The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, gave insight into the crucial role of Information and Communication Technology (ICT) in curbing financial crimes during the Realnews Magazines Lecture Series. The event, which took place in Lagos, shed light on the escalating importance of leveraging digital advancements to counteract a spectrum of financial offences.
Delivering the address on behalf of the EVC, Mr. Reuben Muoka, the Director of Public Affairs, noted that Financial crimes encompass offences like Insider abuse, Money Laundering, Terrorism Financing, and Fraud. All these have wreaked havoc on the economic and social fabric and threaten security, stability, and the future of nations, enterprises, and individuals.
Dr. Maida stressed that robust ICT systems are critical for preventing and investigating financial crimes. They enable compliance with regulations, real-time monitoring of digital transactions, and secure data storage.
Technological advancements, including AI and machine learning, have significantly enhanced crime prevention and law enforcement efforts.
In collaboration with financial institutions, Nigeria’s telecoms sector utilizes advanced data analytics and AI to identify suspicious digital patterns indicative of crime.
“Innovative solutions such as blockchain, instant payments, AI, machine learning, data analytics, and automated procedures are deployed. The NCC, as part of the Computer Security Incident Response Team (CSIRT), ensures the security of organizations by handling security incidents.”
Technologies like Palantir’s data analytics platform and Chainalysis’s blockchain analysis tools aid in examining massive volumes of data for patterns indicative of financial crimes.
He noted that threats to cybersecurity, false positives, algorithmic bias, human capacity issues, regulatory compliance challenges, and technological obsolescence are identified concerns.
Adequate funding is crucial for the continuous evolution and deployment of ICT solutions.
He added that the digital divide should be closed while ensuring inclusive access to ICT services—harmonizing regulations through collaboration among regulatory authorities, continuous improvement and adaptation to stay ahead of evolving criminal techniques.
International collaboration and cooperation to tackle financial crimes that often transcend borders.
He stressed that ICT plays a critical role in combating financial crimes, but the evolving nature of technology requires ongoing investment, collaboration, and international cooperation.
Striking a balance between using ICT for crime prevention and protecting data privacy is imperative.
Multidisciplinary and multi-stakeholder strategies, public education, and understanding of internet safety are key components in the fight against financial crimes.
Dr. Aminu Maida emphasized that conferences like the Realnews Magazines Lecture Series provide a platform for worldwide stakeholders to share knowledge and best practices in preventing financial crime.
