Access Bank, GTB Customers Have Best Experience as Report Says 59% Nigerians Fall Victim to E-Banking Fraud

Access Bank, GTB Customers Have Best Experience as Report Says 59% Nigerians Fall Victim to E-Banking Fraud

  • A recent report has said about 59 per cent of Nigerians have recorded being victims of e-banking fraud
  • Per the report, many bank customers in Nigeria have fallen victim to phishing emails, USSD fraud, and others
  • Access Bank, GTB, UBA and Zenith bank customers say they have good navigation experience using their banks' digital platforms.

A new report by Augusto & Co, a rating agency, discovered that about 59 per cent of Nigerians had been victims of e-banking fraud in recent years.

The 2022 Consumer Digital Banking Satisfaction Index report discovered that bank customers in Nigeria had been victims through phishing emails, data breaches, and unauthorised access to accounts via USSD and others.

Access Bank, Zenith Bank, GTB
Nigerians fall victims to e-banking fraud Credit: Maurice Greene
Source: Getty Images

Report asks banks to invest in cyber security architecture

The agency stressed the need for banks to invest in cyber security architecture and awareness to prevent bank customers from falling victim to breaches in their accounts.

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About 70 per cent of the respondents said they would prefer to avoid switching to digital banking platforms.

The report said:

"Approximately 59 per cent of survey respondents have been fraud victims on the digital platforms of their respective banks. This suggests that more investments in cyber protection by Banks are required to combat the growing exposure to cyber security risks on digital platforms."

The survey further highlighted that 41 per cent of bank customers in Nigeria have never been victims of bank fraud, adding that the remaining have been victims through various means of scams.

ThisDay reports stated that based on the index, Access Bank recorded the highest user experience score of 94.6 per cent with comparably higher estimated transaction success rates, ease of navigation, awareness and active usage of bank services.

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UBA scored the second-highest with a score of 94.4 per cent, while Guaranty Trust Bank came third with a user experience score of 91.4 per cent.

Zenith Bank recorded the highest percentage of respondents who see their bank's digital platforms as secure, while UBA and Access Bank came second and third highest, respectively.

Nigerians report being locked out of their Kuda Bank accounts reported that Kuda Bank customers in their thousands are crying after they were allegedly locked out of their accounts on Saturday, November 12, 2022.

Social media reports show most Kuda Bank users lamenting that they can either not log in or have access to their accounts.

Others say their accounts were deactivated without their consent.


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