Home Business Telecom subscribers lose N12.5bn to illegal deductions, Frauds – NCC

Telecom subscribers lose N12.5bn to illegal deductions, Frauds – NCC

by Business News Report

Telecom subscribers in the country are estimated to have lost N12.5 billion to illegal deductions by service providers and frauds since the use of smart phones became prominent in the country. This fact was disclosed by the Nigerian Communications Commission, NCC. Executive Vice Chairman, NCC, Umar Danbatta has assured that the commission is poised to help subscribers recover all illegal deductions. He said the commission has entered into partnership with the Central Bank of Nigeria, CBN, and other security agencies in the country to fight e-banking frauds. Danbatta, who spoke at a stakeholder’s forum on Financial Fraud Using Telecoms Platform, said transactions carried out with the use of mobile phones have increased in the country. “As mobile app 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 have 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 or corrupt, making those tools for fraudsters to steal credentials and impersonate genuine account holders,” he said. Danbatta said considering the harm done by the fraudsters to the system, it has become imperative for stakeholders to put better authentication system in place to frustrate the activities of the criminals. He, however, said customers have the responsibility to be more vigilant and take their own precautions as well against the fraudsters.

According to him, the commission was committed to building the confidence of subscribers in the e-payment and e-banking systems necessitating the present collaboration with the CBN, the Nigerian Police Force and the Department of State Services, DSS, on the matter. He explained that the collaboration would go a long way to reduce the incidents of mobile devices-related financial crimes, asserting that the forum was part of its effort to save unsuspecting subscribers from falling victim to fraudsters. Danbatta also said the commission had introduced a toll free number- 264-where subscribers could lodge their complaint, assuring that the method was adopted to ensure that subscribers at various levels get value for their money.

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