Nigerian Communications Commission (NCC) has deplored increasing electronic fraud.
It noted that attackers have begun targetting telecommunications networks to disrupt service delivery and infiltrate data banks, SIM swaps and Unstructured Supplementary Service Data (USSD).
NCC Executive Vice Chairman, Prof. Umar Danbatta, who made the disclosure, yesterday, at the Telecom Consumers Sensitisation Programme, themed: “Shine Your Eye – No Fall Mugu” in Keffi, observed that fraudsters execute SIM swaps and USSD-based transactions, which cost victims huge losses.
Represented by Head of Consumer Protection and Advocacy, Clement Omeife, the EVC noted that the menace had cost the nations huge sums of money.
He said: “The Central Bank of Nigeria (CBN) rates electronic fraud as 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 telecommunications sector is not also spared in the raging storm, stoked by cyber fraudsters across the country.”
