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E- Fraud/Hackers Targeting 150 Million Bank Accounts: NCC Warns Customer Service, Fraud Operations Teams In Banks, Mobile Network Operators To Tighten Processes And Guidelines

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The Nigerian Communications Commission NCC says over 150 million Nigerians in the financial system risk being defrauded through telecommunications platforms.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta, gave the warning in an address during the inauguration of a multi-sectoral committee on e-fraud in Abuja.

He said a Recent data released by Enhancing Financial Innovation and Access had revealed that over 150 million Nigerians were included in the financial system.

Prof. Danbatta said the population was “vulnerable to financial fraud at any time” as a result of mobile app integration with online payment platforms and other financial resources.

To effectively combat e-fraud, Danbatta said customer service and fraud operations teams in banks and the mobile network operators needed tighter processes and guidelines on how to detect potentially fraudulent activities.

He said the NCC is collaborating with the Central Bank of Nigeria, the Nigeria Police Force, the Economic and Financial Crimes Commission, and other relevant agencies to fight e-fraud. ‘’a committee on Electronic Banking Fraud is currently working towards implementing technical and operational solutions to fight the menace posed by e-fraud’’.

He said, “Mobile apps as a whole are now quite easy for hackers and cyber-criminals to hijack or corrupt, making them tools for fraudsters to steal personal credentials, impersonate genuine bank account holders, and gain illicit access to funds. “Phishing tactics and social engineering ploys such as illegal SIM swap are part and parcel of the online fraud mechanism, regardless of whether the transactions are conducted via mobile phone, desktop browser, or point of presence.”

Meanwhile in port Harcourt the zonal office of the NCC embarked on a three days’ road show to enlighten the public on the numbers and code to dial in cases of abuse and infringement of rights by network providers

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