} -->
Welcome To Mannastores Blog, You can advertise on this blog by contacting through - mannamart@gmail.com or 08033858078, All comments on this blog are Purely the views Of Readers and Not that Of the admin! Information - Inspiration - Transformation (2IT)

Wednesday, May 31, 2017

Nigeria: How Nigerians Invested Over N28.7bn, Lost N11.9bn in Crashed MMM


Abuja — The Nigerian investing public lost N11.9 billion to the Mavrodi Mundial Moneybox, MMM, Ponzi scheme, according to the Annual Report of the Nigeria Electronic Fraud Forum, NeFF, which was unveiled, in Abuja, yesterday.
It indicated that Nigerians invested over N28.7 billion in the scheme between June and December 2016.
The report also showed that the N28.7 billion was money that passed through the NIBSS, involving only 14 banks that are currently on the NIBSS industry Anti-fraud System, HEINDALL, an indication that the aggregate amount Nigerians invested in the MMM and the loss could be much higher than the above figures.
N2.19bn bank frauds


The nation's financial sector lost N2.19 billion to fraudsters in 2016, according to the report.
According to the report, the actual money lost to fraudsters is slightly less than the N2.256 billion recorded in 2015.
However, the volume of fraud cases jumped to 19,531, against 10,743 cases in 2015, an indication that the financial system had increasingly suffered attacks from fraudsters.
The attempted fraud value in the year under review slightly decreased to N4.368 billion , from the 2015 figure of N4.374 billion.
The report indicated that some banks shield fraudsters in the financial system by refusing to expose them, thereby making it easy for such criminals to continue in their evil.
It said that 1,020 were those who benefitted from fraud in the year under review but that the affected bank sent the Bank Verification Number, BVN, of a mere 217, representing 21 per cent of them.
It said, "It is quite unfortunate that despite several awareness and tips about BVN watchlist, some institutions still refuse to send BVNs of their customers who have been involved in fraudulent acts for watch-list, thereby leaving these fraudsters free in our ecosystem and subsequebntly perpetrating more fraud .

No comments:

Post a Comment

PHOTO: South Africans Protest against Nigerians again...

A 25-year-old Nigerian man identified as  Ibrahim O. Badmus  was allegedly killed by South African police officers at his home on Oct...