Mohammed Shosanya
The Financial Institutions Training Centre (FITC) Q2 2024 Fraud and Forgeries Report,has disclosed that 58 employees of deposit money banks in Nigeria were involved in 11, 532 cases of fraud reported between April and June,this year.
According to the report,banks fired 49 employees in the second quarter of 2024 due to their involvement in fraudulent activities.
The report quoted that the development indicates a 40% increase in the number of employees whose appointments were terminated when compared with the 35 cases of termination recorded in Q1 2024.
It also shows a 23% increase compared with 47 insider involvement reported in Q1 2024.
The report further revealed that outsider involvement in fraud cases increased by 5.20% from 10,397 in Q1 to 10,938 in Q2 2024.
Besides,the report indicates banks’ losses to financial fraud in the second quarter of this year jumped by over 9,00% to 42.6 billion compared with N468.4 million recorded in Q1.
It quoted that this also represents a 637% increase when compared with the N5.7 billion loss recorded in Q2 2023.
