The Nigerian Communications Commission (NCC) has expressed concern that about 150 million Nigerians may be vulnerable to the antics of fraudsters who are exploiting emerging innovations in telecommunications to commit financial fraud. It also said the 31.45 per cent broadband penetration achieved in the telecommunications industry at the end of 2018, was facing a challenge due to mobile channels that had been seized by cybercriminals.
The Executive Vice-Chairman of NCC, Prof. Umar Danbatta, who said this in Abuja, during a “Stakeholders Forum on Financial Fraud using Telecoms Platform”, stated that all stakeholders must create the right synergy to end the menace of cyber-criminals in the country. He said: “Recent data released by Enhancing Financial Innovation and Access (EFInA) revealed that over 150 million Nigerians are included in the financial system. This is a massive population that may be vulnerable to financial fraud at any time.”
Danbatta noted that telecoms companies and banking sector players need to scale up their strategies as the cyber-criminals were hacking mobile apps to steal data, credentials and other personal information of banking customers. He added: “Phishing tactics and social engineering ploys such as the SIM Swap are part and parcel of the online fraud mechanisms, regardless of whether the transactions are conducted via mobile phone, desktop browser, or point of presence. “Banks are still trying to find effective ways of identifying when a customer’s mobile number has been fraudulently swapped and ported onto a new device. “With fraudsters continuing to exploit these weaknesses, putting better authentication processes in place is vital. Of course consumers have a responsibility to be vigilant and take own precautions as well.”