The Industry Consumer Advisory Forum (ICAF), in collaboration with the Nigerian Communications Commission (NCC), held its 2nd quarter open forum on combating e-fraud on telecom platforms and building consumer confidence in the digital economy.
The event took place at the Radisson Blu Hotel in Ikeja, Lagos, and brought together regulators, service providers, and consumers of telecommunication products and services.
Under the theme “Combating E-Fraud on Telecom Platform: Building Consumer Confidence in the Digital Economy,” the forum aimed to tackle the escalating issue of fraud in line with the NCC’s commitment to protecting and promoting consumer interests as outlined in the Nigerian Communications Act (NCA 2003).
ICAF, an integral part of the NCC’s consumer-centric initiatives, works towards ensuring fair treatment and an acceptable quality of experience for consumers in the ICT sector.
During his opening speech, Mazi Akpa E. Emeka, Chairman of ICAF, expressed gratitude to the NCC for organizing the forum and commended the tireless efforts of ICAF members representing diverse consumer groups and organizations.
He emphasized the relevance and timeliness of the chosen theme, given the surge in fraud incidents alongside the rapid digital adoption in recent years.
The COVID-19 pandemic has significantly accelerated the shift to digital and multichannel client service, leapfrogging a decade of digital adoption in a matter of days.
The resulting boost to e-commerce, estimated to have exceeded $200 billion in 2020 and 2021, has created new opportunities for fraudulent activities. Consequently, effective fraud management has become crucial in promoting growth and meeting customers’ evolving expectations for digital experiences.
Emeka acknowledged that while companies have made strides in improving their digital user interfaces and experiences, many struggle to enhance fraud controls without compromising the client experience.
The overwhelming volume of fraud attempts poses challenges for organizations, with financial institutions, for example, unable to meet online origination targets and verify customer identities amidst the influx of fraudsters.
The chairman highlighted the increasingly sophisticated nature of fraud threats, which include nation-state actors, organized criminals, cyber terrorists, insiders, and local fraud rings.
Advances in technology have facilitated fraud attacks that occur more frequently, rapidly, and effectively. Common methods employed by fraudsters encompass phishing, destructive malware, social engineering, deep fakes, and fraud-as-a-service exploit kits.
As the movement of money accelerates, the risk of fraud also increases, with real-time disbursements set to double in the coming months.
The economic hardship further heightens the vulnerability of unsuspecting customers who inadvertently share their authentication details with fraudsters targeting their devices and accounts.
Emeka stressed the need for a proactive approach to combatting fraud, moving beyond reactive measures that rely on manual reviews to tackle schemes individually.
The 2nd quarter open forum of ICAF aimed to propose a new approach to combating e-fraud on telecommunication platforms and building consumer confidence in the digital economy.
With the collective expertise of industry professionals present at the event, the forum sought to strengthen core capabilities and improve the ability to identify and address vulnerabilities arising from new fraud methods and patterns.
The Industry Consumer Advisory Forum’s commitment to protecting consumer interests and fostering trust in the digital economy is poised to make a significant impact on the Nigerian telecommunications industry and ensure a safer digital experience for all.
