Fraudsters raked in N134bn from banks and customers – CBN

Banks and their customers lost a combined N134.48 billion to fraud between 2020 and 2025, according to data from the Central Bank of Nigeria (CBN), highlighting the growing security challenges facing Nigerias rapidly expanding digital payments ecosystem.Data contained in the CBNs Nigeria Payments System Vision 2028 document showed that attempted fraud during the six-year period totalled N187.79 billion, while actual losses amounted to N134.48 billion. The losses were recorded across multiple payment channels, including ATMs, mobile banking, internet banking, point-of-sale (POS) terminals, e-commerce platforms, over-the-counter transactions, web channels and other electronic payment system...