The Vice President of Nigeria, Prof. Yemi Osinbajo has said that Nigeria loses about N197 billion annually to digital financial fraud.
Osinbajo, who stated this in Abuja at the Stakeholders Forum on Financial Fraud Using Telecoms Platform organised by the Nigerian Communications Commission (NCC), yesterday said financial sector has been vulnerable to the negative use of telecommunications, as fraudsters have infiltrated and compromised the telecoms platforms.
Osinbajo represented by Prof. Bolaji Owasanoye, Chairman of the Independent Corrupt Practices and other related offences Commission(ICPC), said innovations in the use of technology have always brought development and progress, but also come with the dark side, which evil minded individuals often explore.
According to him, “Innovations have always brought development and progress to mankind, but in the wake also come with dark side.
“The anticipated or unanticipated consequences of any invention are always available for the evil minded to explore in the society.
“Nigeria, like other countries has inevitably embraced technological advancement that includes the use of telecoms. It has brought about increased negative innovations for criminally disposition.
“Today, we are grappling with the new methods of fraud. For example, SIM Swap, bank/Customer database hack, compromise of bank/customer security system, among others”, he said.
He further lamented that the improved financial services in Nigeria are threatened by fraud perpetrated via the telecoms.
While acknowledging the indispensability of telecommunications technology to the improvement and expansion of financial sector, Osinbajo said it has helped to reduce banks’ operating costs, improved customers satisfaction, increased customer based, as well as led to the alternative financial services through which banking services are performed.
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