CBN Exposes Massive Banking Fraud as N134bn Disappears Across ATMs, Apps, POS and More in 6 Years
- Banks and customers in Nigeria lost N134.48bn to fraud between 2020 and 2025, according to a CBN report
- Losses rose steadily and peaked in 2024 at N52.26bn, largely due to a major N30bn internal fraud case, before dropping in 2025
- The report also showed that fraud surged across digital channels like mobile, internet, POS, and e-commerce, but improved in 2025
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Banks and their customers in Nigeria collectively lost N134.48bn to fraud between 2020 and 2025, according to data from the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 report.
The document also revealed that total attempted fraud during the period stood at N187.79bn, highlighting the scale of fraudulent activity across the financial system as digital payments continue to expand nationwide.
Source: UGC
The figures, drawn from the CBN report obtained via its website, reflect growing exposure across multiple channels, including ATMs, internet banking, mobile banking, POS terminals, e-commerce platforms, cheques, over-the-counter transactions, and other electronic payment systems.
Steady rise in fraud losses, with 2024 as peak year
Fraud losses rose consistently in the early years of the review period. In 2020, losses stood at N11.61bn, increasing to N12.77bn in 2021 and N14.32bn in 2022. The upward trend continued in 2023 at N17.67bn, before a sharp surge in 2024, when losses jumped to N52.26bn—the highest recorded in the six-year period.
Notably, the 2024 figure alone accounted for about 39% of the total N134.48bn losses, underscoring how severe that year was for the financial sector.
Attempted fraud followed a similar trajectory, rising from N13.26bn in 2020, to N14.48bn in 2021, N16.41bn in 2022, and N19.72bn in 2023, before spiking dramatically to N86.36bn in 2024. However, by 2025, attempted fraud declined to N37.57bn, while actual losses dropped to N25.85bn.
According to the document:
“Fraud amounts in Internet Banking, Mobile, and POS channels declined, yet overall losses rose by 196 per cent, primarily due to a major internal case involving N30bn. Web fraud incidents also increased by 169 per cent.”
What drove the surge and the subsequent decline
The CBN attributed the extraordinary jump in 2024 losses largely to a single major internal fraud incident involving N30bn, which significantly skewed overall industry figures.
The report noted that even though fraud in channels such as internet banking, mobile banking, and POS transactions declined, total losses still increased by 196% in 2024, driven mainly by a large internal case. It also revealed a 169% rise in web-based fraud incidents during the same period.
Over the years, fraud patterns showed shifting trends across platforms. In 2021, web fraud dropped by 43%, but losses still increased due to a 276% rise in POS fraud incidents. In 2022, fraud losses rose by 12%, driven by major cases involving corporate accounts, while ATM fraud surged by over 2,000%, even as mobile, POS, and web-related fraud declined.
In 2023, fraud losses increased by 23%, largely due to a massive spike in e-commerce fraud, which rose by 1,961%, alongside moderate increases in mobile, POS, and web fraud.
Despite these challenges, 2025 recorded a major improvement, with electronic payment fraud dropping by 51%. The CBN attributed this decline to stricter regulatory controls, improved monitoring systems, stronger industry collaboration, and enhanced fraud prevention measures.
The document stated:
“In 2025, electronic payment fraud declined by 51 per cent, demonstrating the success of stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring.”
Digital payments expansion and ongoing security concerns
The report highlights how Nigeria’s rapid shift toward digital banking, mobile payments, fintech platforms, and instant transfers has increased efficiency but also expanded exposure to fraud risks.
Source: UGC
The CBN noted that coordinated efforts between regulators and financial institutions have strengthened oversight in recent years, but emphasised that the evolving nature of fraud continues to pose challenges for the country’s growing digital financial ecosystem.
Source: Legit.ng
