The Director, Consumer Affairs Bureau of the Nigerian Communications Commission (NCC), Alhaji Alkasim Abubakar Umar has revealed that Nigerian lost about N12.5 billion to financial crimes linked to the telecommunications industry in the last four (4) years.
Umar said rapid expansion in digital transactions also opened new avenues for criminals to exploit unsuspecting individuals through various forms of electronic fraud.
He further stated that e-fraud poses a significant threat to society, as it undermines the trust and confidence in digital platforms, hampers economic growth, and adversely impacts lives of the citizens.
Umar, however, stated that as the regulatory authority responsible for overseeing the telecommunications industry, the NCC recognizes its duty to safeguard the interests of consumers and protect the integrity of the country’s digital ecosystem.
In his welcome address at the 2nd Quarter 2023 Industry Consumer Advisory Forum (ICAF) Meeting on Thursday, June 22, 2023, Umar said the NCC remains committed to its mandate of creating an enabling environment for the sustainable growth of the telecommunications sector, adding that it has already implemented several initiatives aimed at mitigating e-fraud risks.
“We understand that the battle against e-fraud requires constant adaptation and continuous improvement. Hence, this forum serves as a platform to share best practices, exchange knowledge, and explore innovative solutions to stay ahead of the ever-evolving tactics employed by fraudsters.
“This forum provides us with an opportunity to come together as stakeholders, including telecom operators, financial institutions, law enforcement agencies, government bodies, and concerned citizens, to collaborate and devise effective strategies to combat e-fraud,” he said.
Umar urged all stakeholders to prioritize consumer education and awareness, arguing that by equipping individuals with the necessary knowledge and skills to identify and report e-fraud, they can be empowered to protect themselves and contribute to the broader fight against cybercrime.
“The Consumer is one of the major stakeholders in the telecoms industry. It is our desire as a Commission to ensure that they enjoy primary focus. We believe that through adequate education, information sharing, and the provision of an array of channels for redress, we can safeguard telecom consumers, and innovatively promote the prospect for greater Consumer Experience in the Digital Economy.
