As mobile apps integration, online payment platforms and other financial resources have improved over the years, Nigerian Communications Commission (NCC) has commenced moves to stem the trend of financial fraud using ICT platforms in Nigeria.
In response to the inundated public complaints on the unceasing cases of financial fraud via the use of telecom platforms, NCC hosted a stakeholder’s forum on financial fraud using telecoms platforms on January 29, 2019, at Transcorp Hilton, Abuja, aimed at creating greater awareness on the issue as well as creating ways of addressing these challenges.
Executive Vice Chairman of NCC, Professor Umar Garba Danbatta, stated, “The commission’s quest for a robust infrastructure to support innovative technologies/services that will enhance the pursuit of excellence and development in all sectors of the Nigerian economy.
“However the malevolent use of this technology has become a growing concern in the industry, especially in the area of financial fraud.
He said, “As mobile apps integration with online payment platforms and other financial resources have improved over the years, the proportion of legitimate trade conducted using mobile phones and other portable devices has also increased.
“Little wonder then that mobile channels have been seized by cyber-criminals as a new avenue for fraud. Mobile apps as a whole are now quite easy for hackers and cyber criminals to hijack, corrupt, making them tools for fraudsters to steal credentials, impersonate genuine account holders and gain illicit access to funds.”
He further noted that “Phishing tactics and social engineering ploys such as 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. Fraudsters continuing to exploit these weaknesses, putting better authentication processes in place is vital”
Danbatta assured participants that “The commission is collaborating with the Central Bank of Nigeria (CBN), the Nigerian Police Force (NPF) and other relevant agencies in the fight against e-banking fraud.
“Effective collaboration and private organisation is a tool to tackling the scourge that has besieged financial and telecoms sectors,” he said.
The forum drew participants from several regulatory institutions, ministries, department, agencies, telecom companies, financial institutions, industry players’ security agencies and members of the press amongst several others.
At the panel discussion, telecom operators, financial institutions and regulators discussed ways to collaborate and prevent financial fraud while Mr. Benedict Anyalenkeya gave presentation on concerned cases of SIM SWAPs and related scams.
