Telecoms E-Fraud: NCC Says Nigerians Lost N12.5bn in Four Years

The Nigerian Communications Commission (NCC) has revealed that Nigerians lost about N12.5 billion to various forms of e-fraud linked to the telecommunications industry between 2019 and 2022.

The NCC’s Director of Consumer Affairs, Dr Al-Kasim Umar, disclosed this at the 2nd quarter 2023 Open Forum of the Industry Consumer Advisory Forum (ICAF) organised by the NCC in Lagos on Thursday.

He said the figure was based on some reports and studies on the impact of e-fraud on the Nigerian economy and society.

The Threat of E-Fraud

E-fraud refers to any fraudulent activity carried out through electronic means, such as identity theft, phishing, hacking, and unauthorised access to personal and financial information, with the intention to defraud or take advantage of victims.

Dr Umar said e-fraud posed a significant threat to Nigeria, as it undermined the trust and confidence in the country’s digital platforms, hampered economic growth, and adversely affected the lives of citizens.

He cited a report by the Centre for Strategic and International Studies (CSIS), which estimated that $600 billion was lost to cybercrime each year globally, an increase from a 2014 study that put global losses at about $445 billion.

He also said that e-fraud was one of the major challenges facing telecommunications users in Nigeria, especially with the rapid growth of digital services and transactions.

The Role of NCC

Dr Umar said as the regulatory authority responsible for overseeing the telecommunications industry, the NCC recognised its duty to safeguard the interests of consumers and protect the digital ecosystem.

He said the NCC had taken various measures to combat e-fraud and enhance consumer protection in the telecoms sector. Some of these measures include:

• Issuing regulations and guidelines on customer due diligence, data protection, privacy, and incident response
• Providing free access to photo images and fingerprint data of telecoms subscribers to curb impersonation and identity theft
• Type-approving communications equipment to ensure that they conform to global standards and are interoperable with various relevant technologies
• Educating and sensitising consumers on how to avoid falling victim to e-fraud through various channels and platforms
• Collaborating with other stakeholders, such as telecoms operators, law enforcement agencies, and international organisations, to share information and best practices on combating e-fraud

He also said the NCC was working on implementing new policies and initiatives that would further strengthen consumer protection and security in the telecoms industry. Some of these include:

• Establishing a mobile examination malpractice tribunal to deal with the criminal aspect of e-fraud while institutions handle the misconduct
• Partnering with security operatives and relevant agencies on cybercrime
• Adopting an open book examination to discourage cheating
• Seeking political will and concerted efforts at adopting a single identity for all citizens with NIMC

He urged consumers to be vigilant and report any suspicious activity or incident to the NCC or other relevant authorities.

Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.

To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732