NIGERIA INTER – BANK SETTLEMENT SYSTEM

Significant Financial Losses in Nigeria Due to Fraud: A Call for Enhanced Security Measures

March 3, 2025March 3, 2025 - by Maya Chowdhury - Leave a Comment

The Nigerian financial sector faced significant losses in 2024, totalling 52.26 billion Naira (US$34.8 million) due to fraud, particularly involving fraudulent BVNs. The NIBSS report emphasizes the urgent need for …

Companies

Fraudsters Illicitly Steal N329 Million Using Static Images for BVN Enrollment

March 2, 2025March 2, 2025 - by Liam O'Sullivan - Leave a Comment

Fraudsters in Nigeria exploited static images to generate Bank Verification Numbers, resulting in N329 million in losses. A report by NIBSS revealed that these fraudulent BVNs were used to open …