EFCC Fingers ICT Bank Employees for Most Fraud in Banking Sector

Economic and Financial Crimes Commission (EFCC) has disclosed that most frauds in the banking sector were perpetrated by insider Information, Communication Technology (ICT) employees.

Mr Abbah Sambo, head, Cybercrime Section of the EFCC, made the declaration at a national seminar on Banking and Allied Matters for judges declared in Abuja.

Sambo, who represented Mr Abdulrasheed Bawa, chairman, EFCC, at the two-day seminar organised by the Chartered Institute of Bankers of Nigeria in collaboration with the National Judicial Institute, said that most banking sector fraud handled by the commission showed that bank employees aided the acts.

He lamented the increasing rate of cybercrime in spite of the best efforts by the commission to tackle it.

Sambo revealed that in year past, young people involved in cybercrime were not ICT savvy, but today, it is ICT graduates that are the champions in perpetrating the crime.

He ascribed the increase in cybercrime to moral decadence and peer group influence, adding that the rate at which young men are perpetrating cybercrime is seriously alarming.

He said “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.

“Cars registered in the names of their mothers and houses in the names of their fathers. There is a fundamental issue relating to decay in moral coverage in the society,’’ he added.

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

He said the criminals had the ability to talk to one another seamlessly by sharing knowledge, unlike law enforcement agencies.

“A lot of the people trying to combat the crime in the field tend to lack the drive because they do not have the adequate training,’’ he said.

He harped on the need for adequate sensitisation and engagement with youths, especially from secondary school level to let them know the ills of crime.