According to the Nigerian Communications Commission (NCC), over the course of four years, financial crimes connected to the telecommunications sector cost Nigerians about N12.5 billion.
On Thursday, June 22, at the second quarter of the 2023 Open Forum of the Industry Consumer Advisory Forum, hosted by NCC in Lagos, the commission’s Director of Consumer Affairs, Dr. Al-kasim Umar, revealed this.
He added that the NCC recognizes its duty to protect the interests of consumers and the digital ecosystem, in addition to pointing out that e-fraud poses a significant threat to Nigeria as it undermines the trust and confidence in the nation’s digital platforms, slows down economic growth, and negatively impacts the lives of its citizens.
He said;
“According to some reports, Nigerians have lost about N12.5 billion to financial crimes linked to the telecommunications industry in the past four years.
“The Center for Strategic and International Studies (CSIS) estimated that $600 billion is lost to cybercrime each year, an increase from a 2014 study that put global losses at about $445 billion.”
