Recently, Mr Adebayo Adelabu, Deputy Governor, Financial Systems Stability, Central Bank of Nigeria, CBN, said 2.4 per cent of banking revenue was lost to fraud cases. According to Adelabu, Nigerian banks lost a total of N159 billion to electronic fraud between 2000 and the first quarter of 2013, while Africa retained its position as the region with the largest fraud cases and sub-Saharan Africa maintained the unenviable position of the region with the most prevalent fraud problems (77 per cent) among the regions surveyed.
This revelation clearly shows that if unchecked, cyber crime could wreak untold damage on the economy of …Read More
Source:: PM Newspaper
