The Nigerian Communications Commission (NCC) has inaugurated multi-sectorial Committee on e-Fraud to drastically curb crime in the country.
Inaugurating the multi-sectorial committee on Wednesday in Abuja, the Executive Vice-Chairman of NCC, Prof. Umar Danbatta, said the committee would develop a plan for the implementation of the 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 that the Customer Service and Fraud Operations team in Banks and Mobile Network Operators needed 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 failed, emphasising that effective collaboration between government agencies and private organisations was pivotal in tackling electronic fraud.
Danbatta said, “With the attainment of 35.4 per cent broadband penetration, cyber criminals, hackers and other unscrupulous elements are exploiting platform vulnerabilities to gain illegal access to bank accounts.
“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.
“Understandably, our expectations are high and we look forward to a comprehensive and all-encompassing output from the committee.”
Earlier, Mrs Felicia Onwuegbuchulam, Director, Consumer Affairs Bureau, NCC, said prior to the Stakeholders Forum, financial fraud, using telecom platforms, was pervasive crossing borders and boundaries as well as industry spectrum.
Onwuegbuchulam said the negative implications of such frauds were not only huge in financial losses but also high in “reputational damage to telecoms operators, financial institutions, regulators, security agencies and the nation.“
“The commission has also been inundated with complaints on the unceasing cases of financial fraud via the use of telecom platforms.
“As a result, NCC is poised at seeking initiatives aimed at creating greater awareness on the issues as well as creating ways of mitigating problems arising from their occurrence.
“The Stakeholders forum is indeed one of the initiatives put in place by the commission to harness ideas and solutions toward solving the menace,” she said.
The stakeholders comprise Central Bank of Nigeria (CBN), the Nigerian Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) among others.
The committee is made up of members from the Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), Federal Competition and Consumer Protection Commission, National Inter Bank Settlement System.
Others are:National Identity Management Commission, Telecom Service Providers (ALTON), Banks, Security agencies and Ministry of Justice.
The MoU, proposed January this year in Abuja, is one of the resolutions of the Stakeholders Forum of Financial Fraud using Telecoms Platforms.(NAN)
