Nigeria lost N6.2 bln to cyber crimes in 2014, says EFCC official By NAN on October 20, 2015 2:37 pm

 About N6.2 billion was lost to cyber crimes in
Nigeria in 2014, according to an official.
Mr Ibrahim Shazali, an official of the Economic
and Financial Crimes Commission (EFCC), Bank
Fraud Section, disclosed this in Ilorin on Tuesday
at the ongoing Nigerian Deposit Insurance
Corporation (NDIC) workshop for financial
journalists.
He said 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, however, said that while the value of cyber
crimes had been growing exponentially, 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.”
Shamal said that although banks experienced
more external than internal frauds, the actual loss
to internal frauds was always far higher than
those of external frauds.
He said the lack of a well-defined legal
framework for prosecuting cyber crimes and
financial frauds had led to poor success rate in
the fight against the crimes.
The EFCC official said of the 1,461 suspected
fraud cases reported in 2014 only fraudsters in 41
or three per cent of the cases were apprehended.
Shazali said that it had finally dawned on global
financial and business leaders that cyber crime
was not merely a technology issue, but at the
heart of it.
“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.
“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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