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According to the Nigerian Communications Commission (NCC), during the course of four years, financial crimes connected to the telecommunications sector cost Nigerians roughly 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 stated:
"According to some studies, financial crimes connected to the telecommunications sector cost Nigerians over N12.5 billion over the course of the previous four years.
"An increase from a 2014 research that predicted worldwide losses at roughly $445 billion, the Center for Strategic and International Studies (CSIS) estimated that $600 billion is lost to cybercrime annually."
