The Nigerian Communications Commission (NCC) says Nigerians should be aware of the activities of electronic fraudsters, who now target telecommunications networks to disrupt service delivery in order to perpetrate illicit trade.
He warned Nigerians against falling victim to the fraudsters’ activities, which he described as alarming.
NCC Executive Vice Chairman, Prof. Umar Garba Danbatta, stated this on Wednesday at a Consumer Protection and Advocacy Programme held at Kofar Goriya, Keffi, Nasarawa State.
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Danbatta was represented at the event by the Head of Consumer Protection and Advocacy Unit, Mr. Clement Omife with the theme: ”Shine your eye, don’t fall mugu”.
He said people should avoid opening suspicious e-mail messages, or respond to unfamiliar enquiries online, stressing that Information from the CBN indicated that e-fraud in Nigeria remains the biggest risk at the moment.
He added the Economic and Financial Crimes Commission, EFCC, and the Independent Corrupt Practices and Other Related Offences Commission, ICPC, the Nigeria Police Force and the Central Bank of Nigeria have upscaled their mandate in collaboration with the NCC to fight electronic frauds.
He said electronic fraudsters also infiltrate people’s data bank SIM swaps and Unstructured Supplementary Service Data, USSD, to carry out nefarious activities.
”As the telecom industry evolves, there is a growing concern over the rising trend of fraud on telecom (electronic fraud) across sectors of the Nigerian economy.
“The menace which follows wide acceptance of new methods of mobile money and electronic banking and payment systems has been discovered to cost the country whopping sums of money.
“The Central Bank of Nigeria (CBN) rates electronic fraud as the 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 NCC boss explained.
He said the Consumer Advocacy and ongoing enlightenment campaigns were aimed at curbing e-fraud, and ensuring security and integrity of telecoms industry in relation with the nation’s financial system.
“Attackers are now targeting telecom networks with the intent to disrupt service delivery and infiltrate their data bank SIM swaps and Unstructured Supplementary Service Data, USSD e-payment frauds, are currently some of the serious cyber threats in the telecom industry.
“Fraudsters conduct SIM swaps of individuals and then conduct USSD-based transactions which cost victims huge losses.
“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; name, address, bank information.”