Visible Articles 5 10 15

Nigeria faces surge in bank fraud as experts warn security controls are outdated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

Exit mobile version