Fraud losses rose gradually from N11.61bn in 2020 to N17.67bn in 2023 before increasing sharply to N52.26bn in 2024 — the highest annual loss recorded within the period. The 2024 figure alone represented almost 39 per cent of the total losses.
The CBN attributed the surge mainly to a major internal fraud incident involving N30bn, noting that while fraud in internet banking, mobile and POS channels declined, overall losses increased significantly due to the large-scale case.
Attempted fraud also increased from N13.26bn in 2020 to N86.36bn in 2024 before declining in 2025 to N37.57bn, alongside actual losses which dropped to N25.85bn.
The apex bank stated that the decline in 2025 reflected the impact of stronger regulations, improved monitoring, industry cooperation and better fraud prevention measures.
The report noted that Nigeria’s growing reliance on electronic payments, fintech platforms and digital financial services has improved financial inclusion but has also introduced new cybersecurity challenges.
CBN Governor Olayemi Cardoso said Nigeria’s payment ecosystem has become one of the most dynamic globally, driven by real-time payments, innovation and increased digital adoption.
Under the Payments System Vision 2028 framework, the regulator plans to strengthen security, consumer protection, interoperability and collaboration while deploying new technologies to tackle rising digital fraud threats.
