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Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC

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Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC
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Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC

**Bawa Advocates Global Action Against Financial Crimes

By Matthew Ogune, Abuja

Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said growth of cryptocurrencies, such as Bitcon portrays a far greater danger to the world economy. 

The EFCC boss stated this while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, “Economic Crime-Who pays and who should pay?”, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge,, United Kingdom. 

Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.

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He therefore, advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.

According to him, economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.

He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”

Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC

He commended the choice of theme which he said offers a platform to interrogate the challenges of economic crimes. 

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“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.

He underlined the imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”

While highlighting some of the transparency and accountability achievements of the Nigerian Government under the leadership of President Muhammadu Buhari including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy among others;  Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery. 

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In his words, “Since its establishment in 2003, the Commission has recorded no less tha  3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.

The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.

Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.

Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the World.

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SOCIAL ENGINEERING: THE MINDSET OF A CYBER CRIMINAL

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SOCIAL ENGINEERING: THE MINDSET OF A CYBER CRIMINAL
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SOCIAL ENGINEERING: THE MINDSET OF A CYBER CRIMINAL !

Who is a cyber criminal?

A cyber criminal is an individual that commits crime with the use of a computer as a tool or as a target. Cyber criminals operate in many ways but the most common way cyber criminals operate in today’s digital age is through social engineering.

Social engineering is a strategy used by cyber criminals to manipulate or trick people into revealing their personal or sensitive information. In most cases it involves interesting and convincing stories from cyber criminals to lure unsuspecting individuals, companies or organisations into falling victim. Common social engineering attacks include:

1. Sending of fake distress messages to unsuspecting victims.

2. Sending an email with a link which will redirect unsuspecting victim to a fake website.

3. Sending a message to an individual that he has won a lottery involving huge amount of money and asking him to provide his bank account details or other personal information.

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4. Sending attachment or apps containing malware to unsuspecting victims.

5. Pretending as a bank, internet service provider, business partner or social media platform administrator and asking of password, PIN or other personal information from unsuspecting victim.

SOCIAL ENGINEERING: THE MINDSET OF A CYBER CRIMINAL

The internet can be a very good tool for learning, creativity, sharing useful information and connecting with people but despite its great benefits, it is also used by cyber criminals to commit crime.

In today’s technology age, cyber criminals can be very smart when it comes to online fraud. They will use all kinds of tricks to target their victims around the world.

As internet usage increases on daily basis so does the amount of sensitive and personal information which are made available on social media. The cyber criminals are aware about this and they always want to take advantage of it.

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However, we must be informed that we all have personal or sensitive information that is worth something to cyber criminals which they can sell out to other criminals or unsuspecting victims. This is why it is very important for us as individuals or organisations to understand the mindset of a cyber criminal.

The mindset of a cyber criminal:

1. He thinks faster than his victims.

2. He is always searching for people’s personal and sensitive information and he is ready to get it at all costs.

3. His main motive is to obtain money or personal information from his victims.

4. He is always learning and thinking of news strategies to defraud his victims.

5. He wants to make friends with as many people as possible to increase his chances of getting more victims.

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6. He doesn’t give up on his victims no matter how pathetic the victim’s situation is.

7. He wants to use his cyber security knowledge to defraud anyone that comes in contact with him at any time.

8. He believes in using different identities to convince his victims.

9. He spends a lot of time to study the mindset of his victims.

10. He has special interest in defrauding the aged people and young children because they are the most vulnerable to cybercrime in today’s digital age.

Conclusively, we must be informed that our greatest weapon and best defense against cyber criminals is to educate ourselves about their strategies so that we can understand their mindset.

Rotimi Onadipe,

Tel: +234-8169121819

Email: onatechconsult@gmail.com

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NIN: Buhari wants complete database for Nigerians

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NIN: Buhari wants complete database for Nigerians

President Muhammadu Buhari has called on relevant stakeholders to redouble their efforts in attaining and establishing complete data base of all citizens in the country.

Buhari, who was represented by the Minister of Communications and Digital Economy, Prof. Isa Pantami, made this call at the commemoration of the 3rd National Identity Day in Abuja.

The theme of the Day is “Identity, a tool for sustainable digital economy and National security“.

He also commended efforts of all stakeholders as regards National Identification Number (NIN), adding it was highly commendable, particularly being able to capture millions within less than a year.

Buhari called on stakeholders in the private and public sector to join hands together before end of his tenure to achieve a complete database for the country.

He reminded all stakeholders and citizens that NIN was key to the success of Nigeria as a country.

“As long as we fail to recognise the gaps then it is difficult to fix our challenges confronting the country.

“With the right database in place, it will guide government to plan and take critical decisions on education, health agriculture.

“Data also will guide government to come up with effective national policies with the issue women, children and unemployment,” Buhari said.

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NIN: Buhari wants complete database for Nigerians

He commended the effort of NIMC for choosing the theme, saying NIN was a prerequisite for the success of the digital and national economy, as well as national security right.

Pantami said there was the need to use efficient ways to deploy national identity trust systems, not only to deliver government services in areas such as social welfare, taxes, voting, health administration, security, and education but also to build an indigenous digital economy.

He also said it would stimulate the private sector and make it thrive.

Pantami, who was represented by the Permanent Secretary of the Ministry, Bitrus Nabasu, said an efficient, secure, accessible, and reliable National Identity Infrastructure would empower Nigerians to exercise their rights and responsibilities fairly and equitably, thereby driving social inclusion.

He said the National Identity Day celebration was intended to raise awareness and sensitise the citizenry about the pivotal role of digital identification in Nigeria.

“Our enthusiasm to build a local digital economy, curb widespread economic and social exclusion is hinged on the necessity to assign every Nigerian and legal resident with a unique identity.

“The commission has achieved this through the scale up of Enrolment and Registration Centres (ERCs) across the country and in the diaspora.

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“We have implemented novel policy initiatives that have led to tremendous increase in the registration of persons to over 63 million, counting on the National Identity Database (NIDB),” Pantami said.

He said there was need to continue to reinforce every Nigerian to have a digital identity, irrespective of social class or economic status, saying that the need to sustain the momentum by creating awareness and sensitising the public.

The Acting Chairman, NIMC Governing Board, Bello Gwandu said the gathering brought together key stakeholders and drew attention to the multidimensional importance of identification in the building of an inclusive society.

“This is the third edition of the event since Mr. President approved the designation of Sept. 16th of every year as the National Identity Day, in line with his conviction of the power of digital identification as a pivotal tool in changing the socio-economic narrative of Nigeria.

“It further proves his readiness to provide necessary support to relevant agencies of government with a view to harnessing all identity infrastructure in the country toward bolstering our domestic digital economy.

“Commemorative ceremonies such as this, offer ample opportunity to explicitly reinforce the fact that no country can thrive in this 21st century without a functional and reliable system of national identification,” Gwandu said.

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He said without NIN, government would not be able to effectively deliver public services to citizens and private institutions would struggle to serve their customers seamlessly.

Speaking on the progress of the commission, the Director- General of NIMC, Aliyu Aziz, said the commission had learnt lessons, forged new alliances and partnerships, transformed, and empowered to institutionalise a sustainable foundational ID for Nigeria.

“Whilst we acknowledge there is more work to be done and many hurdles to cross, I want to state that the commission is on the right path to fulfilling its mandate of providing assured identity to all.

“I want to appeal for the support of every stakeholder in the actualisation of this huge and important ID mandate that has the potential to change the trajectory of our nation.

NAN reports that the occasion attracted the presidential launch of the new improved NIN slip, the upgraded NIMC Mobile app, and the Android software.

All these additions are geared to help NIMC serve the public effectively and efficiently.

News Agency Of Nigeria

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Twitter Ban: FG Sets To Lift Ban In Few Days

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Twitter Ban: FG Sets To Lift Ban In Few Days

The Federal Government has again pledged to restore Twitter services in the country, hundred days after the tech giant was banned in Nigeria.

Minister of Information and Culture, Lai Mohammed, disclosed this on Wednesday while briefing State House reporters after the weekly Federal Executive Council meeting in Abuja.

He said that the government is working hard to restore Twitter’s operations in Nigeria.

“Honestly, we have gone very far. I won’t be specific but we have gone very far,” the minister said.

“Honestly, it is going to be very soon. Just take my words for that. Even Twitter itself gave a progress report on our talks with them.

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“If I want to quote them rightly, they said it has been quite productive and respectful. As to how soon is soon, if the operation has been successful for hundred days now, we are just talking about a few more days.

Twitter Ban: FG Sets To Lift Ban In Few Days

“I can assure Nigerians that we are not unmindful of the anxiety and both parties are working very hard to put a closure on the matter.”

TwitterBan: We Are Monitoring Closely Repression In Nigeria, Says Commonwealth

Nigeria suspended Twitter operations on June 4 after the social media giant deleted a tweet by President Muhammadu Buhari for “violation of the company’s abusive behaviour policy”.

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A day after, the suspension was effected by telecommunications companies.

The country joins nations like North Korea, China, and Iran in halting operations of the social media platform.

In spite of the development, many in the country have devised means to sidestep the ban including the use of Virtual Private Networks (VPNs).

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