As more Nigerians ditch cash for mobile apps, the country’s banking giants are facing a massive challenge. In 2025, three of Nigeria’s biggest banks Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), and United Bank for Africa Plc lost a combined ₦2.13 billion ($1.56 million) to fraud and forgery.
While the number of fraud attempts actually dropped, the “success rate” per attack went up. This means criminals are becoming smarter and more efficient at finding weaknesses in bank systems.
Not every attack was successful. In fact, banks managed to block or recover nearly 80% of the money hackers tried to steal. Here is how the three banks compared in their fight against cybercrime:
• UBA (The Most Targeted): UBA faced the heaviest “bombardment” with ₦4.56 billion targeted by fraudsters. However, their security was strong, stopping 86.4% of those attacks.
• GTCO (The Most Efficient): GTCO had the lowest loss rate, losing only 10.4% of the funds targeted by criminals.
• Access Bank (The Highest Impact): Access suffered the biggest actual loss, with ₦1.24 billion slipping through the cracks.
Where is the Money Going?
The report highlights a shift in how criminals operate:
• Electronic is King: At UBA, 99.9% of all fraud cases were digital. The most common method was fraudulent transfers, where money is moved out of accounts illegally.
• Small but Deadly: Even though there were fewer total incidents (down 15%), the average amount stolen per successful hit rose to ₦44,454.
• The Return of “Old School” Theft: At Access Bank, even though there were only 26 cases of physical cash theft, they accounted for over 14% of the bank’s total losses.
The Massive Cost of Protection
To stay ahead of hackers, banks are spending huge amounts of money on technology. In 2025 alone, these three banks spent ₦280.90 billion ($206 million) on:
• Artificial Intelligence (AI) to spot suspicious patterns.
• Better customer verification (like “liveness” checks to prove you are a real person).
• Upgrading mobile app security.
The Regulator Steps In
The Central Bank of Nigeria (CBN) is no longer just watching from the sidelines. They have introduced strict new rules to protect your money:
1. AI Monitoring: Banks must now use AI to track transactions in real-time.
2. Liveness Checks: When opening accounts or making big moves, apps must verify your face or fingerprints more strictly.
3. Fines for Failures: Banks that have weak “Know Your Customer” (KYC) rules are being fined. For example, Access Bank was fined ₦138 million in 2025 for security gaps.
4. Holding Receivers Accountable: If a bank receives stolen money, the CBN can now debit that bank directly to recover the funds.
The Bottom Line
Despite the billions lost, Nigeria’s banking system remains very safe. The total fraud loss represents only 0.003% of the total deposits held by these banks. However, as we move toward a 100% cashless economy, fraud is becoming a “hidden tax” that banks and customers must constantly fight against.
