Aminu Maida Provides A Regulator’s View On The Application Of ICT To Reduce Financial Crimes

Information and communication technology (ICT) is crucial in the fight against financial crimes, according to Dr. Aminu Maida, the Executive Vice Chairman of the Nigerian Communications Commission.

In his speech, Maida emphasized the value of strong ICT systems in tackling the nation’s illegal money flows during the 11th Anniversary Lecture Series of RealNews Magazine in Lagos.

Maida who was represented by the Director, of Public Affairs of NCC, Mr. Reuben Muoka, argued that efficient use of ICT makes it possible to monitor in real-time, comply with regulations, and process data securely. These actions help to prevent and investigate financial crimes as well as lessen the dangers connected to virtual assets in the financial markets.

Financial crimes, according to him, are illegal actions involving the exploitation, abuse, or manipulation of financial systems for one’s benefit. These charges include fraud, embezzlement, money laundering, insider abuse, and financing of terrorism.

According to Maida, financial crimes are connected to violent crimes that cause fatalities in addition to having a big influence on the economy and society.

He said these crimes endanger the future, stability, security, safety, integrity, and dependability of organizations, businesses, and people.

According to Maida, the breadth of financial crimes has grown as a result of the multinational nature of the crimes, the rising adoption of digital technologies, and the development of new technology.

“As ICT systems become more complex, cybercriminal activities also become more sophisticated. Criminal actors exploit the inherent and emerging flaws in ICT systems, necessitating the need for tracking the illicit movement of funds in and out of the country.

“Nigeria’s telecoms sector has experienced significant growth, generating massive amounts of data daily. Driven by advanced data analytics and artificial intelligence (AI), these technologies offer opportunities to identify suspicious digital patterns indicative of crime.

“Through partnerships with financial institutions, data can be filtered to detect these patterns and prevent financial crimes in real-time, enabling a proactive approach to crime prevention,” he said

“In addition to ensuring increased access to telecommunications services, the NCC has established the Computer Security Incident Response Team (CSIRT) to handle security incidents that can affect the operations of organizations and individuals.

“The NCC has also incorporated biometric authentication in the use of telecom services and financial transactions, with strict enforcement of compliance by licensees. Furthermore, the commission has enabled digital forensics capabilities.”

To reduce the dangers connected with the proliferation of criminal activity via technology, Dr. Maida emphasized the importance of public education and awareness regarding online safety. To effectively combat financial crimes, he also underlined the significance of greater international cooperation and coordination.

To stay up to date with new criminal techniques, Dr. Maida advocated for ongoing investment in ICT solutions and a multidisciplinary, multi-stakeholder strategy combining technology experts, legal professionals, and lawmakers.

The NCC’s acknowledgment of the crucial role that ICT plays in preventing financial crimes is indicative of the commission’s dedication to using technology to improve security, comply with regulations, and deter crime in Nigeria.

The NCC is implementing cutting-edge strategies to tackle financial crimes, including automated processes, blockchain technology, rapid payments, artificial intelligence, machine learning, and data analytics. Building a long-term strategy to prevent financial crimes is made considerably easier by these technology tools.