NCC’s EVC, Dr Maida makes powerful presentation at Realnews 11th Anniversary, harps on use of ICT in fighting illicit financial flows
The Executive Vice Chairman, EVC/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida has explained the important role information and communication technology (ICT) plays in fighting financial flows.
Delivering a powerful presentation at the RealNews 11th anniversary lecture in Lagos, Dr. Maida emphasised the capabilities of ICT in enabling real-time surveillance, ensuring regulatory compliance, and securing data processing to enhance crime prevention and detection.
Maida, who was represented at the event by the NCC Director of Public Affairs, Mr. Reuben Muoka, stated that as technology evolves, so do the methods of criminal activities, with cybercrime amongst others posing substantial threats.
Striking a balance between utilising ICT for crime prevention and safeguarding data privacy is imperative, Maida underscores the need for international cooperation to effectively combat financial crime, as these crimes often transcend borders.
Investment in ICT solutions, coupled with multidisciplinary strategies involving technology experts, legal professionals, and legislators, he noted is essential to keeping pace with emerging criminal tactics.
He also canvassed public education on internet safety as crucial to minimising the risks associated with technology-facilitated criminal activities.
ICT: Empowering Crime Prevention and Law Enforcement
Technological advancements have substantially transformed crime prevention and law enforcement, he stated while stating that a wide array of technology tools, including advanced data analytics, artificial intelligence, and machine learning, are leveraged to detect trends indicative of criminal activities within large datasets.
Predictive police programmes use historical and real-time data to forecast and prevent crimes. In addition, digital forensics techniques are invaluable for criminal investigations.
ICT’s Role in Combating Financial Crimes
Robust information and communication technology (ICT) systems are pivotal in preventing, investigating, and mitigating financial crimes.
These systems facilitate compliance with established regulations, enabling real-time monitoring, tracing, and analysis of digital transactions. They also support secure data storage and encryption, safeguarding sensitive financial data.
Advanced Technologies for Detecting Criminal Activity
He said in combating crime, modern computer software and hardware are indispensable. Anti-money laundering (AML) software employs algorithms to identify irregular patterns in financial transactions, aiding in the detection of money laundering and illegal activities.
Communication monitoring software is increasingly employed by law enforcement agencies to scrutinise digital communications like emails and social media interactions, enhancing their capacity to uncover potential threats and illegal behavior.
The growth of Nigeria’s telecoms sector, which generates vast amounts of data daily, offers opportunities for identifying suspicious digital patterns indicative of criminal activity through advanced data analytics and artificial intelligence (AI).
Collaboration with financial institutions allows data filtering to proactively identify and address these suspicious patterns, enabling real-time transaction monitoring and proactive crime prevention.
By embracing ICT and cutting-edge technologies, Nigeria is better equipped to combat financial crimes, ensuring a more secure digital landscape.
(Speech delivered was edited by Peter Jones Ailuorio;Peterajones90@gmail.com and can be reached on +234 8023593633)
