Economic and Financial Crimes Commission, EFCC, has revealed that Nigeria lost about N6.2billion to cyber crimes in 2014. This is a clear 650 percent increase as N485million was lost in the same crime category in 2013.
This was revealed by an official from the Bank Fraud Section of the EFCC, Mr. Ibrahim Shazali in Ilorin yesterday during the ongoing Nigerian Deposit Insurance Corporation , NDIC workshop for financial journalists.
While stating that the figure was grossly higher than the N485 million that was lost through the same channels in 2013, Shazali identified Point of Sales , PoS, ATMs and mobile banking as the major avenues where the cyber crimes were being committed.
He blamed the poor success rate in the fight against cyber crimes on the lack of a well defined framework for prosecuting cyber criminals.
“Out of the 1,461 suspected fraud cases reported in 2014 only fraudsters in 41 or three per cent of the cases were apprehended.”
He, however, said that while the value of cyber crimes had been growing, it was comforting that the value of fraudulent transactions was less than one per cent of the total transactions.
“This should not, however, lead to premature sighs of relief as the success rate of attempted fraudulent transactions rose from a mere three per cent to 80 per cent in the space of just one year.”
Shazali said that it had finally dawned on global financial and business leaders that to curb cyber crimes, it is necessary to determine where exactly we need to focus our energies.
“Cyber crime is especially devastating because many times victims are completely unaware of the fact that they are being targeted and they do not only lose money, but also sensitive customer or organisational data,” he said.

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