Combating Financial Crimes with ICT: NCC Urges Multi-Stakeholder Collaboration
By Patience Ikpeme
The Nigerian Communications Commission (NCC) has underscored the crucial role of Information and Communication Technology (ICT) in combating financial crimes, emphasizing the need for a multidisciplinary and multi-stakeholder approach involving collaboration between various government agencies, financial institutions, and civil society organizations.
Dr. Aminu Maida, the Executive Vice Chairman of the NCC, highlighted the significance of ICT in enabling real-time surveillance, regulatory compliance, and secure data processing to detect and prevent financial crimes. He emphasized that robust ICT systems are essential for investigating financial crimes and mitigating risks associated with virtual assets in the financial markets.
Addressing a gathering of stakeholders at the 11th Anniversary Lecture Series of RealNews Magazine in Lagos, Maida outlined the escalating scope of financial crimes, driven by the pervasive adoption of digital technologies, the emergence of new technologies, and the transnational nature of these offenses.
He noted that financial crimes pose significant economic and social impacts, often linked to violent crimes and endangering the integrity, trustworthiness, stability, security, safety, and future of individuals, enterprises, and nations.
Maida acknowledged that as ICT systems become more complex, so do cybercriminal activities, making it imperative to harness technology to track illicit financial flows. He pointed to the growing volume of data generated in Nigeria’s telecom sector, which can be analyzed using advanced data analytics and artificial intelligence (AI) to identify suspicious digital patterns indicative of crime.
To combat financial crimes, the NCC has implemented several initiatives, including establishing the Computer Security Incident Response Team (CSIRT) to address security incidents, incorporating biometric authentication in telecom services and financial transactions, and enabling digital forensics.
Maida underscored the need for public education and internet safety awareness to reduce the risks of technology-driven crime. He also emphasized increased collaboration and international cooperation among governments, financial institutions, and technology companies to effectively combat financial crimes.
“The NCC is committed to playing its part in the fight against financial crimes,” Maida stated. “We will continue to invest in ICT solutions, collaborate with stakeholders, and work towards a multidisciplinary and multi-stakeholder strategy to protect our nation’s financial system and economy.”
