BusinessFraudsters Becoming More Creative — NDIC Warns Bank Customers

Fraudsters Becoming More Creative — NDIC Warns Bank Customers


The Nigeria Deposit Insurance Corporation (NDIC) has warned bank customers and the public against displaying their bank details saying fraudsters were becoming more creative.

The NDIC in its official website on Friday gave out four tips for bank customers to safeguard their accounts.

The Corporation said that customers should ensure that their phones had password and they must not share their bank mobile application password with anyone.


NDIC also warned bank customers to ensure that their token were secured and other parties did not have access to it.

The Corporation also urged customers to ensure that their debit card numbers and Card Verification Value (CVV) were not exposed to people.

The warning is coming on the backdrop of increased bank fraud as reported by the Financial Institute Training Centre (FITC) in its report for the second quarter of 2022.

The FITC received a total of 68 returns on cases of fraud and forgery from twenty-24 deposit money institutions¹ in the second quarter of 2022. An analysis show that 22 returns were received in April, while 24 returns were received in May, and 22 returns were received in June.

“For the second quarter of 2022 under review, a total of 27,356 incidents of Frauds and Forgeries were reported, compared to 40,522 reported cases in the first quarter of 2022, representing a 32.49 per cent decrease between the periods.

“The trend shows that mobile fraud which includes fraud activities through USSD transactions had the highest occurrence followed by computer/web fraud and POS fraud. Appendices I and II present the various fraud activities that occurred throughout the period.

“For Q2 2022, the data analysis show that the total sum reported to be involved in fraud cases decreased notably by 40.05 per cent, from N14.65 billion in Q1 2022 to N8.78 billion in Q2 2022. Likewise, for the total amount lost due to fraud incidences, there was a slight decrease of 23.66 per cent from N1.54 billion in the first quarter of 2022 to N1.17 billion in the second quarter of 2022,” the report stated.

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