ICT plays critical role in combating financial crimes says EVC Maida - ITREALMS

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The Executive Vice Chairman/CEO, Nigerian Communications Commission, (NCC), Dr. Aminu Maida, has said that Information and Communications Technologies (ICTs) play critical role in combating financial crimes, reports ITREALMS.

Speaking at the 11th annual lecture organised at the Lagos Sheraton, Ikeja on Tuesday by the RealNews Magazine & Publications Limited, as the guest of honour, Dr. Maida who dwelt on "Using ICT to fight illicit financial flows' posited that ICT has critical role to play beginning with the offering of the enabling real-time surveillance, regulatory compliance and secure data processing.

"It provides advanced analytics, Artificial Intelligence (AI), and machine learning to law enforcement organizations for better crime detection," he said.

Maida, who was represented at the event by the Director, Public Affairs Department, Mr. Reuben Muoka, noted that hard technologies such as Closed-circuit television (CCTV) cameras and security systems supplement physical security measures.

He also pointed out as technology advances, new avenues for illegal conduct emerges.

"Cybercrime, deepfakes, and the exploitation of Internet of Things (IoT) devices all represent substantial concerns. It is critical to strike a balance between using ICT to prevent crime and protecting data privacy.

Collaboration and international cooperation, he said, are required to effectively tackle financial crime.

"Financial crimes frequently cross borders, necessitating a collaborative effort by States to track down and capture culprits. Conferences/lectures such as the Realnews Magazines Lecture Series allow worldwide stakeholders to share knowledge and best practices," he explained.

Continued investment in ICT solutions, the EVC said, as well as a multidisciplinary and multi-stakeholder strategy, combining technology specialists, legal professionals, and legislators, are critical in keeping up with emerging criminal methods.

Stressing that public education and understanding of internet safety are also important in limiting the risks linked with the spread of criminality via technology.

Remmy Nweke/DoP

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