Nigerian Banks Lose N12.30bn To Fraud In 4 Years.

The Nigerian Inter-Bank Settlement System (NIBSS), yesterday said the Nigerian banking industry lost the sum of N12.30 billion to frauds between 2014 and 2017. Managing director, NIBBS, Mr Adebisi Shonubi, disclosed this at the third annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos, Nigeria.… Continue reading Nigerian Banks Lose N12.30bn To Fraud In 4 Years.

Banks, tech firms combat N2.19bn e-fraud with cyber-insurance.

Exposure to cyber attacks in the financial services sector is creating a growing demand for cyber-insurance. Banks and financial technology firms are beginning to see a need to explore cyber-insurance as a means of alleviating the impact of electronic payment fraud in Nigeria. Industry statistics show that Nigeria is losing about N127bn to cyber-fraud every… Continue reading Banks, tech firms combat N2.19bn e-fraud with cyber-insurance.