Businesses Lost $445 Billion Globally To Cyber Crime In 2014

Businesses lost $445 billion globally in 2014 to cybercrime and electronic fraud. 

Nigeria’s share of this loss was $2.5 billion.

The Director, Banking and Payments Systems department, Central Bank of Nigeria, Dipo Fatokun said most of the fraud in the country was perpetrated through the Internet and Automated Teller Machines (ATMs).

Fatokun noted that electronic fraud in Nigeria was on the decrease in the year under review due to the commitment of the apex bank to fight the battle.

He added that there is still low interest in mobile payment in Nigeria compared to other African countries as many Nigerians find it difficult to entrust their credit card details in the hands of online businesses.

In a bid to help manage and reduce electronic payments fraud in the country’s banking industry, CBN gave all banks and e-payment platforms July 1 deadline to set up and staff a functioning fraud desk.