Electronic fraud a major risk for digital finance, says NCC

Oghenevwede Ohwovoriole

The Nigerian Communications Commission (NCC) has identified electronic fraud as the biggest threat to digital finance.

Citing the Central Bank of Nigeria (CBN) report, the Director of the Bureau of Consumer Affairs, NCC, Efosa Idehen, said the apex bank revealed that wire fraud is costing the Nigerian financial sector considerable losses in monetary terms. .

Idehen spoke at a debate organized by the NCC and ‘Save the Consumer’ in Abuja on the topic: ‘Should secondary school students use mobile phones to improve education?

The debate was organized to raise awareness and save consumers from electronic fraud and to educate young people on the proper use of electronic channels for financial services.

He said: “As technology evolves, there is growing concern about the growing trend of fraud perpetuated on telecom platforms in key sectors of the Nigerian economy, known as wire fraud.

“This threat which follows wide acceptance of new methods of mobile banking and other payment systems has been found to cost the country colossal sums. The CBN considers electronic fraud as the biggest risk in the industry, which has largely affected electronic payment solutions such as Automated Teller Machines (ATMs), the Nigeria Inter-Bank Settlement System (NIBBS) Instant Payment System and mobile banking.

“Attackers are now targeting telecommunications networks with the intention of disrupting service delivery and infiltrating their data bank. SIM card swaps, unstructured supplementary service data (USSD) and electronic payment fraud.”

To address this threat, he said the NCC is actively collaborating with key stakeholders such as CBN, Nigerian Police (NPF), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC) and other competent bodies in the fight against e-banking fraudsters.

“ICTs have played a central role in empowering young people globally and giving them a voice where there was none before.

“It brought them together in response to social concerns and connected them across vast geopolitical barriers. ICTs have also enabled young people to access digital financial services.

“For young people, access to information means better access to capital, markets and the training needed to pursue a career or study.”

Idehen noted that this year’s World Consumer Rights Day, themed “Fair Digital Finance”, called on stakeholders to do more to close the gaps in digital finance while protecting consumers and holding them accountable. informed about safe financial services.

Save the Consumer Country Director Aliyu Ilias said consumers had benefited from a six-year partnership with the NCC.

He assured that Save the Consumer would continue to work with the Commission to save the consumer. Over the past six years that we have been in this partnership, the relationship has been very cordial.