Deliberate Internet shutdowns have cost Ethiopia an estimated $663 million so far in 2023
Deliberate Internet and social media shutdowns from Jan to Jul 2023 have cost the affected economies an estimated $2.1 billion combined, with Ethiopia the most affected. Asian and sub-Saharan African countries are the hardest hit.
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%)
