Card channels were the most susceptible to fraud in Nigerian banks in Q1 2025, with $14.3 billion involved

Cards were the most involved in fraud, with ₦14.3 billion representing the most significant exposure among all transaction channels
Card transactions also had the highest number of cases (11,972), indicating widespread and frequent attacks
Actual losses on cards were 11.5% (₦1.6 billion) of the amount involved, showing that significant financial damage still occurs despite preventive systems
Cash fraud accounted for ₦6.8 bn in exposure, nearly half of the card channel’s total
Cash also recorded 12.3% (₦800 million) in actual losses
Cheques had the lowest fraud involvement (₦1.2 billion) and only 46 cases, but the highest actual loss rate (72.7%)

The data from Q1 2025 shows that card transactions are the most significant exposure point for fraud in Nigerian banks, both in financial value and frequency. With ₦14.3 billion involved and 11,972 cases recorded, the card channel alone accounts for more than half of all fraud-related financial risk reported in the period. This places card-based transactions at the centre of Nigeria’s fraud landscape.

Cash transactions, though involving fewer cases, still carried a substantial financial exposure of ₦6.8 billion in Q1 2025, alongside an actual loss of 12.3% (₦800 million). Cheques, on the other hand, recorded the lowest threat level, with ₦1.2 billion involved and only 46 cases reported.

Source:

Financial Institutions Training Centre (FITC)

<div style="text-align: center;"><a href="https://intelpoint.co/insights/card-channels-were-the-most-susceptible-to-fraud-in-nigerian-banks-in-q1-2025-with-14-3-billion-involved/" title="Card channels were the most susceptible to fraud in Nigerian banks in Q1 2025, with $14.3 billion involved"><img src="https://intelpoint.co/wp-content/uploads/2025/12/Values-of-fraud-and-forgery-cases-reported-by-Nigerian-banks-through-the-three-primary-transaction-channels-in-Q1-2025-scaled.png" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Card channels were the most susceptible to fraud in Nigerian banks in Q1 2025, with $14.3 billion involved"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Card+channels+were+the+most+susceptible+to+fraud+in+Nigerian+banks+in+Q1+2025%2C+with+%2414.3+billion+involved" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

Q1 2025

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