The latest report released by the Nigerian Inter Bank Settlement System (NIBSS) has revealed ATM frauds and other forms of electronic financial frauds are on the increase in Nigeria.

The NIBSS said in 2014 alone, a total of 1,461 cases of fraud were reported compared to 822 cases in 2013.

Identifying ATM and internet banking as the major platforms through which frauds are being perpetrated in Nigeria, NIBSS said the banking sector lost NGN3.2 billion to 287 cases of internet banking fraud.

It added there were 114 cases of fraud in the ecommerce sector, 166 via PoS, 218 via the web, 491 on ATM and 21 via mobile.

NIBSS said: "Although, the figures show that more work needs to be done to improve apprehension rate. However, the low number is due to some constraints like the law/legal context that isn't clearly defined when it comes to financial and cyber-crimes carried out using electronic platforms. A major issue is the collaboration of the law enforcement agents and the financial industry."