EFCC expose strategies used by bank staffs and internet fraudsters to carry out cyber-fraud
The Economic and Financial Crimes Commission (EFCC) has revealed that some bank officials collude with Cyberspace criminals to compromise on identity of bank customers.
Speaking at the House of Representatives Ad-hoc Committee’s ‘investigative hearing on the increasing incidents of SIM swap fraud’, in Abuja on Monday, EFCC’s head of Cyber Crime Unit, Mr. Saad Abubakar said fraudsters have access to bank customers’ account based on the provided information. He further disclosed that most of the financial fraud involving cyber crimes take place during weekends when the victims would not have the opportunity to report immediately. In Nigeria, some bank officials collude with cybercriminals by letting out their customers’ account identity. They do these SIM swap fraud during Saturdays and Sunday when Banks are not available to block the illegal transfer of money from one account to another immediately. He explained that the commission was handling cases of cybercrime based on SIM swap while confirming that the incident has been on the increase.
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