Nigerian Communications Commission (NCC) has deplored increasing electronic fraud.
It noted that attackers have begun targetting telecommunications networks to disrupt service delivery and infiltrate data banks, SIM swaps and Unstructured Supplementary Service Data (USSD).
NCC Executive Vice Chairman, Prof. Umar Danbatta, who made the disclosure, yesterday, at the Telecom Consumers Sensitisation Programme, themed: “Shine Your Eye – No Fall Mugu” in Keffi, observed that fraudsters execute SIM swaps and USSD-based transactions, which cost victims huge losses.
Represented by Head of Consumer Protection and Advocacy, Clement Omeife, the EVC noted that the menace had cost the nations huge sums of money.
He said: “The Central Bank of Nigeria (CBN) rates electronic fraud as biggest risk in the sector, which has widely incorporated electronic payment solutions such as Automated Teller Machines (ATMs), Nigeria Inter-Bank Settlement System (NIBBS) Instant Payment and mobile banking.”
The telecommunications sector is not also spared in the raging storm, stoked by cyber fraudsters across the country.”
The NCC boss added: “A lot of people are highly ignorant to how losing their phones to fraudsters can lead to a complete clean-up of their bank accounts These fraudsters do this by stealing victims’ identities, names, addresses and bank information, which they use in gaining access to their bank accounts. They also use the stolen identity to defraud other people, and even apply for loans, leaving the victim with debts. It is in view of this and in line with the Commission’s consumer centric posture that NCC, in collaboration with relevant groups, embarked on the sensitisation programme.
Danbatta pointed out that the programme was a deliberate initiative to educate Nigerians against falling prey to fraudsters.
He said NCC collaborated with critical stakeholders like the Central Bank of Nigeria (CBN), Nigeria Police Force, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related Offences Commission (ICPC) and others in the fight against e-banking fraudsters.
He advised consumers against opening unfamiliar emails or respond to unfamiliar inquiries.
The NCC chief executive urged Nigerians to promptly report suspicious e-fraud to banks and telecommunications service provider.