The Nigerian Communications Commission (NCC) has urged telecom operators to strengthen the security of their systems.
Executive Vice Chairman of NCC, Prof. Umar Danbatta, emphasized the harmful effects of electronic fraud, including identity theft, phishing, hacking, and unauthorized access, and their impact on victims and consumer trust in the digital realm.
He called for telecom operators to enhance their networks with robust security measures and protect consumers’ personal data.
Alkasim Abubakar Umar, Director of Consumer Affairs Bureau at NCC, highlighted the significant growth in the Nigerian telecom sector, which has expanded mobile phone and internet access.
However, this progress has also provided opportunities for criminals to exploit unsuspecting individuals through electronic fraud.
Recent reports show that Nigerians have suffered losses of approximately N12.5 billion in financial crimes related to the telecommunications industry over the past four years.
Urgent action is needed to tackle this issue, as the Center for Strategic and International Studies estimates that global annual losses due to cybercrime amount to $600 billion.
The prevalence of eFraud not only poses a significant threat to society but also impedes economic growth and undermines citizens’ trust in digital platforms.