In Nigeria, Agusto&Co conducted a survey that found that 59% of bank customers surveyed said they had been victims of fraud.

41% of the sample said during the investigation that their accounts had not been compromised. However, the rest have fallen victim to phishing emails, data breaches, unauthorized access to accounts via USSD, and more. Indeed, in its “2022 Digital Banking Satisfaction Index”, Agusto&Co called for investing in cybersecurity and awareness-raising to prevent bank customers from becoming victims of account breaches.

According to this, “approximately 59% of survey respondents have been victims of fraud on their respective banks' digital platforms. This suggests that more investments in cyber protection by banks are needed to combat the growing exposure to cybersecurity risks on digital platforms.” The survey also showed that around 70% of respondents said they did not want to switch to another bank's digital platform.