Nigeria’s growing digital economy faces fresh threats as telecom-related fraud continues to rise, with losses estimated at N12.5 billion between 2019 and early 2023, according to a PwC report.
The findings, based on data from the Nigerian Communications Commission, show that despite increased investments and awareness efforts by telecom operators, fraud remains a major challenge across mobile networks.
Globally, telecom fraud losses have surged, with experts warning that Artificial Intelligence is changing the game. While the technology offers new detection tools, it is also enabling fraudsters to scale attacks more quickly, using tactics such as phishing messages, SIM swap schemes, and identity impersonation.
The report highlights how telecom networks have evolved beyond communication services to become critical infrastructure for banking and digital payments. This shift has made them a key target, especially as many e-banking users in Nigeria have reported scams.
The News Chronicle understands that the deepening link between telecom services and financial systems is creating a new layer of vulnerability, where fraud can easily spread across sectors, raising concerns for regulators and service providers.
PwC noted that although the risks are increasing, telecom operators have an advantage through access to large volumes of data, which can be leveraged using AI to detect unusual patterns and stop fraud in real time.
However, experts stress that stronger collaboration between telecom firms, banks, and regulators will be essential to contain the growing threat.
