Deposit Money Banks (DMBs) in Nigeria have recorded a substantial decline in fraudulent activities to N468.42m in the first quarter of 2024 from the N2.09bn lost in the fourth quarter of 2023.

This represents a 77.62 per cent decrease according to the Financial Institutions Training Centre (FITC) Report on Fraud and Forgeries in Nigerian Banks for Q1 2024 released on Monday.

The institution also noted that number of cases reported by the DMBs in Nigeria dropped by 7.5 per cent compared to the 12,405 cases reported in the fourth quarter of 2023.

“Nigerian banks lost N468.42m in the first quarter, a substantial decline from the N2.09bn loss they recorded in Q4, 2023

“For Q1 2024, a total of 11,472 cases were reported, and when compared to the 12,405 cases recorded in the Q4 2023, a 7.52 per cent decrease is noted” the report read.

Revealing channels where the criminal activities were perpetrated, the institution cited computer/ web fraud, mobile fraud, and Point of Sale (POS) as the top three prevalent forms of fraudulent activity.

This, it added, is consistent with the trend observed in the previous quarter.

According to the FITC report, mobile fraud accounted for 46.29 per cent of the total losses recorded by the banks valued at N216.83m, while computer/web fraud entries accounted for 17 per cent.

“During Q1 2024, fraudulent activities were conducted through various channels, which included ATMs, online platforms such as web and mobile banking, bank branches, and point-of-sale (POS) terminals.

“In the first quarter of 2024, cards were the only instrument for fraud that recorded an increase, while the use of cheques and cash recorded relatively lower fraudulent activities when compared to the previous quarter.

“Specifically, there was a 31.12 per cent rise in fraud cases through the POS Channel, rising from 2,683 cases in Q4 2023 to 3,518 cases in QI 2024” FITC stated in the report.

The institution urged commercial banks across the country to be more vigilant, while noting that banks need to ensure advanced fraud detection technologies.

In addition, FITC urged DMBs to employ the services of Artificial Intelligence, Machine Learning, Robotics Process Automation, Advanced Analytics, and Predictive Modelling to arrest the situation.