150 million Nigerians vulnerable to financial fraud – NCC

The Nigerian Communications Commission on Wednesday warned that over 150 million Nigerians in the financial system risk being defrauded through telecommunications platforms.

Recent data released by Enhancing Financial Innovation and Access had revealed that over 150 million Nigerians were included in the financial system.

Danbatta said the population was “vulnerable to financial fraud at any time” as a result of mobile app integration with online payment platforms and other financial resources.

To effectively combat e-fraud, Danbatta said customer service and fraud operations teams in banks and the mobile network operators needed tighter processes and guidelines on how to detect potentially fraudulent activities.

According to him, the NCC is collaborating with the Central Bank of Nigeria, the Nigeria Police Force, the Economic and Financial Crimes Commission, and other relevant agencies to fight e-fraud.

A committee on Electronic Banking Fraud is currently working towards implementing technical and operational solutions to fight the menace posed by e-fraud, he said.

Danbatta, who was represented by Adeleke Adewolu, said the malevolent use of technology in financial fraud had become a growing concern in the industry.

He said, “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.

“Phishing 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.”