Banks lose N40b to Internet fraud in 2013

THE assessed continuous growth in Internet fraud may have cost the Nigerian banking sector about N40 billion losses in 2013 alone.

The Chief Information Security Officer, Central Bank of Nigeria (CBN), Taiwo Longe, disclosed this unsavoury development in a presentation during a two-day National Cyber security Forum organised by the Office of the National Security Adviser, in Lagos, yesterday.

Citing a 2013 CBN yearly report of the industry, Longe said cyber security has become an issue that the apex bank is taking with all seriousness and thoroughness in the ongoing cashless economy scheme.