Bank customers in Nigeria lost N134.48 billion to fraud between 2020 and 2025, with losses surging to N52.26 billion in 2024 before dropping sharply in 2025 due to tighter regulations and better industry collaboration
The Central Bank of Nigeria revealed that bank customers across the country lost a staggering N134.48 billion to various forms of fraud over the past six years, highlighting the persistent vulnerability of the nation’s rapidly expanding digital payment ecosystem.
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According to the CBN’s newly released Nigeria Payments System Vision 2028 document, attempted fraud transactions totalled N187.79 billion during the period, with fraudsters successfully extracting N134.48 billion through channels including ATMs, internet banking, mobile apps, POS terminals, e-commerce and web platforms.
Losses rose steadily from N11.61 billion in 2020 to N17.67 billion in 2023. However, 2024 witnessed a dramatic surge to N52.26 billion — nearly triple the previous year — largely due to a major internal fraud case involving N30 billion and a 169 per cent increase in web-based attacks.
In 2025, decisive regulatory intervention and improved industry collaboration produced a welcome 50.5 per cent reduction, bringing losses down to N25.85 billion.
The CBN attributed the improvement to enhanced monitoring systems, stricter regulations and stronger cooperation among banks and fintech companies.
Despite the overall rise in attempted fraud value, the number of incidents actually declined in recent years, suggesting fraudsters are becoming more sophisticated and targeting higher-value operations.
Fraud patterns have constantly shifted with technological changes. In 2022, ATM fraud exploded by over 2,000 per cent, while e-commerce attacks rose dramatically by 1,961 per cent in 2023.
Criminals have repeatedly exploited new vulnerabilities as digital payments have grown rapidly across Nigeria.
CBN Governor Olayemi Cardoso emphasised the importance of building a secure and resilient payments system.
In the Vision 2028 document, he described a modern, trusted payments infrastructure as fundamental to financial stability and broader economic development.
Deputy Governor Dr Muhammad Sani Abdullahi added that the new framework would leverage technology, open banking, regulatory sandboxes and the Central Bank Digital Currency to strengthen security while promoting innovation and inclusion.
The report serves as both a sobering reminder of the huge financial toll of fraud on ordinary Nigerians and a hopeful sign that coordinated action can yield meaningful results.
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As digital transactions continue to expand, the CBN and industry players face the ongoing challenge of staying ahead of increasingly adaptive fraudsters.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
