Access Bank Lost NGN185 Million To Fraud And Theft In Six Months


Access Bank PLC reported in its half year result for 2016 that it lost about NGN185 million to cases of fraud and theft according to the bank’s risk management disclosure.

Access Bank said “during the year under review, the bank recorded a total of three Hundred and Twenty-three (323) fraud cases, Out of which 280 fraud cases (86%) relate to ATM/Electronic fraud“.

The bank said it lost “N87.98m Also, there were 7 cases of successful robbery incidents which led to a loss of N96.6m. However, this amount is recoverable from insurance”.

Access Bank said its “has put measures in place to ensure that incidence of fraud is reduced to the barest minimum.

Such measures includes:

  • More focus on cybercrime intelligence and prevention
  • Pro-active monitoring by Anti- Fraud Unit
  • Zero Tolerance for staff fraud. Dismissal and Prosecution of any staff involved in fraud.
  • Training and awareness on fraud risk issues
  • Customer awareness through emails/ SMS/ATMs.
  • Background checks on staff
  • Collaboration with other industry operators to frustrate fraud attempts

According to the the CBN, the apex bank said eFraud has been reduced by 63% in the last one year.