Electronic fraud is on the rise - CBN

Dipo Fatokun, director of banking and payment system, at the Central Bank of Nigeria, says fraud carried out through automated teller machines (ATM) and mobile banking is on the increase.

Speaking on Thursday at the unveiling of the 2017 Nigerian Electronic Fraud Forum annual report in Lagos, he said the value of electronic banking fraud cases between 2015 and 2017 at N5.571 billion.

“It is sad to note that there has been a little increase in electronic fraud, especially in recent times. It has, therefore, become necessary to review and strengthen the existing rules and enact new regulations to steer the problem,” the CBN official said.