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NCC Highlights the Key Role of ICT in Combating Financial Crimes

NCC Highlights the Key Role of ICT in Combating Financial Crimes (PHOTO: Frontline News)
NCC Highlights the Key Role of ICT in Combating Financial Crimes (PHOTO: Frontline News)

In a recent address at the 11th Anniversary Lecture Series hosted by RealNews Magazine, Dr. Aminu Maida, the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), emphasized the critical role of Information and Communication Technology (ICT) in combatting financial crimes.

Dr. Maida stated, “Robust ICT systems are crucial for preventing and investigating financial crimes or mitigating the risks associated with virtual assets in the financial markets.

Financial crimes, as defined by Dr. Maida, encompass various offenses, such as insider abuse, money laundering, terrorism financing, embezzlement, and fraud. He mentioned that they can also lead to violent crimes and pose threats to the stability and security of individuals and entities.

Dr. Maida added, “The scope of financial crimes has broadened, creating further concerns due to the increasing adoption of digital technologies and the often-transnational nature of these crimes.

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As ICT systems become more complex, cybercriminal activities also become more sophisticated.

Dr. Maida stressed that technology can be employed to track illicit financial flows and stated, “Nigeria’s telecoms sector has grown significantly, resulting in massive amounts of data being generated on a daily basis. Advanced data analytics and artificial intelligence provide a gateway to identify suspicious digital patterns indicative of crime.

To combat financial crimes effectively, Dr. Maida highlighted the deployment of innovative solutions such as blockchain, instant payments, artificial intelligence, machine learning, data analytics, regulatory technology solutions, and automated procedures.

He further explained, “These technologies provide real-time transaction monitoring, proactively preventing crimes.

The NCC has also taken concrete measures to enhance security. Dr. Maida mentioned the establishment of the Computer Security Incident Response Team (CSIRT) and the incorporation of biometric authentication in telecom services and financial transactions. Digital forensics capabilities have been improved as well.

Dr. Maida concluded, “Continued investment in ICT solutions and a multidisciplinary and multi-stakeholder strategy, combining technology specialists, legal professionals, and legislators, is critical to keeping pace with emerging criminal methods.

Ultimately, the NCC recognizes the pivotal role of ICT in combating financial crimes and advocates a multifaceted approach to address this issue effectively.

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Written by Ayodeji Ayenuwa

Well, My name is there already, I'm a student of Adekunle Ajasin University, Akungba Akoko, studying Mass Communication: Public Relations and Advertising.

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