Cybersecurity Threat! Harnessing ICT To Mitigate Financial Crimes – NCC’s EVC, Maida | The Legend News

During the 11th Anniversary Lecture Series of RealNews Magazine, Dr. Aminu Maida, the Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), highlighted the critical role of Information and Communication Technology (ICT) in tackling financial crimes. The discussion explored the various types of financial crimes and the changing landscape that requires innovative technological solutions. The NCC’s Director of Public Affairs, Mr. Reuben Muoka, who represented Dr. Maida emphasized the need for proactive measures to combat the interconnected nature of financial crimes and their profound economic and social consequences.

As digital technologies become increasingly prevalent, financial crimes have taken on a transnational dimension, necessitating the development of robust ICT systems. Dr. Maida explained how these systems enable compliance, real-time transaction monitoring, and secure storage of sensitive financial data, all crucial for safeguarding against financial crimes.

The presentation highlighted the practical applications of ICT in the fight against financial crimes. The NCC utilizes a multifaceted approach that incorporates blockchain technology, artificial intelligence, digital forensics, and biometric verification. Notable solutions such as Palantir Technologies and Chainalysis were highlighted for their contributions to data analytics and blockchain analysis.

Dr. Maida further explained that the transformative power of ICT, also addressed potential challenges. These include cybersecurity threats, the risk of false positives, the ongoing need for capacity building, and adherence to regulatory compliance standards. The ever-evolving nature of technology and funding constraints were also recognized as important factors to consider in combating financial crimes.

Inclusive Approach and Regulatory Collaboration:
Acknowledging the digital divide, Dr. Maida discussed NCC’s initiatives to provide affordable ICT services to underprivileged communities. Emphasizing collaboration among regulatory authorities, he stressed the importance of a united approach to combat financial crimes.

Dr. Maida underscored the necessity of international cooperation in tackling financial crimes that transcend borders. Sharing intelligence and leveraging resources were highlighted as essential strategies. The presentation emphasized the role of conferences and gatherings in fostering collaboration among global stakeholders.

The critical role of ICT in preventing financial crimes. However, he cautioned about the emerging threats such as cybercrime and the exploitation of IoT devices. The call to action included continued investment in ICT solutions, a multidisciplinary approach, and global collaboration to stay ahead of evolving criminal methods, Maida said.


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