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Recent Reports Show that Access Bank Lost ₦6.15 Billion to Fraud in 2023

By Oluchukwu Ikemefuna

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Access Bank, the third most populous bank in Nigeria, reportedly lost ₦6.15 billion to fraud and forgery in 2023. This was stated in its latest financial report.

Access Bank

The fraud was in different forms: Fraudulent transfers, withdrawals, and reactivation were the major fraud experienced. 

Embezzlement through cash theft and electric fraud were also counted. The financial report revealed the total number of failed and successful fraud and forgery incidents in the bank in 2023. 

Effect of Fraud On Access Bank Yearly Loss

According to the report, there were a total of 6,771 successful and failed attempts in 2023. Electronic fraud and USSD fraud were the highest, involving a total of ₦2.69 billion. However, the total loss was ₦92.2 million. 

Although electric and USSD fraud was high in 2023, it wasn’t as high as electric and USSD fraud in 2022. The total number of attempts of electric fraud in 2022, was 11,403. This is almost double the 2023 attempt. These attempts caused a loss of about 13 times 2023 losses. 

Access Bank not The Only Bank Under Fraud Threat

This reveals the attempts Access Bank made to reduce electric and USSD fraud. However, Access Bank can’t relent, as there’s a clamor for industry collaboration on fighting fraud. There’s a threat to companies being affected by fraudsters. This brought different fractions, which were willing to fight the threat together. 

Cases of fraud and forgeries have continued to increase in Nigeria. A study by cybersecurity firm Surfshark revealed that Nigeria was the thirty-second most hacked nation in the first quarter of 2023.

Recent reports reveal that the Nigerian Electronic Fraud Forum (NeFF), the Association of Mobile Money and Banking Agents of Nigeria (AMMAN), and the Nigeria Inter-Bank Settlement System (NIBSS) are working closely together to develop a plan to combat fraud in the country.

Conclusion 

It is obvious that not only Access Bank is under the threat of fraud, but other notable companies are also at risk. A 2023 report on fraud and forgeries in Nigerian banks showed that ₦5.79 billion was lost in just the second quarter (Q2), an increase from the ₦472.28 million recorded in the first quarter (Q1) of the same year.

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

Articles: 189

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