The Executive Vice Chairman of the Nigerian Communication Commission, Dr Aminu Maida has said that ICT plays a critical role in combating financial crimes by enabling real-time surveillance, regulatory compliance, and secure data processing and provides advanced analytics, AI, and machine learning to law enforcement organizations for better crime detection. Furthermore, hard technologies such as CCTV cameras and security systems supplement physical security measures.
According to him while technology advances which bring new avenues for illegal conduct, cybercrime, deepfakes, and the exploitation of IoT devices all represent substantial concerns.
He argued that it is critical to strike a balance between using ICT to prevent crime and protecting data privacy and collaboration and international cooperation 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 said.
Maida said continued investment in ICT solutions, 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, while public education and understanding of internet safety are also important in limiting the risks linked with the spread of criminality via technology.
The Executive Vice Chairman of the Nigerian Communications Commission, Dr. Aminu Maida, gave his insight at the 11th Anniversary Lecture Series of RealNews Magazine at the Ikeja Sheraton Hotel on November 7, 2023.
Maida noted that with the increasing adoption of digital technologies, the emergence of new technologies, and the often-transnational nature of these crimes, the scope of financial crimes has broadened and created further concerns.
He said robust information and communication technology (ICT) systems are critical for preventing/investigating financial crimes or mitigating the risks associated with virtual assets in financial markets.
These systems, he argued facilitate compliance with established standards or regulations, and also provide a platform that allows the monitoring, tracing, and analyzing of digital transactions in real-time, adding the ICT systems support secure data storage and encryption technologies, which are critical for safeguarding sensitive financial data.
“Technological advancements have significantly aided crime prevention and law enforcement agency performance. Large datasets have been analyzed using advanced data analytics, artificial intelligence, and machine learning algorithms to look for trends that indicate criminal activity.
“Based on historical data and real-time intelligence, predictive police programs have arisen to foresee and prevent crimes. Digital forensics techniques have also proven useful in criminal investigations.
Though a variety of legacy technologies have been used to combat crime,Maida noted however, in more recent times, novel computer softwares and hardwares are being utilized to monitor individual transactions and communications for suspicious activity.
Maida said the advent of advanced data analytics and artificial intelligence (AI) provides a gateway to identify suspicious digital patterns indicative of crime and through partnerships with financial institutions data can be filtered to identify these suspicious patterns and nip them in the bud.
“To combat financial crimes, innovative solutions such as blockchain, instant payments, artificial intelligence, machine learning, data analytics, regulatory technology solutions, and automated procedures are being deployed. The use of technological tools has made it significantly easier to deal with financial crime while building a long term strategy for combating it.
“Concerning the significance of data security and privacy in the use of ICT for crime prevention, strong encryption and access controls ensure the security of critical information. Strict respect for data privacy standards, such as the GDPR (General Data Privacy Regulation) in the European Union and the (NDPA) Nigerian Data Protection Act, aids in the preservation of trust in the use of ICT solutions for crime prevention”, he added.
