NCC CEO, MAIDA IDENTIFIES POTENTIAL CONCERNS TO AGENCY’S BATTLE AGAINST FINANCIAL CRIME; URGES NIGERIANS TO COLLABORATE
By Oki Samson, Trek Africa Newspaper
Executive Vice Chairman/CEO, National Communications Commission (NCC), Dr. Aminu Maida
The new Executive Vice Chairman/CEO of National Communications Commission (NCC), Dr. Aminu Maida has identified some major challenges posed to the use of ICT in the organization’s ongoing battle against financial crimes and cybercrimes. He made this known at the 11th Anniversary Lecture Series of RealNews Magazine yesterday in Lagos.
Represented by the Commission’s Director of Public Affairs, Mr. Reuben Muoka, Trek Africa Newspaper gathered from the Executive Vice Chairman, Dr. Maida that ‘as ICT systems get more complex, so do cybercriminal activities. Criminal actors take advantage of the inherent and emerging flaws identified in the ICT systems exploiting these flaws and causing harm.’
Some of the potential concerns are false positives and algorithmic bias, human capacity issue, funding issue, and technological obsolescence.’
L-R: Publisher, RealNews Magazine, Maureen Chiggbo: Director, Public Affairs, National Communications Commission (NCC), Mr. Reuben Muoka, Mr. Reuben Muoka; former Director General, NIMASA, Hon Dakuku Peterside and a Guest.
Expanding on the concerns, Dr. Maida shared: ‘False Positives and Algorithmic Bias: Relying too much on automated systems for crime detection might result in false positives, in which innocent people or transactions are identified as suspects. Based on the data on which they are taught, algorithms may exhibit biases, potentially leading to biased conclusions.’
‘Human Capacity issue: Compliance officers continuously need to be kept abreast of emerging technologies and innovations, and develop requisite competences required to use these solutions.’
‘Regulatory Compliance: Navigating the complicated world of data protection and privacy rules as well as financial regulation compliance, can be difficult. It is critical to ensure that ICT solutions adhere to legal regulations.’
‘Technological Obsolescence: As technology advances, ICT solutions must be constantly updated and adapted in order to tackle evolving financial crimes.’
‘Funding issue: Due to the evolving nature of technologies, investing in ICT solutions can become a challenge especially where there is paucity of funds. Adequate funding is required to ensure that the latest solutions are deployed, up to date and remain relevant.’
Dr. Aminu Maida added: ‘While ICT has transformed the fight against financial crime, there are still difficulties that must be addressed collaboratively: Inclusion and the Digital Divide
Access to ICT services is not equal for all parts of the population. The NCC is actively working to close the digital gap by pushing projects aimed at providing inexpensive and accessible ICT services to underprivileged communities. This inclusion is critical in ensuring that all citizens have the tools they need to conduct financial transactions safely.’
‘Harmonization of Regulations
Collaboration among multiple regulatory authorities is critical for developing a united approach to addressing financial crime. The NCC actively collaborates with other regulatory authorities to share best practices, thereby guaranteeing a coordinated effort to protect Nigeria’s financial sector.’
‘Continuous Improvement and Adaptation:
Criminals adapt quickly to new technologies and strategies. To keep ahead of developing dangers, the NCC understands the importance of ongoing innovation in ICT solutions. The Commission invests hugely in both Research and Development and in training its manpower on emerging innovations in the tech space. The NCC is also cultivating beneficial relationships with technology companies in this regard.’
‘Collaboration and International Cooperation: Financial Crimes often occur across territorial borders. Criminals take advantage of loopholes in rules and enforcement systems across jurisdictions. Collaboration between countries is thus critical for tracking down and apprehending these criminals.’
Dr. Maida told Trek Africa Newspaper that there are areas where Nigerians and the international community can collaborate. ‘Some strategies for international collaboration and cooperation include: Sharing Intelligence and Expertise: Each country has its own set of insights, intelligence, data and skills when it comes to tackling various types of financial crime. By pooling these resources, we can gain a better grasp of emerging criminal techniques and methods. Leveraging Resources: Combating financial crimes requires enormous financial, technological, and human resources. Collaboration allows for the sharing of resources, making participating nations reduce the burdens of the huge associated cost while maintaining effective and efficient results.
International conferences and gatherings where important players gather to debate and share best practices in preventing financial crime are crucial as well. The purpose of these fora are to provide a platform for worldwide law enforcement agencies, cybersecurity specialists, and financial institutions to discuss insights and tactics for countering cyber-enabled financial crimes.’
‘As technology advances, new avenues for illegal conduct emerges. Cybercrime, deepfakes, and the exploitation of IoT devices all represent substantial concerns. It is critical to strike a balance between using ICT to prevent crime and protecting data privacy. Collaboration and international cooperation are required to effectively tackle financial crime. Financial crimes frequently cross borders, necessitating a collaborative effort by States to track down and capture culprits. Conferences/lectures such as the Realnews Magazines Lecture Series allow worldwide stakeholders to share knowledge and best practices. Continued investment in ICT solutions, as well as a multidisciplinary and multi-stakeholder strategy, combining technology specialists, legal professionals, and legislators, are critical in keeping up with emerging criminal methods. Public education and understanding of internet safety are also important in limiting the risks linked with the spread of criminality via technology’, Maida concluded.
