Banking Sector Fraud Largely Insider Perpetrated – EFCC

Posted by African Examiner Banking & Finance, Featured, Latest Headlines Wednesday, November 24th, 2021

(AFRICAN EXAMINER) – EFCC has declared that banking sector fraud is largely perpetrated by insider Information, Communication Technology (ICT) employees.

Mr Abbah Sambo, Head, Cybercrime Section of the EFCC, made the disclosure at a national seminar on Banking and Allied Matters for judges.

Sambo represented the EFCC chairman, Mr Abdulrasheed Bawa, at the seminar.

He said that most banking sector fraud handled by the commission indicates that bank employees aided the acts.

He also expressed regret at the increasing rate of cybercrime in spite of the best efforts by the commission to tackle it.

He observed that in year past, young people involved in cybercrime were not ICT know-how, but today, it is ICT graduates that are the champions in perpetrating the crime.

He attributed the increase in cybercrime to moral decadence and peer group influence.

“The rate at which young men are perpetrating cybercrime is seriously alarming.

“When we arrest these criminals, one major reason they give for going into the crime is peer influence.

“Their friends are into it and they want to run with guys that drive the best cars and have the best girls in town.

“Most times when we arrest these criminals, we find them with a lot of assets that are registered in the names of their parents.

Sambo said that the greatest challenge in fighting cybercrime was knowledge gap, noting that the criminals were getting more sophisticated.