Wema Bank Customers Lost N685.6m To Fraud, Forgery In 2023

Wema Bank Plc customers suffered a N685.6m loss to fraud and forgery activities last year, THE WHISTLER can report.

This was revealed in the bank’s Audited Financial and Annual Report for the full year of 2023, analysed by THE WHISTLER.

The lender, which grew its customer deposits by 59.6 per cent per cent in 2023 to N1.89tn, witnessed a total of 1,195 cases of fraud and forgery attacks in the same year, the company’s books reveal.

According to the data, the total amount involved in the fraud and forgery activities during the 12 months was N1.13bn.

However, the actual loss suffered by Wema Bank and its customers during the period was a total of N685.6m. But Wema Bank and its customers did not suffer fraud on their dollar accounts.

Internet, mobile banking, Point of Sale (POS) terminals, ATMs, web among others were the channels for fraudulent activities in the bank during the period.

A breakdown of the fraud channel shows that internet fraud activities involving N203.7m was recorded in 2023 out of which N90.1m was lost by the bank.

Fraud activities through mobile banking channels were N8.15m, but only N506,70,000 was lost by the bank.

The bank recorded fraud attempts made through the POS involving N36.7m. However, the bank was able to recover the full amount.

According to the data, fraud attempts were also made through the ATM and web channels involving N869,000 and N27.39m, respectively, but the bank and its customers did not incur loss.

According to Wema Bank’s books, fraud attempts involving N860.4m were made through operations and other channels out of which N595m was lost to the fraudsters.