The Institute of Forensic and Investigative Auditors of Nigeria, CIFIAN, at the weekend raised alarm that Nigeria recorded N25 billion cyber fraud in financial institutions in the past five years.
The interim President of CIFIAN, Dr. Victoria Enape, at the induction ceremony of about 120 members in Abuja, expressed concern over the increasing incidence of financial fraud in the country.
Enape remarked that the trend is inimical to the development of any country, cautioning that: “If nothing is done about it now, the future generation will have nothing to fall back on.”
The interim President declared before the newly inducted members: “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 cybercrimes 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.”
Cyber fraud has become a new model of financial crime in Nigeria that is rising fast in competition with corruption in the government and private businesses.