As Nigeria joins the World to Commemorate the 2021 World Day of Social Justice, the National Association of Seadogs (Pyrates Confraternity), Sahara Deck, Abuja has raised concern over the increasing rate of electronic financial fraud perpetrated by fraudsters within the country.

The Capoon, Sahara Deck, Mr. Victor Ofili in a statement over the weekend noted that electronic financial fraudsters operate at will due to insecurity in the system and lack of social justice for victims.

According to Mr. Victor, preventable loopholes such as insecurity, lack of enforcement and sufficient deterrent policies on the part of the government to ensure that financial institutions collaborate with security agencies in getting swift and decisive result in responding to cases of electronic financial fraud which is more often than not being exploited by fraudsters in a transactional process through registered bank accounts should be looked into in order to reduce the billions lost to fraudsters.

He added that in order to curb this menace, there should be a trusted and secured administrative system from the financial institutions in the country and other appropriate financial regulatory agencies on financial security for the benefit of the populace in an increasingly digital economy.

Speaking on the theme, A call for Social Justice for Digital Economy, he stated that of greater worry is the plight of the victims whose hard earned money are lost to financial fraud and are still denied social justice and compensation.

“The pervasiveness of this crime is nothing short of devastating to victims in a Nigerian polity where access to social justice is seen to be a herculean task.”

Mr. Victor thereby call on the government, the Federal Capital Territory Administration (FCTA) and other stakeholders in the financial sector to engage the public on sensitization and enlightenment programme at at nipping the menace to the bud.

“It is our wish that the Federal Capital Territory Authority (FCTA) takes the lead in curtailing this social menace by engaging the public in a developmental role geared towards public capacity building and sensitization program that will serve to enlighten the residents of the Federal Capital Territory of the pros and cons of the inadvertent migration to digital economy as the whole world and human relations are radically transformed to a more remotely day to day activities via online transactions
rather than physical contacts.”

He added that the association will continue to act as a watchdog over government policies and assist victims of social injustice in her quest to promote access to justice.