How Nigeria Loses N6.2bn To Cybercrime- EFCC

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The Economic and Financial Crimes Commission (EFCC) has announced that Nigeria lost about N6.2 billion to cybercrime and computer-related crime in 2014.

The statement was made by an official of the Bank Fraud Section of the Economic and Financial Crimes Commission, Mr. Ibrahim Shazali, on Tuesday at the ongoing Nigerian Deposit Insurance Corporation (NDIC) workshop for financial journalists in Ilorin.

Shazali noted that there was an astronomical increase in cybercrime in the country as the 2014 figure of N6.2bn dwarfed the 2013 figure of N485 million that was lost through the same channels. He added that the crimes were committed via Point of Sales (PoS), Automated Teller Machines and mobile banking.

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He stated that out of the 1,461 reported fraud cases in 2014 only a pantry 41 persons, which accounted for 2.8 percent were apprehended by the anti-graft agency in the year under review. Although he announced that the anti-graft agency recorded an 80 percent success rate on apprehended persons.

He said, “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.

“For the fight against electronic attacks to be effective, it is necessary to determine where exactly we need to focus our energies.

“In other words, it is not enough to have the tools to fight the problem, we must also know where and how to use them.

“Cybercrime 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 added.

See Also: BREAKING! EFCC INTERROGATES EX-INTERIOR MINISTER, ABBA MORO OVER IMMIGRATION FRAUD


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