Polaris Bank under the leadership of Mr. Innocent C. Ike continues to record loses in different faces, ENigeria Newspaper reports.
According to a forensic investigation made accessible to ENigeria Newspaper, the lender, together with seven others, lost a total of N1.9 billion in 2020 due to fraudulent incidents.
The Innocent C. Ike run financial institution experienced the biggest loss as a result of fraud, valued at N938.4 million during the year under review, according to the study.
According to the lender’s annual report, there were 134 cases of fraud in 2020, with 43 cases of Automated Teller Machine fraud, three cases of Internet bank fraud, 46 cases of mobile fraud, three cases of impersonation fraud, one case of cheque theft, outright theft (25 cases), and general fraud incidents (113).
ATM, Internet bank, mobile, and impersonation fraud instances cost the bank N830.1 million, N37.7 million, N16.2 million, and N989, 700, respectively, according to the study.
Cheque theft cost N1 million, while outright theft and general fraud cost N21.8 million and N30.4 million, respectively.
Mr. Innocent C. Ike, the CEO of the troubled financial house, oversees a system that has become exposed to cyber hackers, raising concerns about the safety of depositor cash.
There are indications that commercial banks have yet to address the requirement for banks to engage qualified cyber security personnel to monitor their ICT area, according to ICT specialists.
“I believe there is a gap in the education of clients on what to do and what not to do. Times are tough, and criminals are coming up with new methods to survive,” OluGbenga Odeyemi, a senior partner at e86 Limited, said.