The Nigerian Communications Commission has inaugurated a multi-sectoral committee to develop a memorandum of understanding in a bid to address financial fraud being perpetrated through digital platforms.
According to the telecom regulator in a statement, the committee is charged with the harmonisation of the activities of critical stakeholders responsible for combating financial fraud committed through telecommunications platforms.
It said the decision to create a committee was reached at a stakeholders’ forum on financial fraud organised by the NCC earlier this year.
While inaugurating the committee in Abuja, the Executive Vice Chairman of the NCC, Prof. Umar Danbatta, said it further demonstrated the commission’s commitment to the protection of telecom consumers.
He added that the commission was ready to forge necessary strategic collaboration with other government agencies, industry players and other necessary stakeholders in order to tackle critical industry issues for the benefit of all.
Danbatta, who was represented at the forum by the Executive Commissioner, Stakeholder Management at NCC, Adeleke Adewolu, stated that with the attainment of 35.4 per cent broadband penetration, there had also been an increase in financial services.
Expectedly, he noted that mobile platforms and applications had become the most common channels for conducting financial and other sundry transactions.
The EVC, however, said that as the uptake of these alternative channels grew, incidents of malevolent use of technology and attendant heavy losses suffered by consumers and other key stakeholders had continued to rise.
“Cybercriminals, hackers and other unscrupulous elements are exploiting online platform vulnerabilities to gain illegal access to bank accounts through phishing and other ploys such as fraudulent SIM swaps to bypass authentication security levels, regardless of whether the transactions are conducted via mobile phones, desktop browser, or on point of purchase,” Danbatta said.
According to the commission, the 26-man committee draws membership from the Central Bank of Nigeria, the NCC, Federal Competition and Consumer Protection Commission, Nigerian Inter-Bank Settlement System, National Identity Management Commission and the Association of Licensed Telecom Operators of Nigeria.
Other organisations with representation on the committee are the banks, security agencies such as the Office of the National Security Adviser, the Economic and Financial Crimes Commission, Independent Corrupt Practices and other Related Offences Commission, Nigeria Police Force, Nigeria Financial Intelligence Unit and the Federal Ministry of Justice.