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FG Lost ₦2.09b to Online Fraudsters in Q4 2023 –FITC

Following the loss of N2.09 billion in the fourth quarter of 2023 through fraudulent online activities and the increasing rate of crimes across the country, the Federal Government, yesterday, said it has devised a means of nipping crimes in the bud.

Speaking at the launch of Big Data and Data Science during the First Bi-Annual Meeting of National Consultative Committee on Statistics (NCCS), in Keffi, Nasarawa State, the Statistician General of the Federation, Adeyemi Adeniran, said that a N2.09 billion loss was contained in a report by the Financial Institutions Training Centre (FITC).

He added that with the deployment of the techniques, crime rate can be reduced significantly.

“While the benefits and potential of Big Data and Data Science are endless, however, harnessing its power comes with its own set of challenges and considerations. First, we must invest heavily and sustainably in the necessary infrastructure to effectively collect, store, manage, analyse, and disseminate this vast amount of information available within the system.”

“We must also develop a statistical system that is awash with personnel skill in data science, statistics, and data engineering, and this should be done sustainably and efficiently, across all levels, of federal, state, and local government,” he said.

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