• LMSINT MEDIA
'

Tag: #FraudPrevention

Hg 1 1
NEWS

Police Arrest 17 Nigerians, 113 Foreigners For Cybercrimes, Hacking

130 people have been taken into custody by police for hacking and cybercrimes. According to Force spokesman Olumuyiwa Adejobi, the suspects include 113 foreign nationals and 17 Nigerians on Sunday. In a statement, Adejobi said that their actions were a threat to national security. “The suspects were allegedly using computers and other advanced devices to facilitate criminal activities at a building in the Next Cash and Carry area of Jahi, Abuja, where this strategic operation was carried out through a coordinated raid,” he said. “Officers from the Nigeria Police Force Zone 7 Command Abuja and the National Cyber Crime Centre (NPF-NCCC) participated in the operation, which was directed by AIG Benneth Igweh, Assistant Inspector-General of Police for Zone 7 Headquarters, Abuja, on Saturday, November 3, 2024.” According to him, the Force is still looking into the matter, stating that a scientific analysis was being conducted on the exhibits that were retrieved from the accused. READ ALSO: Hardship: What I would have done differently – Atiku A force spokesperson went on to say that after the investigations were over, the accused will face charges in court. We love to have you back again. Kindly Subscribe to our Newsletter.

author
2
Orange Modern Minimal Blog Writing Youtube Thumbnail 14
NEWS

EFCC recovered over N248bn Crime Proceeds in One Year

The Economic and Financial Crimes Commission (EFCC) has announced a significant achievement, reporting the recovery of over N248 billion within the past year. This information was revealed by Wilson Uwajaren, the Director of Public Affairs for the Commission, during a press briefing on Thursday, where he provided an overview of the agency’s recent accomplishments in combating financial crimes. In addition to the impressive monetary recoveries, Uwajaren noted that the EFCC has also managed to recover more than £53,000 and €172,000. He highlighted that €5,000 was specifically recovered for victims of crime based in Spain, illustrating the Commission’s commitment to supporting those impacted by financial wrongdoing. Uwajaren emphasized that the EFCC is enhancing its rapid response strategies, which are expected to lead to a notable reduction in cybercrime activities across the nation. This proactive approach aims to deter potential offenders and bolster public confidence in the Commission’s effectiveness. READ ALSO: Wike: Young People Who Disapprove of Taxi Driving in Nigeria Accept It Abroad Furthermore, he reported that the EFCC has successfully secured over 35 convictions related to the abuse of the Naira by individuals at social events, demonstrating the agency’s determination to tackle financial misconduct in various sectors. To expand its reach and improve operations, Uwajaren announced that three new directorates will be established in the states of Ekiti, Katsina, and Anambra. This strategic expansion is part of the EFCC’s ongoing efforts to enhance its capabilities in fighting economic and financial crimes throughout Nigeria. We Love To Have You Back. Pease kindly Provide Us With Your Email.

author
2
Hfhf
NEWS

The House of Representatives takes action against commercial banks’ improper deductions.

The House of Representatives is taking action to protect Nigerian bank clients from the increasing threat of fraudulent, unapproved deductions by commercial banks. This comes after a “Bill for an Act to amend the Banking and Other Financial Institutions Act 2020 and for Other Related Matters” was read a second time. The bill, led by Hon. Moses Fayinka, who represents Lagos State’s Mushin II Federal Constituency, aims to stop commercial banks from deducting fraudulently from their clients’ accounts, a rising problem. Fayinka, who spearheaded the discussion, presented a sobering image of the rise in financial crime. According to him, the Nigerian banking sector documented an astounding 101,801 instances of illegal deductions in 2022, and 48,703 of the same in 2023. Even though the population is declining, the effect on people and organizations continue to be significant, as seen by the mysterious disappearance of billions of naira from consumer accounts. “Bank fraud and unauthorized withdrawal of deposit funds are on the rise in Nigeria,” Fayinka emphasized. He maintained that numerous fraudulent actions are able to evade the commercial banking system, making the issue systemic. The rise in financial crimes in the nation, many of which go through financial institutions or the commercial banking system, is the reason behind this bill. READ ALSO Gov. Otu suggests a budget of N498 billion for 2025.This endeavor is consistent with Nigeria’s overarching policy goal of purifying the financial system. Customer confidence has declined as instances of cyber fraud and illegal withdrawals have increased, with victims commonly complaining about banks’ tardy or nonexistent reactions when contesting fictitious deductions. Although the bill intends to curb immediate fraudulent activities, experts think it may also mark the start of more extensive reforms. The banking sector has long been criticized by consumer advocacy groups for its weak internal security and lack of transparency. Customers’ annoyance has only increased due to problems including unapproved fees, hidden costs, and delayed reversal of incorrect debits. At this point in the parliamentary process, the Bill has passed its second reading. It will be referred to the Senate for agreement and then to the President for assent if it passes the third reading. Given the huge stakes involved, industry stakeholders and financial experts will be keenly monitoring this legislation’s progress. If passed, it might bring forth new levels of responsibility that force banks to put the safety of their clients’ money ahead of their own financial interests. Nigerians are currently keeping a cautiously optimistic eye on this legislative action in the hopes that it will signal a sea change in the battle against dishonest financial practices. The money in your account will remain yours if the amendment is passed into law, which could help rebuild some of the public’s confidence in the financial system.

author
2