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Wireless Application Service Providers’ Association of Nigeria (WASPAN) has urged banks and other financial systems as well as individuals to be more proactive in securing the integrity of their financial operating systems.
Mr. Chijioke Ezeh, the national coordinator of the industry body for Value Added Services (VAS) licensees in the country gave the advice while making a presentation at a National Workshop on Electronic Fraud on Friday.
Ezeh while making the presentation on “Balancing the Rewards of the Mobile Financial Ecosystems” advised banks and other financial systems, as well as individuals who use telecom infrastructure, should be more proactive in securing the integrity of their financial operating systems.
TheNewsGuru reports the National Workshop on Electronic Fraud, which was organized by the Nigerian Communications Commission (NCC), held at the Digital Bridge Institute, Kano Campus.
The NCC organized the workshop following the changing dynamics in both the sophistication of production and tempo of usage of digital products and the attendant susceptibility of consumers to fraud in electronic transactions.
The workshop addressed the challenges of electronic fraud (e-fraud) such as hacking and associated intrusions in e-commerce and other interactions in the cyberspace.
The team of resource persons from NCC was led by Engr. Ubale Maska, the Executive Commissioner Technical Services, and comprised of Engr. Alhassan Haru, Director New Media and Information Security; and Engr. Bako Wakil, Deputy Director Technical Services, among others.
The team highlighted the costs of e-fraud to the nation’s economy and individuals; and discussed in their presentations steps taken by NCC in collaboration with other relevant agencies and stakeholders to check activities of fraudsters and other threats in order to reduce vulnerabilities in the cyber space.
They also discussed the global nature of the phenomenon as well as its dynamics which makes it very challenging to tackle the occurrences with a single solution.
Other participants also shared different perspectives on challenges of fraudulent practices in the cyberspace.
Oluwasaye Oyelowo of the Regulatory Affairs division of MTN Nigeria also made a presentation on strategies deployed by MTN to ensure that the risk of e-fraud is reduced.
Among these, he said, the company has started implementing the practice of sending individuals SMS at the point of SIM swap request to alert a subscriber that his or her SIM is about to be swapped.
The workshop which enjoyed a fruitful and lively discourse ended with a question and answer session where key and tangential issues connected to the topic of the workshop were perceptively discussed.