Cyber fraud climbs over N25B in five years in Nigeria, says CIFIAN

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Over N25 billion cyber frauds have been recorded in Nigeria’s financial institution in the last five years, according to the Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN).

The trend is both frightening and corrosive, said Pro-tem President of CIFIAN, Dr Victoria Enape, recently in Abuja at the induction ceremony of about 120 members.

Enape warned that if not checked, the trend could wipe off trust in the entire financial system and undermine government’s policy thrust to fully digitalise financial transactions.

“As you are aware, the recorded fraud volume in Nigeria financial institution due to cyber increased dramatically to about N25 billion in the past five years…“If nothing is done about it now, the future generation will have nothing to fall back on,” said Enape.

She told the newly inducted members: “We are commissioning all members to go and be good ambassadors of CIFIAN in their various organisations to ensure that jointly we prevent fraud, corruption and cyber crimes in Nigeria and stop further loss of billions of naira as being recorded in the last five years.”


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