Reps Committee Raises Alarm over POS Fraud, Crypto Dealings by Unlicensed Operators

Reps panel alarmed at rising POS fraud, unlicensed crypto operations

The lawmakers said they have also been alerted to the registration of fictitious companies at the Corporate Affairs Commission (CAC), with some allegedly using the NIN and BVN of unsuspecting citizens to open accounts and launder funds through unverified POS channels.

Reps committee raises alarm over POS fraud, crypto dealings by unlicensed operators

The House of Representatives Adhoc Committee investigating the economic, regulatory and security implications of cryptocurrency adoption and POS operations in Nigeria has expressed deep concern over rising fraud and regulatory breaches in the fintech and payment services sector

POS fraud: Committee raises alarm over unlicensed crypto-related activities - THE AUTHORITY NEWS

By Mercy Aikoye The Point-of-Sale (POS) ecosystem in Nigeria has reached a critical emergency point, with fraud escalating to levels that pose a direct threat to national security. According to the National President of the Association of Digital Payment and POS Operators of Nigeria (ADPPON), Mr. Paul Okafor, the rapid expansion of the industry has overwhelmed regulators, leaving significant gaps that criminals are exploiting. The Chairman of th…

Reps Warn of National-Security Threat as POS Fraud, Illegal Crypto Deals Rise

By Tracy Moses The House of Representatives Ad-hoc Committee investigating the financial, regulatory and security implications of cryptocurrency usage and Point-of-Sale (POS) activities has raised a fresh alarm over Nigeria’s worsening POS-related fraud and the rise of unauthorised crypto transactions within the sector. Chairman of the Committee, Hon. Olufemi Bamisile, speaking during the panel’s resumed investigative hearing with fintech opera…

REGULATION | Nigeria House of Representatives Raises Alarm Over POS Operators Offering Crypto Services Without Licensing

Nigeria’s House of Representatives has sounded the alarm over Point-of-Sale (POS) fraud and unregulated crypto dealings, raising serious concerns about financial security. The lower chamber has established an ad-hoc committee to examine the “economic, regulatory, and security implications” of widespread POS operations and virtual asset service providers. Speaker Tajudeen Abbas said the probe is necessitated by increasing reports of cybercrime, c…

Reps Panel Raises Alarm Over POS Fraud, Unlicensed Crypto Trading by Agents

The House of Representatives Adhoc Committee probing the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria has voiced serious concern over widespread fraud, regulatory gaps, and rising national security risks in the fintech sector.Chairman of the Committee, Hon. Olufemi Bamisile, disclosed this on Monday during the panel’s resumed investigative hearing in Abuja, stating that …