Carding
Professional
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Nigeria is still struggling to overcome the electronic banking fraud epidemic that has plagued the country in recent years. According to published data cited by Legit, in the incomplete year 2023 (from January to August), about 9.5 billion Nigerian naira (1.18 billion rubles) were stolen from banks.
Representatives of the local Nigerian Interbank Settlement System (NIBBS) said that more than half of this amount was stolen through fraudulent activities related to applications and websites of bookmakers. At the same time, the tough domestic policy of the country's government to forcibly promote non-cash payments could have a direct impact on the situation. Another way to defraud banks involves the use of POS terminals.
At the same time, both channels of fraud in Nigeria are called “black holes”, since it is not possible to return funds withdrawn from banks in this way. NIBBS did not specify which schemes the scammers use.
What is characteristic, despite the growth in the amount of funds lost by the banking system, which continues for the fifth year in a row, it is the number of fraudulent transactions quarter by quarter that still shows a downward trend. This suggests that Nigerian cybercriminals have stopped trading for small things and are trying to play big, significantly increasing their income levels.
Representatives of the local Nigerian Interbank Settlement System (NIBBS) said that more than half of this amount was stolen through fraudulent activities related to applications and websites of bookmakers. At the same time, the tough domestic policy of the country's government to forcibly promote non-cash payments could have a direct impact on the situation. Another way to defraud banks involves the use of POS terminals.
At the same time, both channels of fraud in Nigeria are called “black holes”, since it is not possible to return funds withdrawn from banks in this way. NIBBS did not specify which schemes the scammers use.
What is characteristic, despite the growth in the amount of funds lost by the banking system, which continues for the fifth year in a row, it is the number of fraudulent transactions quarter by quarter that still shows a downward trend. This suggests that Nigerian cybercriminals have stopped trading for small things and are trying to play big, significantly increasing their income levels.