The Central Bank of Nigeria (CBN) has revealed that fraudsters stole a total of N134.48 billion from banks and customers between 2020 and 2025.
The disclosure was contained in the Nigeria Payments System Vision 2028 document. According to the apex bank, attempted fraud during the six-year period reached N187.79 billion, while actual losses stood at N134.48 billion.
The report highlights the growing challenges facing Nigeria’s rapidly expanding digital payments ecosystem. Furthermore, it shows the need for stronger cybersecurity measures and fraud prevention strategies.
CBN Fraud Losses Rise Over the Years
The data showed that fraud-related losses increased steadily over the review period.
Losses rose from N11.61 billion in 2020 to N12.77 billion in 2021. They increased further to N14.32 billion in 2022 and N17.67 billion in 2023.
However, the most significant jump occurred in 2024. During that year, banks and customers lost N52.26 billion to fraud. This represented nearly 39 percent of the total losses recorded between 2020 and 2025.
Similarly, attempted fraud followed the same trend. It increased from N13.26 billion in 2020 to N14.48 billion in 2021. The figure later rose to N16.41 billion in 2022 and N19.72 billion in 2023 before reaching N86.36 billion in 2024.
Major Internal Fraud Case Drove 2024 Spike
According to the CBN, a major internal fraud incident involving N30 billion contributed significantly to the sharp rise in losses recorded in 2024.
The report explained that fraud amounts linked to internet banking, mobile banking, and Point-of-Sale (POS) channels declined during the year. Nevertheless, total losses increased by 196 percent because of the massive internal fraud case.
In addition, web fraud incidents increased by 169 percent during the same period.
The CBN noted that a single large-scale fraud case can significantly impact industry-wide figures despite improvements in other payment channels.
Fraud Patterns Changed Across Banking Channels
The report also highlighted how fraud trends shifted across various banking platforms.
In 2021, web-based fraud dropped by 43 percent. However, overall losses increased because POS-related fraud incidents rose by 276 percent.
Meanwhile, fraud losses increased by 12 percent in 2022. The increase was largely linked to major fraud cases involving corporate accounts.
Furthermore, ATM fraud incidents surged by more than 2,000 percent despite declines in mobile, POS, and web-related fraud activities.
By 2023, fraud losses rose by 23 percent. The increase was mainly driven by e-commerce fraud incidents, which surged by 1,961 percent.
Stronger Controls Reduce CBN Fraud Losses in 2025
Despite the challenges, the CBN reported a major improvement in 2025.
Attempted fraud dropped to N37.57 billion, while actual losses declined to N25.85 billion.
According to the apex bank, electronic payment fraud reduced by 51 percent in 2025. The improvement was attributed to stricter regulations, stronger industry collaboration, enhanced fraud prevention strategies, and improved monitoring systems.
The regulator stated that it has strengthened oversight of the payments ecosystem and introduced safeguards aimed at reducing vulnerabilities across digital payment platforms.
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CBN Plans Stronger Security Measures
CBN Governor Olayemi Cardoso said Nigeria’s payments ecosystem has become one of the most dynamic and innovative globally.
According to him, the rapid growth of real-time payments, fintech innovation, and digital banking has improved financial inclusion and reduced transaction costs.
However, he warned that digital transformation has also introduced new security risks.
Therefore, under the Nigeria Payments System Vision 2028 framework, the CBN plans to focus on security, trust, innovation, interoperability, inclusion, and collaboration.
The bank also intends to strengthen cyber resilience and deploy emerging technologies to combat increasingly sophisticated fraud threats.
Conclusion
The latest report shows that CBN fraud losses reached N134.48 billion between 2020 and 2025, highlighting the growing threat of financial crime in Nigeria’s digital economy.
Although fraud levels remain a concern, recent improvements suggest that stronger regulations, industry cooperation, and advanced monitoring systems are helping to reduce losses.
As digital payments continue to grow, experts believe sustained investment in cybersecurity and fraud prevention will remain critical to protecting banks and customers.
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