Nigerian subscribers lose N12b, NCC escalating battle against cybercriminals
By Jeph Ajobaju, Chief Copy Editor
Nigerians have lost about N12.5 billion to telecom financial crimes since 2019, according to Nigerian Communications Commission (NCC) Consumers Affairs Director, Al-kasim Umar.
Umar made the disclosure at the second quarter of the 2023 Open Forum of the Industry Consumer Advisory Forum the NCC organised in Lagos.
“According to some reports,” he said, “Nigerians have lost about N12.5 billion to financial crimes linked to the telecommunications industry in the past four years.
“The Centre for Strategic and International Studies (CSIS) estimated that $600 billion is lost to cybercrime each year, an increase from a 2014 study that put global losses at about $445 billion.”
Umar said e-fraud poses a huge threat to Nigeria as it subverts trust and confidence in the country’s digital platforms, hinders economic growth, and adversely impacts the lives of citizens.
He explained that as the authority overseeing the telecom industry, the NCC recognises its duty to safeguard the interests of consumers and protect the digital ecosystem.
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Need for comprehensive legal framework
NCC Executive Vice Chairman Umar Garba Danbatta said in his keynote address e-fraud encompasses a wide range of malicious activities via electronic means, including identity theft, phishing, hacking, and unauthorised access to personal and financial information, with the intention to defraud or take advantage of victims.
“These criminal activities may not only cause significant financial losses but also erode consumer trust in the digital ecosystem. The NCC as the regulator of the communications sector has a crucial role to play in combatting e-fraud.
“We must establish comprehensive legal frameworks and standards that mandate sound security practices for telecom operators,” Danbatta said, per Vanguard.
He disclosed the NCC is developing more elaborate Data Protection Regulations to protect the privacy of data.
“It is important to mention that the Commission has issued the Consumer Code of Practice Regulations 2007 which, among other things, provide for the protection of consumer information.
“Law enforcement agencies must also collaborate closely with telecom operators and regulatory bodies to investigate and prosecute e-fraud perpetrators.”
Danbatta urged telecom operators to invest in robust infrastructure, employ state-of-the-art security measures, and conduct regular audits to identify and address vulnerabilities promptly.