The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) may soon introduce a scheme that will enable banks and telecommunications companies to ban owners of any bank account or the mobile phone line traced to fraud.

The CBN and NCC are reportedly working with the Nigeria Deposit Insurance Corporation (NDIC), following the spate of electronic fraud involving Unstructured Supplementary Service Data (USSD ) telephone lines and internet banking transfers.

When introduced, owners of any bank account or mobile line traced to any fraud case, especially electronic fraud, would be banned for life from operating any bank account or GSM in Nigeria.

The pervasive electronic banking fraud in the banking sector has left customers, banks and regulators worried.

Some experts claimed that the most significant risks to banks are self-serving or criminal acts carried out by some insiders...................

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