No less than 150 million Nigerians risk being defrauded in
the financial system according to the Executive Vice Chairman of the Nigeria
Communication Commission (NCC), Prof. Umar Danbatta.
Danbatta said this during the inauguration of a
multi-sectorial committee on e-fraud in Abuja. Punch reported that recent data
released by Enhancing Financial Innovation and Access disclosed that over 150
million Nigerians were included in the financial system.
The NCC boss stressed that the integration of mobile
applications with online payment platforms and other financial resources had
made Nigerians more prone to financial fraud.
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Dembatta advised that to effectively combat electronic
fraud, customer service and fraud operations teams in banks and the mobile
network operators need to tighten up their processes and guidelines on how to
detect potential fraudulent activities.
Methods put in place to combat fraud: Danbatta disclosed
that the NCC is in a partnership with the Central Bank of Nigeria, the Nigeria
Police Force, the Economic and Financial Crimes Commission, and other relevant
agencies to fight e-fraud. He also stressed that a committee on Electronic
Banking is currently working towards implementing technical and operational
solutions to fight the menace posed by e-fraud.
Danbatta, who was represented by Adeleke Adewolu, said that
phishing and social engineering had made e-fruad even more prevalent and
easier.
“Mobile apps as a whole are now quite easy for hackers and
cyber-criminals to hijack or corrupt, making them tools for fraudsters to steal
personal credentials, impersonate genuine bank account holders, and gain
illicit access to funds.bPhishing tactics and social engineering ploys such as
illegal SIM swap are part and parcel of the online fraud mechanism, regardless
of whether the transactions are conducted via mobile phone, desktop browser, or
point of presence.”
Recall that NCC had previously made a move to checkmate
cyber securities issues in Nigeria whilst keeping in touch with global best
practices by launching cyber-crime control centres (known as Emergency Control
Centres) across the country.
