CBN partners NCC, telcos to stem identity theft

A new collaboration involing the Central Bank of Nigeria (CBN), the Nigeria Communication commission (NCC) and the Telecommunication Companies (Telcos) would strengthen efforts to clampdown on SIM identity theft fraudsters in the country.

To this end, they would embark on intensive public education, using the social media, the Director of Banking and Payment System Department and Chairman of the Nigeria electronic Fraud Forum (NeFF), Dipo Fatokun, has said.

Dipo, at the NeFF’s routine meetings, organised in conjunction with CitiBank, Zenith Bank, SunTrust Bank and Providus Bank, in Lagos, noted that globally, the level of electronic fraud has been increasing, but in Nigeria, it has been decreasing, going by records.

“Another measure that we are taking is that we are working with the NCC and the telcos so that when fraudsters steal people’s identity, by taking the SIM, either swapping or churning, as it is called, they will not have access to the bank accounts of such customers.

“The major trust that we intend to employ is the use of the social media. You will agree with me that it has become most popular and of course it is also cheap and have a wider audience. So, the steering committee of NeFF has decided to launch a social media campaign that will be used to sensitise the people, to educate people and it will come in attractive form so that both the young and the old could be reached.

We believe that with the social media we will reach a larger number of people and the message will be conveyed in a better way,” he said.

Meanwhile, the Group Managing Director and Chief Executive Officer of Zenith Bank, Peter Amangbo, commended the participating stakeholders for consistent efforts and contributions in tackling the electronic fraud menace.

Amangbo, who was represented by the bank’s Executive Director, Temitope Fasoranti, noted that NeFF has achieved a milestone as reflected in its yearly reports and development in the industry, as well as sustained periods of retreat and workshops.

He assured the participants of the bank’s continued collaboration with other stakeholders in information sharing, innovation, among others.
But Fatokun added that the whole essence of coming up with that guideline is to create banks that can serve the needs of the people at the bottom of the pyramid especially people in rural areas.