Nigeria Communications Commission (NCC) has cautioned telecommunication consumers on the spate of electronic fraud being carried out by some telecom platforms across many sectors of the Nigerian economy.

Director, Consumer Protection and Advocacy Unit, Consumer Affairs Bureau of the Commission, Mr. Alkasim Umar who gave the caution at a sensitisation programme in Abakaliki, the Ebonyi State capital recently, advised telecom consumers to be wary during financial transactions on the telecom platform as fraud can occur through various channels, including unsolicited text messages, voice calls, emails, and fake mobile applications.

“As the telecom industry evolves, there is a growing concern over the rising trend of fraud perpetuated on telecom platform (electronic fraud) across key sectors of the Nigerian economy.”

“The menace that follows the wide acceptance of new methods of mobile money electronic banking and payment systems has been discovered to cost the country a whopping amount of money.

“Cyber criminals are targeting telecoms networks, interrupting service provision and accessing bank data. Victims are often left with enormous losses from SIM swaps and USSD e-payment frauds.

“The Central Bank of Nigeria (CBN) has identified electronic fraud as the biggest risk to the sector, which has embraced a range of electronic payment solutions, including Automated Teller Machines (ATMs), Nigeria Inter-Bank Settlement System (NIBBS), instant payment as well as mobile banking.

“A lot of people are highly ignorant of 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 to gain 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 the commission in collaboration with relevant advocacy groups embarked on the sensitisation programme tagged: ‘Shine Your Eyes, No Fall Mugu’, across the six geopolitical zones in the country.”

Umar stated that the commission also collaborated with critical stakeholders such as the Central Bank of Nigeria (CBN), the Nigerian Police Force, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and other relevant agencies in the fight against e-banking fraudsters.

COURTESY: AGENCY REPORTS