Nigerians lost N134.5bn to fraud in six years, CBN says

Nigerians lost N134.48 billion to fraud across banks and payment channels between 2020 and 2025, according to the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision 2028 report.

The report showed that fraudsters attempted to steal N187.79 billion during the six years. They successfully took N134.48 billion through channels such as internet banking, mobile banking, ATMs, point-of-sale (POS) terminals, e-commerce platforms, cheques and over-the-counter transactions.

Fraud losses rose steadily for most of the period. However, 2024 recorded an unusually sharp increase before losses dropped significantly in 2025 following regulatory and industry efforts to strengthen fraud controls.

According to the report, fraud-related losses increased from N11.61 billion in 2020 to N12.77 billion in 2021. The figure rose further to N14.32 billion in 2022 and N17.67 billion in 2023 as digital payments gained wider adoption.

The biggest jump came in 2024. Fraud losses surged to N52.26 billion, almost three times the N17.67 billion recorded a year earlier.

The CBN linked the increase largely to a major internal fraud incident involving N30 billion. Although fraud levels fell across internet banking, mobile banking and POS channels during the year, the single incident pushed total losses sharply higher.

The report also noted a significant rise in web-based fraud. Web fraud incidents increased by 169% in 2024, adding to the pressure on financial institutions.

However, the trend reversed in 2025. Fraud losses dropped to N25.85 billion, down from N52.26 billion in the previous year. The amount linked to attempted fraud also declined from N86.36 billion to N37.57 billion.

The apex bank attributed the improvement to tighter regulations, stronger monitoring systems and closer collaboration across the financial services industry. It also cited enhanced fraud prevention measures introduced by banks and payment providers.

Beyond the headline figures, the report showed how fraudsters shifted tactics as payment habits changed.

In 2021, web fraud declined by 43%. Yet overall losses still increased because fraud through POS channels jumped by 276%.

A year later, ATM-related fraud surged by more than 2,000%, even as incidents across mobile, POS and web channels declined.

Meanwhile, e-commerce became a major target in 2023. Fraud incidents in the channel rose by 1,961%, helping drive a 23% increase in overall losses that year.

The findings suggest that fraudsters continue to adapt their methods as technology evolves. As a result, banks and fintech companies face growing pressure to strengthen security across multiple payment channels at the same time.

The report comes as the CBN pushes a new strategy to build a safer digital payments ecosystem.

CBN Governor Olayemi Cardoso said the Payments System Vision 2028 aims to create a payments landscape that is secure, inclusive and resilient. He added that a trusted payments system remains critical to financial stability and economic growth.

The framework places cybersecurity, consumer protection and risk management at the centre of Nigeria’s digital payments agenda. It also calls for stronger regulation, improved infrastructure and deeper collaboration among industry players.

Muhammad Sani Abdullahi, the CBN’s Deputy Governor for Corporate Services, said the strategy will support initiatives such as contactless payments, open banking and the Central Bank Digital Currency.

He added that the bank plans to deploy emerging technologies to improve security, interoperability and customer experience across payment platforms.

According to the report, sustained cooperation between banks, fintechs, regulators and payment service providers will play a key role in reducing fraud and supporting the future growth of digital payments in Nigeria.