risks associated with an increasingly digitized financial system. The report indicates that attempted fraud across various payment channels reached N187.79bn during this period, while actual losses amounted to N134.48bn.

Key Fraud Losses Across Payment Channels

Fraud losses were recorded across multiple platforms, including:

  • Over-the-counter transactions
  • Automated Teller Machines (ATMs)
  • Cheques
  • E-commerce platforms
  • Internet banking
  • Mobile banking
  • Point of Sale (POS) terminals
  • Web channels
  • Other electronic payment platforms

This widespread vulnerability underscores the need for robust security measures to protect both financial institutions and end-users.

Escalating Fraud Trends

The report reveals a steady rise in fraud losses over the years:

  • 2020: N11.61bn
  • 2021: N12.77bn
  • 2022: N14.32bn
  • 2023: N17.67bn
  • 2024: N52.26bn (the highest annual loss recorded)
  • 2025: N25.85bn (a decline from the previous year)

In 2024, the figure alone accounted for nearly 39% of the total losses over the six-year period. The spike was largely attributed to a major internal fraud case involving N30bn. According to the CBN, “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.”

Similarly, attempted fraud increased significantly:

  • 2020: N13.26bn
  • 2021: N14.48bn
  • 2022: N16.41bn
  • 2023: N19.72bn
  • 2024: N86.36bn
  • 2025: N37.57bn (a decline)

Despite the sharp rise in 2024, the report noted a decline in both attempted fraud and actual losses in 2025, suggesting that recent regulatory and industry efforts may be having an impact.

Evolution of Fraud Patterns

The report also details how fraud patterns have evolved across different payment platforms over the years:

  • In 2021, web-based fraud declined by 43%, but losses still increased due to a 276% rise in Point of Sale (POS) fraud incidents.
  • In 2022, fraud losses rose by 12%, driven by major fraud incidents affecting corporate accounts. ATM fraud surged by more than 2,000% despite declines in mobile, POS, and web channels.
  • In 2023, fraud losses increased by 23%, largely due to a spike in e-commerce-related fraud cases, which escalated by 1,961%.

These trends highlight the shifting nature of fraud threats and the need for adaptive security strategies.

Improvements in 2025

Despite the persistent threat of fraud, the report notes a significant improvement in 2025. Electronic payment fraud declined by 51%, demonstrating the effectiveness of stricter regulations, increased industry cooperation, and enhanced prevention strategies.

The CBN emphasized that the regulator, in collaboration with industry stakeholders, has strengthened oversight and introduced collaborative safeguards aimed at reducing vulnerabilities across payment platforms.

Future Outlook: Payments System Vision 2028

As Nigeria continues its shift toward electronic payments, the CBN has outlined a new framework under the Payments System Vision 2028. This initiative aims to prioritize security, trust, innovation, interoperability, inclusion, and collaboration as guiding principles for the next stage of payments system development.

The framework also seeks to strengthen regulatory oversight, improve cyber resilience, and deploy emerging technologies to combat increasingly sophisticated fraud threats.

In the foreword to the document, CBN Governor Olayemi Cardoso highlighted the evolution of Nigeria’s payments ecosystem into one of the most dynamic and innovative in the world. He acknowledged the growth in electronic payments and digital financial services under the previous framework but stressed the need for stronger resilience and coordination as the system continues to expand.

Cardoso also pointed out that while digitalization has improved financial inclusion and lowered transaction costs, it has also created new risks that require stronger cybersecurity measures, consumer protection mechanisms, and fraud-monitoring systems.