The Central Bank of Nigeria (CBN) has said electronic fraud losses in the banking system are projected to reach six-point-one trillion naira by 2021. This implies that in three years’ time, bank customers across the country may lose more than N6 trillion to various e-fraud.
The Director, Consumer Protection Department, Sunday Salam-Alada, disclosed this in Benin, at a workshop organized for Business Editors and Finance Correspondents, organized by Nigeria Deposit Insurance Corporation (NDIC).
The director also said that the CBN, through its Consumer Protection Department (CPD), had resolved over thirteen thousand, seven hundred and fifteen complaints. He added that this resulted in a refund of about seventy-two point-two billion naira to customers by the commercial banks based on twenty-five thousand and forty-three cases of fraud in 2017.
The director hinted that the CBN would soon issue a framework on consumer protection.