NCC to partner CBN against e-fraud as threat to digital finance rises

The Nigerian Communications Commission (NCC), says it will partner the Central Bank of Nigeria (CBN) to rout e-fraud which it identified as the greatest threat to digital finance.

NCC’s Director of Consumer Affairs Bureau, Efosa Idehen, gave the assurance at the Secondary Schools’ debate in commemoration of the World Consumer Rights Day on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that while NCC chose its theme as “Should Secondary School Students Use Mobile Phones To Enhance Education” this year’s World Consumer Rights Day theme is “Fair Digital Finance”.

Mr Edehen, said the event would create awareness and save consumers from e-fraud and educate the young ones in the proper use of e-channels for financial services.

He quoted the CBN as saying, “e-fraud is costing the Nigerian financial sector whopping sums of money.

“As technology evolves, there is a growing concern over the rising trend fraud perpetuated on telecom platforms across key sectors of the Nigerian economy known as e-fraud.

“This menace, which follows wide acceptance of new methods of mobile banking and other payment systems has been discovered to cost the country whopping sums of money.

The CBN rate e-fraud as the biggest risk in the sector which has widely affected electronic payment solutions.

He gave such solutions as Automated Teller Machines (ATMs), Nigeria Inter-Bank Settlement System (NIBBS) Instant Payment and mobile banking.

The NCC Director also said attackers now targeted telecom networks with intentions to disrupt service delivery and infiltrate their data bank.

He, however, said that the commission actively collaborated with critical stakeholders and other relevant bodies to fight against e-banking fraudsters.

“To address this menace, the commission actively collaborates with critical stakeholders such as CBN, the Nigerian Police (NPF), the Economic and Financial Crimes Commission (EFCC),” the NCC official said.

“Others are the Independent Corrupt Practices Commission (ICPC) and other relevant bodies in the fight against e-banking fraudsters.

“ICT has played a central role in young people’s rise to prominence on a global scale and has given them voice where there was none before.

“It has brought them together in response to social concerns and has connected them across vast geo-political barriers. ICT has also provided the youth access to digital financial services.

“For young people, access to information means better access to capital, markets and training needed to pursue career or studies.

He called on stakeholders to do more in bridging the gap in digital finance whilst protecting consumers and keeping them informed on safe financial services.

The Country Director of Save the Consumer, Aliyu Ilias, said the initiative had enjoyed six years partnership with the NCC.

“Save the Consumer will continue to work with the Commission to save the consumer.

“For the past six years that we have been in this partnership the relationship has been very cordial,” he said.

The Director Digital Economy Department, NCC, Augustine Nwaulune, educated the students on digital finance and how it had made buying and selling easier.

Mr Nwaunule promised to get in touch with all the students who came for the debate.

NAN also reports that a total of nine Junior Secondary Schools (JSS) participated in the debate.

The schools include: JSS Kayada, JSS Wuse zone 3, JSS Gwarinpa Estate, JSS Gwagwala Haj Camp, JSS Kwali, JSS Area 10, JSS Jabi, JSS Bwari Central, and JSS Garki.

JSS Kayada emerged the overall winner, JSS Area 10 emerging first runner up while JSS Wuse zone 3 emerged second runner up respectively.

(NAN)