Banks, Telcos Alliance Key to Tackling Rising Fraud – PwC

Professional services firm PwC has called for stronger collaboration between banks and telecommunications companies to address the growing threat of digital fraud in Nigeria.

The firm urged the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) to facilitate deeper data-sharing between financial institutions and telecom operators as part of a coordinated response.

According to PwC, increased cooperation would enhance the ability to detect, prevent, and respond to fraudulent activities, particularly those carried out through digital channels.

The organisation noted that fraudsters often exploit gaps between the banking and telecom sectors, making integrated systems and real-time information exchange crucial in tackling the issue.

PwC also emphasized the need for robust regulatory frameworks that support secure data sharing while protecting consumer privacy.

Industry analysts say the proposed alliance could significantly strengthen Nigeria’s financial security infrastructure and reduce losses associated with cybercrime.

They added that collaboration between key stakeholders is essential in keeping pace with the evolving tactics of fraudsters.

The call comes amid rising concerns over digital fraud cases, with experts urging urgent and sustained action to safeguard consumers and financial systems.

Authorities are expected to consider the recommendations as part of broader efforts to enhance cybersecurity and financial integrity in the country.