In a bid to tackle and reduce the spate of electronic crimes in the country, the Nigerian Communications Commission, NCC, has inaugurated a multi-sectorial committee to drive the campaign.
The committee is made up of members from the Central Bank of Nigeria, Nigerian Communications Commission, Federal Competition and Consumer Protection Commission, National Inter Bank Settlement System.
Others are: National Identity Management Commission, Telecom Service Providers, banks, security agencies and the ministry of justice.
Inaugurating the committee on Wednesday in Abuja, the Executive Vice-Chairman, NCC, Umar Danbatta, said the committee would develop a plan for the implementation of the Memorandum of Understanding, MoU, aimed at checking e-fraud among others.
Danbatta assured that the commission would work closely with critical stakeholders and other relevant agencies to implement technical and operational solutions in checking e-fraud.
He said customer service and fraud operations team in banks and mobile network operators need stronger processes and tighter guidelines on how to detect potentially fraudulent activities.
The NCC boss also said that victims should be compensated when prevention mechanisms fail, emphasising that effective collaboration between government agencies and private organisations is pivotal in tackling electronic fraud.
“With the attainment of 35.4 percent broadband penetration, cyber criminals, hackers and other unscrupulous elements are exploiting platform vulnerabilities to gain illegal access to bank accounts”, he said
He also added that Illegal access through phishing and other social engineering ploys such as fraudulent SIM swaps to bypass authentication systems, regardless of whether the transactions are conducted via mobile phone, desktop browser, or point of purchase.
“With this in mind, members of the committee have been carefully selected to provide broad perspectives and leverage their diverse experience to successfully deliver on this critical assignment”, he addedEarlier, the Director, Consumer Affairs Bureau, NCC, Mrs Felicia Onwuegbuchulam said the negative implications of such frauds are not only huge in financial losses but also high in “reputational damage to telecoms operators, financial institutions, regulators, security agencies and the nation.