July 11, 2025
The Central Bank of Nigeria (CBN) has raised concern over the alarming rise in financial fraud across the country, revealing a 45% increase in fraudulent activities within the first half of 2025. Even more troubling, the apex bank disclosed that 70% of the total financial losses were perpetrated through digital platforms.
This disclosure was contained in a recent fraud report released by the CBN, which underscored how cybercriminals are increasingly targeting Nigeria’s digital financial space. The report noted that mobile banking applications, online payment systems, and other digital financial services are being exploited by fraudsters, who employ tactics such as phishing, identity theft, fake investment schemes, and unauthorized access to bank accounts.
According to the data, commercial banks, fintech operators, and other financial institutions collectively lost billions of naira to cyber-enabled fraud between January and June 2025. The CBN described the development as a growing threat to the country’s financial stability, stressing the urgent need for heightened cybersecurity measures.
“Digital platforms have become the major conduit for financial crimes, and the sophistication of these schemes is advancing rapidly,” the CBN warned in the report.
In a call to action, the apex bank urged closer collaboration between banks, regulatory agencies, security operatives, telecom providers, and fintech companies to combat the growing menace.
The CBN also appealed to the public to be cautious while conducting digital transactions, urging users to avoid sharing personal banking information and to immediately report any suspicious activity to their financial institutions.
The bank reaffirmed its commitment to strengthening regulatory frameworks, enhancing fraud detection systems, and ensuring consumer protection, as Nigeria’s financial landscape continues its digital transformation.
