Cyber crime fraud hits N25bn mark

Institute of Forensic and Investigative Auditors of Nigeria,  CIFIAN, has revealed over N25 billion cyber fraud recorded in the nation’s financial institution in the last five years

The Pro-tem President of CIFIAN, Dr Victoria Enape, who disclosed this,  weekend, during the induction ceremony of about 120 members in Abuja,  expressed  concern over the increased volume of financial frauds in the country.

She said CIFIAN was worried about the development, which is inimical to the development of any country, warning that: “If nothing is done about it now,  the future generation will have nothing to fall back on. “

Tasking the newly inducted members, she said: “We are commissioning all members to go and be good ambassadors of CIFIAN in their various organisations to ensure that jointly we prevent fraud, corruption and cyber crimes in Nigeria and stop further loss of billions of naira as being recorded in the last five years.

“As you are aware, the recorded fraud volume in Nigeria financial institution due to cyber increased dramatically to about N25 billion in the past five years.”