Nigeria: NCC, CBN, Police Move to Fight e-Fraud

Feb 01, 2019 | The Guardian; All Africa

The Federal Government is to develop a roadmap that would be used to curb the menace of financial fraud using telecoms/electronic platforms.

The Nigerian Communications Commission (NCC) is also working with the Central Bank of Nigeria (CBN), the Nigeria Police, and other relevant agencies to fight electronic e-banking fraud. Speaking at a stakeholders' forum on financial fraud using the telecoms platform, Wednesday in Abuja, Nigeria, Minister of Communications, Adebayo Shittu, said the incidence of financial fraud using telecom platforms has become pervasive.
He added that apart from leading to the loss of reputation and income, it is also tied to direct financial loss of billions of Naira in the financial services sector, e-commerce, and telecommunications. Shittu, who decried the high rate of identity theft, said government is putting its full might behind efforts to confront the menace, and to put an end to it.
He said: "As a fall out of technological advancement, knowledge has increased and control has become even more complex, creating gaps which are being exploited by miscreants and nefarious individuals always looking to beat the system. Indeed, the financial climate is overhung with deliberate attempts by fraudsters to outsmart erstwhile air-tight measures; hence the need for our deliberations today, the impact of online fraud cannot be underestimated or denied."
He observed that Africa pioneered the mobile payment sector, but lost intellectual property and leadership in the process, adding that cross border transactions heavily rely on external costly platforms. Read more from All Africa.
Source: All Africa