Business
Nigerian Banks Reduce Fraud Losses by 77.62% in Q1 2024
Nigerian banks experienced a significant decrease in financial fraud losses during the first quarter of 2024, with the amount lost dropping by 77.62% compared to the previous quarter. According to the Financial Institutions Training Centre (FITC) in its Report on Fraud and Forgeries Report in Nigerian Banks for Q1 2024, banks lost N468.42 million in Q1 2024, a substantial decline from the N2.09 billion lost in Q4 2023.
The report also highlighted a 56.73% decrease in the total amount involved in fraud, from N6.91 billion in Q4 2023 to N2.99 billion in Q1 2024. The number of reported fraud cases also fell by 7.52%, from 12,405 in Q4 2023 to 11,472 in Q1 2024.
Channels and Types of Fraud
Mobile fraud was the most prevalent form, accounting for 46.29% of total losses (N216.83 million). Computer/web fraud followed, making up 17.00% of the losses (N79.61 million). The report also noted an increase in fraud cases through POS channels by 31.12%, rising from 2,683 cases in Q4 2023 to 3,518 in Q1 2024, and a slight increase in mobile channel fraud cases by 0.45%, from 3,173 in Q4 2023 to 3,393 in Q1 2024.
Call for Increased Vigilance
Despite the decline, FITC emphasized the need for banks to remain vigilant and continuously enhance their fraud control activities. They recommended the adoption of advanced fraud detection technologies such as Artificial Intelligence, Machine Learning, Robotics Process Automation, Advanced Analytics, and Predictive Modelling to identify and proactively detect fraud patterns.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
-
Spotlight4 days ago
Top Legal Pitfalls Employers Must Avoid to Prevent Wrongful Termination Claims
-
Sports4 days ago
‘Haaland throwing ball at Gabriel a coward’s move’
-
Business4 days ago
British Airways Suspends Summer 2025 Flights from Southampton Airport
-
Sports4 days ago
Barcelona’s Ter Stegen to Undergo Knee Surgery After Injury
-
News4 days ago
Japan Battles Devastating Floods Following Record Rainfall, Six Dead
-
Entertainment4 days ago
Deadline Set for Bids on Historic Peter Pan House in Dumfries
-
Sports4 days ago
Stones Snatches Late Equaliser to Deny Arsenal Victory at Etihad
-
News13 hours ago
Israeli Airstrikes Hit Beirut, Hezbollah Leader Targeted Amid Escalating Conflict