Nigerians lost about N12.5 billion to financial crimes linked to the telecommunications industry in the past four years, the Nigerian Communications Commission (NCC) has said.
This was disclosed at the 2nd quarter 2023 Open Forum of the Industry Consumer Advisory Forum organised by NCC in Lagos on Thursday, the commission’s Director of Consumer Affairs, Dr Al-Kasim Umar.
He said, “According to some reports, Nigerians have lost about N12.5 billion to financial crimes linked to the telecommunications industry in the past four years.
“The Centre for Strategic and International Studies (CSIS) estimated that $600 billion is lost to cybercrime each year, an increase from a 2014 study that put global losses at about $445 billion.”
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The NCC consumer affairs boss said e-fraud posed a significant threat to Nigeria, as it undermines the trust and confidence in the country’s digital platforms, hampers economic growth, and adversely impacts the lives of citizens.
He said as the regulatory authority responsible for overseeing the telecommunications industry, the NCC recognised its duty to safeguard the interests of consumers and protect the digital ecosystem.
In his address, the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, said e-fraud encompasses a wide range of malicious activities carried out via electronic means, including identity theft, phishing, hacking, and unauthorized access to personal and financial information, with the intention to defraud or take advantage of victims.
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