Institute decries financial fraud, moves to protect Nigeria, citizens

Oct. 7, 2024 - Guardian Nigeria

Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CICFIN) has expressed an urgent need to strengthen Nigeria’s financial security system and safeguard its economic future by blocking leakages in Financial Technology (Fintech) companies. Quoting figures from the Central Bank of Nigeria, the institute stated that Fintech fraud increased by 22 per cent in 2022 with estimated losses of N207.

6 billion while 2.71 per cent of Nigerian Fintech users experienced phishing attempts the same year.

“As of 2023, Nigeria boasts of five Unicorns: Interswitch, Flutterwave, Opay Andela, and Jumia. He said the institute was committed to introducing forensic audit systems tailored for digital platforms and partnership with Fintech companies to stem the tide.

The Justice added that winning the war against corruption is a task for all Nigerians...