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Fraud: CBN, NCC To Bar Account Holder, GSM Number

By Ajibola Abayomi,

November 29, 2017

A legal framework that will enable banks and telecommunications companies to bar owners of any bank account or the Global System for Mobile Communications (GSM) line traced to fraud by the Central Bank of Nigeria (CBN) with the Nigerian Communications Commission (NCC) is under way.

Officials of the apex bank and the Nigeria Deposit Insurance Corporation (NDIC) made this known in Kano during a workshop organised by the NDIC for financial journalists saying regulators in the banking and telecommunications sectors were set to finalise work on the plan.

According to them, the development followed the spate of electronic fraud involving (USSD banking) telephone lines and Internet banking transfers saying owners of any bank account or GSM line traced to any fraud case, especially electronic fraud, would be banned for life from operating any bank account or GSM in Nigeria.

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

Quoting the Nigeria Inter-Bank Settlement System Industry Fraud Report, Boleigha said within the period, the actual loss count was 3, 211 while the actual loss value was put at N501m and the attempted fraud value was N791m.

Boleigha, who was represented by Shola Akinnukawe, also quoted the NIBSS Industry Fraud Report, which states that “The Q2 2017 had a fraud volume of 6, 212 which depicts a 17 per cent increase when compared to Q1 2017 and Q2 2016, respectively.

“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.”

Boleigha listed various trends in Cybercrimes as social engineering (phishing, smishing, vishing, DDOS, spam), SIM swap, card/ATM fraud, online/wed fraud, and mobile payment/ USSD fraud.

He however, said Nigerian banks were increasingly being formidable to the activities of fraudsters due to their various layers of internal control

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