DAILY NIGERIAN
EFCC, in its bid to check the increasing incidence of fraudulent withdrawals and use of pre-registered SIM cards to open wallet accounts, has met with representatives of telecommunications and financial technology companies, fintech.
Its Spokesperson, Wilsom Uwujaren, said in a statement in Abuja, that the meeting was held in Kano on Tuesday.
Mr Uwujaren said that the commission urged the operators to put in place measures to detect and report suspicious transactions to law enforcement agencies.
He reported the Zonal Commander, Farouq Dogondaji, as stressing that the impetus for the engagement was the commission’s concern about an increase in a pattern of fraudulent activities.
Mr Dogondaji said that the partern clearly showed that fraudsters were gravitating towards Fintechs because of some observed vulnerabilities.
The Head of the Cyber Crime Section of the Kano Command, Musa Olalekan, disclosed that 90 percent of the cases received by the command bordered on fraudulent withdrawals, and were mostly traced to wallet accounts of fraudsters.
Mr Olalekan noted that because of the higher level of compliance with regulations by Deposit Money Banks, fraudsters preferred to use the fintech due to their poor KYC process.
He further disclosed that most of the fraudsters used pre-registered SIM cards to perpetrate their fraudulent activities which made it difficult to unmask them during investigation.
