Thursday, June 26, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home BANKING

Fidelity Bank Boss Advocates Measures to Curb e-Fraud Challenges

The banking industry lost a total of N14.3 billion to electronic fraud in 2022, up from the N12.7b reported in 2021

Newsroom Nigeria by Newsroom Nigeria
August 21, 2023
in BANKING
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on Twitter

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe has called on the Nigeria Electronic Fraud Forum, NeFF to come with solutions to the challenges posed by electronic fraud to financial system.

According to a report published in Vanguard Newspaper, she made this call in Lagos while speaking at the 3rd quarter general meeting of NeFF.

Related posts

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025

Zenith Bank Plc Named “Best Bank in Nigeria”

June 5, 2025

Nneka Onyeali-Ikpe explained that e-fraud are activities carried out online to exploit individuals and business entities for financial gain.

She listed examples of e-fraud to include: Phishing; Advanced fee fraud (419); Online Auction Fraud; Identity Theft; Tech Support Scams; Online Romance Scam; Investment Scam; Business Email compromise; Ransomware; Online Rental Schemes; Pyramid Schemes; and Click Fraud.

Highlighting the rising trend of e-fraud in the country and the associated challenges, the Fidelity Bank boss said: “According to data released by NIBSS, the value of electronic payment transactions in Nigeria increased by 298% YoY from N34.04 trillion in Q1 2022 to N135.52 trillion in Q1 2023.

“As technology continues to advance at an unprecedented pace, our reliance on digital transactions has grown exponentially. However, with this rise in digital interactions, the threat of e-fraud has become a significant challenge affecting individuals, businesses, and industries alike.

“The banking industry lost a total of N14.3 billion to electronic fraud in 2022, up from the N12.7b reported in 2021. As at Q1 2023, the total fraud loss was N5b according to the NIBSS Annual Fraud Landscape reports.

“The Mobile channel is the most exploited channel by fraudsters in 2021 and 2022 with 42,821 and 45,090 reported fraud records respectively. Total fraud count in 2021 was 123,918 and 101,668 in 2022.

“E-fraud has permeated multiple industries, spanning from banking and finance to e-commerce and beyond. These cybercriminals leverage advanced methods to exploit vulnerabilities, gaining unauthorised access to crucial data and funds. The repercussions of e-fraud are not limited to financial losses; they also extend to eroding trust and eroding brand reputation.

ShareTweetSendShareShare
Previous Post

YOU ARE MINISTER OF THE FEDERAL REPUBLIC, NOT REGIONS OR STATES – TINUBU CHARGES MINISTERS

Next Post

Sexual Harassment is Normal in Kannywood – Momee Gombe

Related Posts

BANKING

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025
BANKING

Zenith Bank Plc Named “Best Bank in Nigeria”

June 5, 2025
BANKING

Inclusive Education: Union Bank Sponsors Mathematics Competition for Hearing Impaired Students

May 30, 2025
BANKING

SHAREHOLDERS COMMEND WEMA BANK AT 2024 ANNUAL GENERAL MEETING

May 23, 2025
BANKING

VIEWPOINT: WHEN LEGACY MEETS PREPAREDNESS – OLUSEGUN ALEBIOSU AS CEO, FIRSTBANK GROUP

May 23, 2025
BANKING

Banking Dispute: Fidelity Bank, Sagecom Tango as Supreme Court Affirms Judgment Debt

May 21, 2025
Next Post

Sexual Harassment is Normal in Kannywood - Momee Gombe

RECOMMENDED NEWS

FRAUDSTER ISSUING FAKE EMPLOYMENT LETTERS FROM KADUNA ELECTRIC ARRESTED

2 years ago

COURT ORDERS EFCC, CBN TO TRANSFER $9.7M, £74,000 SEIZED FROM EX-GMD NNPC TO REGISTRAR’S ACCOUNT

2 years ago

TINUBU AT UNITED NATIONS, ADVOCATES UNIVERSAL SANCTION ON SMUGGLING OF ARMS AND MINERALS INTO AND OUT OF AFRICA

2 years ago

ABBA KYARI: COURT JAILS CO-DEFENDANTS

3 years ago

FOLLOW US

POPULAR NEWS

  • TAU Students Win Big   at National Innovation Challenge

    TAU Students Win Big   at National Innovation Challenge

    0 shares
    Share 0 Tweet 0
  • Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    0 shares
    Share 0 Tweet 0
  • ADEBAYO HELD ALOFT THE BANNER OF THE UPN, LED BY OBAFEMI AWOLOWO, TINUBU PENS TRIBUTE TO A TRUE STATESMAN

    0 shares
    Share 0 Tweet 0
  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    0 shares
    Share 0 Tweet 0
  • INEC Receives Applications To Register Obidients People’s Party (OPP), 109 Other Political Parties Registration

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

This independent, liberal online news platform aims to inform citizens about important issues. NEWSROOM NIGERIA covers political, business, economic, national, and international news. They are committed to journalism ethics and hold the government accountable.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.