Nigeria's regulatory agencies collaborate with security operatives to fight e-banking fraud

The telecommunication regulator says effective collaboration is a tool for tackling the scourge that has besieged financial and telecoms sectors.

Prof. Umar Garba Danbatta at the  Stakeholders Forum on Financial Fraud Using Telecoms Platform in  Abuja

NCC says the event was organised as a response to the inundated public complaints on the unceasing cases of cyber-crime.

NCC expresses worry on how criminals use technology to perpetuate financial fraud.

Prof Umar Garba Danbatta, the Executive Vice Chairman, NCC, notes that the commission is putting better authentication processes in place to address the issues.

The Nigerian Communications Commission (NCC) 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 and other cyber-crimes in the country.

The telecommunication regulatory agency said effective collaboration involving private organisation is a tool for tackling the scourge that has besieged financial and telecoms sectors”.

Prof Umar Garba Danbatta, the Executive Vice Chairman, NCC, stated this at a Stakeholders Forum on Financial Fraud using Telecoms Platforms.

The event was organised as a response to the inundated public complaints on the unceasing cases of cyber-crime in Abuja recently.

The event was aimed at creating greater awareness on the issue as well as creating ways of addressing these challenges.

With the aim of seeking initiatives aimed at creating greater awareness on the issue as well as creating ways of addressing these challenges, Prof Danbatta said: “the Commission’s quest for a robust infrastructure to support innovative technologies/Services will enhance the pursuit of excellence and development in all sectors of the Nigerian economy.

He, however, worried that the “malevolent use of this technology has become a growing concern in the industry, especially in the area of financial fraud”.

“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 said.

He further noted that the commission is putting better authentication processes in place to address the issues.

The event attracted participants from several Regulatory Institutions, Ministries, Department, Agencies, Telecom Companies, Financial Institutions, Industry Players Security Agencies and members of the press among several others.

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