{"id":28189,"date":"2018-11-15T14:14:58","date_gmt":"2018-11-15T13:14:58","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=28189"},"modified":"2018-11-15T14:14:58","modified_gmt":"2018-11-15T13:14:58","slug":"electronic-banking-fraud-to-hit-n6-1trn-by-2021-cbn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/electronic-banking-fraud-to-hit-n6-1trn-by-2021-cbn\/","title":{"rendered":"Electronic Banking Fraud To Hit N6.1trn By 2021 \u2013CBN"},"content":{"rendered":"

Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021.<\/p>\n

Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation in Benin.<\/p>\n

According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally.<\/p>\n

Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department NDIC, said it was due to broader ecosystem scope, evolution of channels, adaptability to disruptive innovations and modes payment.<\/p>\n

He said other reasons included increased inclusion and evolving technologies.<\/p>

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The director also said that the CBN, through its Consumer Protection Department had resolved over 13,715 complaints.<\/p>\n

Salam-Alada added that this resulted in the refund of about N72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017.<\/p>\n

He said the amount represented a 28 per cent increase if compared to 19,531 cases recorded in 2016.<\/p>\n

Salam-Alada said there was a 24 per cent reduction in actual fraud loss value in 2017 with N1.63 billion as against the to 2016 figures. NAN<\/p>\n","protected":false},"excerpt":{"rendered":"

Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021. Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation in Benin. According to him, the volume and …<\/p>\n","protected":false},"author":6,"featured_media":28191,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[],"coauthors":[2391],"class_list":["post-28189","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news"],"yoast_head":"\nElectronic Banking Fraud To Hit N6.1trn By 2021 \u2013CBN - National Wire<\/title>\n<meta name=\"description\" content=\"Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria has said electronic fraud losses in the banking\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/electronic-banking-fraud-to-hit-n6-1trn-by-2021-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Electronic Banking Fraud To Hit N6.1trn By 2021 \u2013CBN - 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