A report by FITC has unveiled that bank customers in Nigeria encountered a loss of N472 million to fraudulent activities during the first quarter of 2023.

The report, obtained from FITC’s website, also indicated that there were a total of 12,553 recorded cases of fraud within this period.

The losses suffered in Q1 2023 showed a decline compared to the losses incurred in Q4 2022.

In the previous quarter, a total of N3.18 billion was lost to fraudsters across banking platforms, reflecting an 85.13% decrease in losses during Q1 2023.

The data further revealed a 79.44% decrease in the total amount involved in fraud cases during Q1 2023, dropping from N12.58 billion to N2.59 billion.

The report highlighted that mobile, computer/web, and PoS were the most common channels for fraud, consistent with the previous quarter.