Banks Set To Bar Accounts That Have Benn Linked To Fraud By Telecoms.

Due to the rise in cybercrime and internet banking fraudulent activities that involve the use of USSD on mobile phones, the Central Bank in conjunction with the NCC are working together to develop a framework to bar some accounts.

Officials of the Banks and the Nigerian Deposit Insurance Corporation have vowed to do everything possible to cleanse the system of fraudsters and they have reached the decision that any bank account that has been traced to a mobile line that is used for crime will be barred and the users will be banned for life from using any bank account or mobile phone line again in the country.

Speaking on Friday in Kano during a workshop organised by the NDIC for financial journalists.

The Chief Compliance Officer, Access Bank Plc, Mr. Pattison Boleigha, Speaking on the topic, ‘Cybercrime: Nature and Trends’’,  stated that the banking industry recorded 6, 212 fraud cases in the second quarter of 2017.

He said:

“Out of the 6,212 fraud count for Q2, the industry recorded 3,211 as count for complete or partial loss in volume. This indicates that the industry was able to save about 48 per cent of the attempted fraud volume. Based on the increase in fraud volume and value for Q1 and Q2 in year 2017, there is a need for more synergy among stakeholders.” He added “With the swift expansion of computer, mobile and Internet technologies, new forms of worldwide crimes known as ‘Cybercrimes’ has evolved in the scene. Over a period of time, the nature and pattern of cyber crime incidents have become more sophisticated and complex. Banks and financial institutions remain the unabated targets of cyber criminals in the last decade. Notably, financial gain is still one of the major motivations behind most cybercriminal activities and there is little chance of this changing in the near future.”

He mentioned social engineering (phishing, smishing, vishing, DDOS, spam), SIM swap, card/ATM fraud, online/wed fraud, and mobile payment/ USSD fraud as some of the cybercrime activities being engaged in by fraudsters.

The trends are now so common that almost every young male Nigerian is involved in it and as many females too are jumping on the train and it is sadly seen as a means of quick cash.

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About The Author

Obinna

Obinna is a fiction writer from Lagos, Nigeria, and grew up loving comic book characters and superheroes. He watches lots of action films and writes entertainment and technology articles. He is also interested in science and how things work.

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