Access Bank Releases 2023 Financial Report, Loses N6 Billion To Fraud And Forgery
Nigerian multinational commercial bank Access Bank, in its latest 2023 financial report, reportedly lost N6.5 billion from fraud and forgery, up from N1.44 billion the previous year.
Fraudulent transfers, withdrawals, and reactivation caused 80% of the loss, followed closely by embezzlement at 29%, which included cash theft, dry posting, cash theft, as well as electronic fraud, and USSD (9%).
According to the report, 6,771 attempts, the highest in 2023, were made for electronic fraud and USSD, which involved a total of N2.69 billion. The total loss recorded was N92.2 million.
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