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Nigeria faces surge in bank fraud as experts warn security controls are outdated

Nigeria faces surge in bank fraud as experts warn security controls are outdated

Nigeria’s banking sector is grappling with a surge in electronic fraud, with annual losses now exceeding N1 trillion, prompting urgent calls for the Central Bank of Nigeria, CBN, to upgrade its decade-old authentication standard from two-factor authentication (2FA) to a more advanced three-factor authentication (3FA). Industry data shows digital theft—especially unauthorised transactions—has risen sharply, overwhelming existing regulatory protections.

Vanguard Detty December