Fraudsters now target mobile devices

Financial fraudsters have shifted tactics, targeting mobile devices of bank customers, a 2018 fraud report has shown. The report indicates that mobile fraud accounted for the third highest recorded fraud in 2017. By 2018, it recorded the highest in volume and value of fraud. The 2018 fraud summary released by the Nigeria Electronic Fraud Forum (NeFF) shows that 11,492 fraud cases, representing 29.6 per cent of fraud volume in 2018, were on mobile devices.

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The value of fraud on mobile devices rose by 72.2 per cent from N347.64m in 2017 to N598.8m in 2018. The value of fraud on the channel started rising since 2017 after it dropped from N248.1m in 2015 to N235.17m in 2016. Fraud on Automated Teller Machines (ATMs) accounted for the second largest in 2018 with 9,471 cases valued at N497.1m. Although its fraud value was the highest in 2017, it had dropped from N497.64m to N497.1m in 2018.
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 At the annual meeting of NeFF, Chairman of the forum and Director, Payment System at the Central Bank of Nigeria (CBN), Sam Okejere, said having scored 28.21 per cent on the Fraud Interest Index (FII), the mobile channel had shown early warning signs that fraudsters were shifting focus to mobile attacks and testing the waters in various forms in 2019. The Executive Director for Information Technology and Operations at Access Bank, Ade Bajomo, stressed the need for financial institutions to move beyond ticking boxes on compliance and do more in ensuring that hackers did not have a field day in the Nigerian financial system. In total, the volume of fraud reported in 2018 is the highest in the last four years with an increase of 55.1 per cent from 25,043 in 2017 to 38,852 in 2018. The attempted and actual loss value increased by 124.3 and 27.5 per cents respectively.

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