Globally fraud is on the rise as well as its sophistication. In Nigeria, over the years most of these incidents have gone unreported. However, in 2013 under the directive of the CBN (Central Bank of Nigeria), NIBSS (Nigeria Interbank Settlement System Plc) developed the Anti-Fraud Portal with a view of getting the Banks to report their e-payment frauds as it occurs. In this report, the InfoSec (Information System Security) department of NIBSS shows the analysis of the reported frauds to detect and show the trends of e-payment frauds in Nigeria.
This report is focused on informing and helping the public understand payment fraud issues. The aggregated data will also inform consumers and businesses on how fraud occurs using various channels, as well as aid financial institutions with more effective fraud trend monitoring and preventive measures to combat the fraud.