Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria (CBN) has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021.
Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC) in Benin.
According to him, the volume and value of e-transactions are projected to continue to increase nationally and globally.
Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department (RPIRD) NDIC, said it was due to broader ecosystem scope, the evolution of channels, adaptability to disruptive innovations and modes payment.
He said other reasons included increased inclusion and evolving technologies.
