Do you have a mobile app for finanacial transactions? Then you’re among 150m Nigerians open to e-fraud

As much as 150 million Nigerians are at risk of being defrauded through telecommunications platforms, the Nigerian Communications Commission (NCC) has said.

This was disclosed by the NCC Executive Vice Chairman, Prof. Umar Danbatta, in an address during the inauguration of a multi-sectoral committee on e-fraud in Abuja.

A recent data, released by Enhancing Financial Innovation and Access, revealed that over 150 million Nigerians were included in the financial system.

According to Danbatta, 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.

He further posited that to effectively combat e-fraud, customer service and fraud operations teams in banks and the mobile network operators must tighten processes and guidelines on how to detect potentially fraudulent activities.

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The NCC, Danbatta further stated, 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, adding that a committee on Electronic Banking Fraud is currently working towards implementing technical and operational solutions to fight the menace posed by e-fraud.

Represented by Adeleke Adewolu, Danbatta said the malevolent use of technology in financial fraud had become a growing concern in the industry.

“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”, he said.

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