Money transfer via mobile phone vulnerable to scam – ICPC

The process of transferring money via mobile phones is vulnerable to scam, the Independent Corrupt Practices and other related offences Commission (ICPC) has said. ICPC Chairman, Ekpo Nta, disclosed this in Abuja when the Nigerian Communications Commission (NCC) management led by its Executive Vice Chairman Prof Umar Dambatta paid a working visit to the anti-corruption […]

The process of transferring money via mobile phones is vulnerable to scam, the Independent Corrupt Practices and other related offences Commission (ICPC) has said.
ICPC Chairman, Ekpo Nta, disclosed this in Abuja when the Nigerian Communications Commission (NCC) management led by its Executive Vice Chairman Prof Umar Dambatta paid a working visit to the anti-corruption commission.
 Mr Nta said the commission would soon send a circular to all the banks telling them that financial transactions via mobile phone are not safe.
The ICPC chairman said there is need for them to make the process a little bit cumbersome by making the sender to input PIN known only to him/her before money is allowed to be sent.
He said: “In the banking sector you can now do transfer of money from your account by entering a code linked to your bank account and money is disbursed. I have used it myself and I have realised that some of the transactions do not require the secret PIN number; as soon as you type the code and the person (receiver’s) account details, it props up and says send and it tells you enter last four digit number on the ATM card and after entering that number, the money is sent.
“The banks are not asking for PIN which is known only to you. But anybody can get your ATM to know you’re the last four digits.
“So we are issuing a circular to the banks to say we have found (this error).  And we will also like NCC to have a monitoring system that can help us in matter like this.”
He said the banks should take the matter very seriously because hacking into telecommunications networks is becoming more and more alarming.
He said most of the acts of illegalities are now committed electronically by use of telephones and many Nigerians may have their hard earned savings stolen if the banks fail to do something.
 Agencies and banks are deploying new technologies too fast without having it tested and trusted, he said.
He commended NCC for its decision to make SIM registration compulsory in the country, saying that has helped ICPC in fighting corruption.
“I am very happy about the decision you took about SIM registration. It has helped us in our investigation and prosecution we will continue to thank you on this innovation”, he said.
Earlier, NCC called on the ICPC to go after reckless and corrupt social media practitioners in the country.
Prof Danbatta said the ICPC should checkmate cases of abuse in the social media realm as this is a part of the process of fighting corruption.
He said some social media practitioners are misusing the opportunity of the unfettered access to information they have hence the need for ICPC to wade in.
“So in this regard, we are enlisting the services of the ICPC Chairman  and his team for a vigorous campaign against these criminals so that the cyberspace can be secured and Nigeria can become  a better place for all”, the NCC boss said.
He also solicited for the cooperation of the anti-corruption commission in the full implementation of the Cybercrime law.