As fraudsters continue to exploit the weaknesses of mobile apps, especially mobile banking apps, the Nigerian Communications Commission (NCC) has said putting better authentication processes in place has become vital.
TheNewsGuru (TNG) reports Executive Vice Chairman, NCC, Prof Umar Garba Danbatta stated this during a stakeholder’s forum on Financial Fraud Using Telecoms Platform the commission held on Tuesday.
The event was organized as a response to the inundated public complaints on the unceasing cases of financial fraud via the use of telecom platforms and is poised at seeking initiatives aimed at creating greater awareness on the issue as well as creating ways of addressing these challenges.
Danbatta, who delivered the welcome address, stated that the commission is poised for a robust infrastructure to support innovative technologies/services that will enhance the pursuit of excellence and development in all sectors of the Nigerian economy.
“However, the malevolent use of this technology has become a growing concern in the industry, especially in the area of financial fraud.
“As mobile apps integration with online payment platforms and other financial resources have improved over the years, the proportion of legitimate trade conducted using mobile phones and other portable devices has also increased.
“Little wonder then that mobile channels have been seized by cyber-criminals as a new avenue for fraud.
“Mobile apps as a whole are now quite easy for hackers and cyber criminals to hijack, corrupt, making them tools for fraudsters to steal credentials, impersonate genuine account holders and gain illicit access to funds.
“Phishing tactics and social engineering ploys such as SIM Swap are part and parcel of the online fraud mechanism regardless of whether the transactions are conducted via mobile phone, desktop browser or point of presence.
“Fraudsters continuing to exploit these weaknesses, putting better authentication processes in place is vital,” he said.
Danbatta assured that the commission was collaborating with the Central Bank of Nigeria (CBN), the Nigerian Police Force (NPF) and other relevant agencies in the fight against e-banking fraud.
He said, “Effective collaboration and private organisation is a tool to tackling the scourge that has besieged financial and telecoms sectors”.
At the panel discussion, telecom operators, financial institutions and regulators discussed ways to collaborate and prevent financial fraud.
The forum drew participants from several regulatory institutions, ministries, department, agencies, telecom companies, financial institutions, industry players, security agencies and members of the press amongst several others.