Banking Fraud, A Growing National Problem-NCC

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Adebayo Shittu
Banking Fraud, A Growing National Problem-NCC
By Pelumi Olaleye
Telecommunications regulator, Nigerian Communications Commission (NCC) disclosed in Kano that banking fraud is a growing national problem which fleeces innocent Nigerians of their earnings daily.
This was part of discussion held during the Second Workshop of the Industry Group (IWG), a sub committee  on electronic banking fraud at the Digital Bridge Institute (DBI) recently.
According to NCC, the essence of such forum was to  tackle cybercrime in the country. And the committee has come up with 21 recommendations categorised into Short-Term, Mid-Term and Long Term, with the aim of checkmating this growing threat to Nigerians.
“The IWG is expected to meet quarterly to review the progress and address new challenges facing the sector”.
The sub-committee which was set-up acknowledged that banking fraud is a growing national problem which fleeces innocent Nigerians of their earnings daily and came up with 21 recommendations categorised into Short-Term, Mid-Term and Long Term, with the aim of checkmating this growing threat to Nigerians. The IWG is expected to meet quarterly to review the progress and address new challenges facing the sector.
The workshop was participatory and members of the public seized the opportunity to contribute to discussions by welcoming the strategic collaboration between NCC and CBN in checking the excesses of cyber criminals. NCC was encouraged to ramp up its sensitization exercise around the country by continuously engaging and enlightening the public on developments in the telecoms industry.
Malam Adamu Amshi, Kano Zonal Coordinator, NCC, informed  the audience that the enforcement team of the Commission along with security agents had recently arrested telecoms vendors selling pre-registered SIM cards and handed them over to the relevant authorities for prosecution in order to protect telecoms consumers from unfair practices by unscrupulous elements in the society.
Recall that on assumption of office, the Executive Vice Chairman (EVC) of the NCC, Prof. Umar Garba Danbatta reeled out his 8-Point agenda for the industry, of which facilitating strategic collaboration and partnership with relevant stakeholders to foster ICT for sustainable economic development and social advancement became priority for the Commission.
The IWG which was constituted early in the year, has as members, stakeholders from the Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN), Civil Society Organizations (CSO) as well as Value Added Service (VAS) providers.
Engr. Ubale Maska, Executive Commissioner, Technical Services at the NCC in his opening remarks to participants at the workshop said the staggering level of fraud in the industry led to the constitution of the IWG which is saddled with the responsibility of proffering solutions to the rising rate of electronic fraud in the country.
During his presentation titled: “Electronic Banking Fraud in Nigeria – Challenges and Way Forward”, Engr. Bako Wakil, a Deputy Director at the NCC said it became necessary to grab the bull by the horn, following a visit by the Deputy Governor of the CBN to the management of the NCC to discuss the prevalence of banking fraud using telecommunications infrastructure. This was necessitated, after petitions by Nigerian banks to the Apex bank began to raise red-flags at the sophisticated methods employed by cyber criminals via telecoms infrastructure in defrauding unsuspecting customers.
Engr. Wakil said the terms of reference for the committee was to look at the technicality and security of mobile banking; awareness issues in mobile banking; SIM card replacement processes; SIM card cloning as well as unsolicited text messages.

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