Four Nigerian deposit money banks lost a total of N1.77bn to fraudulent activities involving the banks’ employees and consumers in 2021.

This was contained in the 2021 financial statements of the banks.

The banks are Access Bank Plc, Guaranty Trust Bank Plc, First
Monument City Bank, and Wema Bank.

According to their financial statements, WEMA and GTB incurred the
biggest losses as a result of fraud within the period under review, as they
lost N670.73 and N511.9m respectively.

For Wema Bank, the cost of fraud rose by N27.46m, year on year, as the
loss incurred in 2020 was N643.277.

In the case of GTB, the fraud losses were almost tripled in 2021.
Access Bank revealed that while it lost N502m to fraud in 2021, third
parties lost about N1.98bn.

Speaking on the development, cybersecurity experts advised banks to
adopt sophisticated measures to mitigate current cyber threats and
intensify their efforts in educating customers on ways to avoid falling
prey to fraudulent actors.

They also urged banks to hire qualified cybersecurity personnel to
monitor their ICT space.