Nigerian fintech lost ₦146 Million initially recovered from fraudsters
- Financial institutions reported 11,472 fraud cases in Nigeria in the first quarter of 2024.
- A fintech in Africa lost ₦146,188,208 ($317,200) of recovered funds due to a fraudulent hack.
- The fintech has asked the court to compel the 26 banks and fintechs to share their customers’ KYC records and block their accounts from making transactions.
The occurrence of fraud and the subsequent loss of recovered funds highlight the ongoing challenges faced by financial institutions. The need for stronger security measures and collaboration between banks and fintechs is evident. It is crucial for institutions to prioritize the protection of customer funds and enhance fraud prevention strategies.
