The Nigerian Communications Commission is committed to fulfilling its mandate and is passionate about driving Digital Economy in Nigeria and has continued to implement initiatives to Protect, Inform and Educate telecom consumers in this regard.
This was made known by the NCC Executive Vice Chairman/CEO, Prof. Umar Garba Danbatta during his keynote address at the 2nd Quarter 2023 Open Forum of the Industry Consumer Advisory Forum (ICAF) with the theme “Combating E-fraud on Telecom Platforms and Building Consumer Confidence in the Digital Economy”.
He said that through its Consumer Affairs Bureau (CAB), the Commission undertakes constant Consumer Education with a significant part of this effort dedicated to providing information that equips the Consumer to thrive in a world that has embraced digital finance.
“Information dissemination materials on how to safeguard themselves while using telecom platforms to access digital financial products are available on the NCC consumer portal whilst hardcopies are distributed at consumer outreach events.
“To further protect telecom consumers, the Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) periodically notifies telecom consumers of the latest cybersecurity threats and how to avoid falling victim to them. NCC-CSIRT in collaboration with the Nigeria Computer Emergency Response Team (ngCERT) at the office of the National Security Adviser has been at the forefront of protecting telecom consumers from cyber threats.
“The provision of timely advisories has helped to protect consumers from being unfairly targeted by cyber-attacks, which goes a long way in ensuring that they can access digital services without suffering unwarranted losses.
“We strongly believe that by fostering a culture of vigilance and knowledge, we can collectively reduce the success rate of e-fraud attempts.
In his concluding message, Danbatta said that combatting e-fraud on telecom platforms and building consumer confidence in the digital economy requires a collective effort.
“Telecom operators, regulatory bodies, law enforcement agencies, and consumers must collaborate, each fulfilling their respective responsibilities. By investing in robust security infrastructure, implementing stringent protocols, promoting awareness, and fostering innovation, we can create a safer digital ecosystem that inspires trust and enables the full potential of the digital economy.
In his welcome address, the Director, of the Consumer Affairs Bureau, Nigerian Communications Commission (NCC), Alh. Alkasim Abubakar Umar said that the NCC remained committed to its mandate of creating an enabling environment for the sustainable growth of the telecommunications sector.
“We have already implemented several initiatives aimed at mitigating e-fraud risks. However, 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, Alh. Umar said.
He expressed his sincere gratitude to all the participants, speakers, and organizers who have made the forum possible.
“Your dedication and commitment to addressing e-fraud in the telecom sector are commendable. Let us seize this opportunity to forge stronger partnerships and develop practical solutions that will enable us to overcome this challenge, Alh. Umar said.
The Industry Consumer Advisory Forum (ICAF) Chairman, Mazi Akpa E. Emeka said that Fraud has escalated as digital adoption has increased.
He reiterated that the situation requires that organizations simultaneously combat fraud and provide customers with a seamless digital experience.
“Increased digital adoption has enabled new forms of fraudulent activity and amplified the importance of effective fraud management for promoting growth and meeting customers’ increasing expectations for digital experiences. Although most companies have improved their digital user interface and experience, many have struggled to effectively enhance fraud controls without impairing the client experience.
“At the same time, fraud threat vectors have become significantly more sophisticated. They include nation-state actors, organized criminals, cyber terrorists, and insiders, as well as local fraud rings. Advances in technology present challenges as fraud attacks occur with greater frequency, speed, and effectiveness. Commonly used methods include phishing (Phishing occurs when a hacker poses as a trusted figure who uses carefully created emails to trick you into visiting a malicious website, downloading a corrupt file, or handing over your password before using that information to gain access to a business network or your personal information), destructive malware, social engineering, deep fakes, and fraud-as-a-service exploit kits.
“Faster movement of money usually increases the risk of fraud, and real-time disbursements are set to double within the year and beyond as economic hardship gets tougher. Risk rises further when unsuspecting customers inadvertently share their authentication details with fraudsters targeting their devices and accounts.
“The evolution of fraud threats has undermined the effectiveness of a reactive approach to combating fraud, which essentially focuses on stopping schemes one by one through manual reviews, Mazi Akpa Emeka said.
He said that the 2023 2nd quarter open forum of the Industry Consumer Advisory Forum has decided to bring this issue to bear as it affects consumers a great deal.
“In this edition, we intend to propose a new approach to Combatting E-Fraud on Telecommunication Platforms and ways of Building Consumer Confidence in the Digital Economy and we believe with the retinue of experts here present, we intend to achieve this goal using the current realities of this time to strengthen the core capabilities and improve our abilities to continually identify and address vulnerabilities arising from new fraud methods and patterns, Mazi Akpa Emeka said.
