What you need to watch out for – Techpoint Africa

The Nigeria Inter-Bank Settlement System (NIBSS) has released its industry fraud report for Q3 2020. As presented by various financial institutions, the report captures major talking points around fraud volume, fraud techniques, fraud sources, and affected demographics among others.

According to data from the Nigerian Communications Commission (NCC), Nigeria gained at least 2.5 million Internet subscribers during the lockdown of April 2020.

Reports from eCommerce heavyweights, Jumia, and big tech giant, Google, suggested an increase in online activities during the lockdown period.

There were some side-effects though, as NIBSS reports that fraudulent activities increased during this period. Fraudsters attempted attacks 46,126 times, and they were successful on 41,979 occasions, 91% of the time.

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Consequently, Nigerian financial services companies lost ₦5.2 billion to fraud between January and September 2020.

The bulk of this loss occurred between July and September 2020, when companies lost up to ₦3.36 billion. This was a 510% increase…