Banks and Telcos Must Collaborate to Combat Fraud
• Punch Newspapers • General News
A report by PwC underscores the critical alliance between banks and telecommunications companies in Nigeria to address the increasing threat of digital fraud. The report indicates that 59% of e-banking customers have fallen victim to scams, with Nigerian telecoms facing mounting pressure due to infrastructural challenges. It highlights that between 2019 and January 2023, Nigeria lost N12.5 billion to telecom-related financial crimes. The report advocates for enhanced collaboration, suggesting that telecom operators already possess sophisticated systems to monitor call data but are underutilized in supporting financial institutions in fraud control. It also notes that banks can advance anti-fraud algorithms to help telecom providers identify suspicious behaviors. The report calls for a coordinated framework among regulatory bodies like the NCC and CBN to improve communication and develop clear regulatory responses. Additionally, it emphasizes the need for consumer awareness campaigns and the adoption of responsible AI practices to mitigate risks associated with fraud.
Topics: Business, Cybersecurity