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Illegal SIM Swaps, USSD are Top Cyber Threats in Nigeria – NCC

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Nigerian Communications Commission (NCC) has raised concerns on the reoccurring use of illegal Subscriber Identification Module (SIM) swaps and Unstructured Supplementary Service Data (USSD) to commit financial frauds in the country.

Illegal SIM Swaps, USSD are Top Cyber Threats in Nigeria - NCC

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Adeleke Adewolu, executive commissioner, Stakeholder Management (ECSM) of the NCC said the Central Bank of Nigeria (CBN) had also acknowledged this threat, describing electronic fraud as the biggest risk in the financial sector.

According to information made available on the official website of NCC, the use of e-channels to conduct financial transactions has become the order of the day.

The Commission called for intensified regulatory efforts to protect the interests of telecoms consumers from the menace.

“Illegal Subscriber Identification Module (SIM) swaps and Unstructured Supplementary Service Data (USSD) e-payment frauds, are currently some of the most serious cyber threat in the telecoms industry,” Adewolu said.

“Fraudsters conduct illegal SIM swap of targeted individuals and then, conduct USSD-based transactions which cost the victims huge losses.”

Speaking on the several tactics that fraudsters deploy, he shared insights that the telecoms sector is no longer immune to the scourge, as attackers now target telecoms networks with the intent to disrupt service delivery and infiltrate their data banks.

In May 2017, Godwin Emefiele, the CBN Governor disclosed that the Nigerian banks lost N2.19 billion to fraudsters in 2016. The amount was credited to 19, 531 fraud cases as against 10, 743 reported cases in the preceding year.

Far worse is the report of how the Nigerian banks lost N12.06 billion in the first six month of 2018 to fraud.

However, Adewolu restated the commitment of the regulatory commission to deal with the menace.

He said the NCC has been working closely with other stakeholders to implement technical and operational solutions to preventing financial fraud using telecoms platforms.

“Just as we have demonstrated through ICAF, the NCC has embraced a multi-sectoral synergy to harmonise the activities of critical stakeholders responsible for combating financial fraud committed through telecoms platforms and we will continue to strengthen this,” Adewolu said.

 


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Telecom

FG Plans EO to Criminalise Fiber Cable Damage Costing Telcos Billions

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Nigeria will criminalize the destruction of broadband fiber cables following repeated complaints by MTN Nigeria Communications Plc and other telecommunications companies that they are losing billions of naira, according to people familiar with the matter.

FG Plans EO to Criminalise Fiber Cable Damage Costing Telcos Billions

Federal ministry of works, which supervises federal road constructors, is finalizing the regulation that will be signed as an executive order by President Bola Tinubu, said the people, asking not to be identified as they weren’t authorized to comment.

While there are presently laws against vandalism, the authorities are aiming to regulate construction firms more closely.

The order will enforce stiff penalties on offenders, said the people, declining to provide more details or say when it will be signed.

“Telecom assets are critical backbone that supports the economy across sectors,” said Temitope Ajayi, a senior presidential aide, who noted that the Association of Telecommunications Companies (ATCON) has been demanding the classification for years.

New rules will provide “further assurance that the Nigerian government will protect their investments against vandals and criminal elements.”

The Nigerian Communications Commission (NCC) estimates that the sector will make up more than a fifth of the country’s gross domestic product by the end of 2027, up from 13.5% in the third quarter of last year.

The move will help alleviate pressure on the telecoms sector, which is facing increased operating costs and sales pressures from a sharp depreciation in the currency and a threefold increase in energy prices.

Repairs and revenue losses from damaged cables is estimated to have cost the sector almost 27 billion naira ($23 million) last year alone, documents seen by Bloomberg show.

MTN Nigeria, the biggest wireless operator in Africa’s most-populous nation, and Airtel Africa Plc bore the brunt of the costs, the documents show.

MTN suffered more than 6,000 cuts on its fiber cable last year, the documents show. On Feb. 28, a cut on its network in three different locations by a road construction firm, an oil serving company and someone burning rubbish in a manhole meant customers faced more than five hours of data and voice outages.

The operator relocated 2,500 kilometers (1,553 miles) of vulnerable fiber cables between 2022 and 2023, at a cost of more than 11 billion naira – enough to build 870 kilometers of new fiber lines to areas without coverage.

A presidential order on the matter would be welcomed, said Tony Izuagbe Emoekpere, president, Association of Telecommunications Companies of Nigeria.

“When it comes to communication infrastructure, they are destroyed at will, so we are eagerly awaiting the president’s order,” he said. “It would be a great boost to the industry, and it will also encourage investment.”

 

 


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Telegram Eyes 1Bn Users amidst Political Pressures

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Telegram, the messaging giant founded by Pavel Durov and headquartered in Dubai, anticipates hitting a remarkable milestone of one billion active monthly users within the next year.

Durov’s departure from Russia in 2014, prompted by governmental pressures to stifle opposition communities on his VK social media platform, underscores Telegram’s commitment to neutrality despite geopolitical challenges.

With 900 million active users currently, Telegram stands as a beacon of free speech in the digital realm, particularly influential in former Soviet Union republics and pivotal during conflicts like the Russia-Ukraine standoff.

Durov’s staunch advocacy for freedom of expression and opposition to censorship by tech giants like Apple and Google reinforces Telegram’s status as a neutral platform.

Opting for the UAE as its base, Durov cites its neutrality and openness as conducive to Telegram’s ethos, serving both opposition groups and governments alike while maintaining impartiality.

In Durov’s vision, the pursuit of freedom eclipses material gain, shaping Telegram’s trajectory as a bastion of digital liberation.

 

 


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NITDA, NIMC Announce Collaboration To Strengthen Digital Economy

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To further strengthen Nigeria’s digital economy in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the National Information Technology Development Agency (NITDA) and National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance and create synergy between digital identity, payment ecosystem, and secure & seemless data exchange capabilities for Nigeria.

During the meeting between the Director-General of NITDA, Kashifu Inuwa Abdullahi, and Director General of NIMC, Engr. Bisoye Coker-Odusote, with some management staff of both organisations, they discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of Public Key Infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up. This committee will play a crucial role in kickstarting and harmonising the initiatives. It is expected to deliver a comprehensive implementation report within the next 4 weeks


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