Banks and telecommunications companies in Nigeria are being urged to deepen collaboration and share intelligence to tackle the rising threat of artificial intelligence-driven fraud, according to a recent report by PricewaterhouseCoopers (PwC).
The report highlights that rapid adoption of AI is reshaping the fraud landscape in the telecom sector, enabling criminals to automate scams, impersonate individuals using deepfake technologies, and scale fraudulent activities at unprecedented speed. PwC’s 16-page report, titled ‘AI’s Dual Role in Telecom Fraud’, warns that while AI can enhance business operations, it equally equips fraudsters with sophisticated tools.
Brandspur Banking News Desk reports that the integration of telecom networks with financial services, such as mobile money and digital banking platforms, is increasing sector vulnerabilities. PwC noted that fraudulent activities across these interconnected platforms not only cause financial losses but also erode customer trust and attract regulatory scrutiny. Between 2019 and January 2023, Nigerians reportedly lost around N12.5 billion to telecom-related financial crimes, according to the Nigerian Communications Commission.
The report emphasises that telecom operators possess unique advantages in the fight against fraud due to access to vast amounts of network and customer data. AI-powered systems can detect unusual call behaviour, flag suspicious transactions, and analyse patterns in real time. Some telcos are already using AI-driven spam detection tools that assess hundreds of behavioural parameters to prevent fraudulent messages from reaching customers.
PwC stressed that technology alone is insufficient. Effective fraud mitigation requires closer collaboration between telecom operators, banks, and regulators, including the Central Bank of Nigeria and the Nigerian Communications Commission. Sharing threat intelligence and insights between sectors can strengthen defences, improve fraud detection, and accelerate response times.
The consultancy also cited global examples where inter-industry collaboration has successfully reduced fraud, highlighting initiatives in the United Kingdom, Singapore, Australia, and the Philippines. PwC concluded that a coordinated approach leveraging AI and shared intelligence is critical to safeguarding Nigeria’s expanding digital financial ecosystem.
This report underscores the urgent need for proactive strategies as AI-driven fraud continues to evolve, threatening both telecom and financial service providers across the country.
