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Nigeria Launches Telecom Identity Risk Management System to Combat SIM Swap Fraud

Nigeria Launches Telecom Identity Risk Management System to Combat SIM Swap Fraud

First seen 9 Nov 2026, 16:43 UTC • •
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ThreatCluster AI
ThreatCluster •November 9, 2026 at 16:44 UTC
  • •Nigeria launched TIRMS to combat SIM swap fraud in banking.
  • •Nigerian banks lost ₦25.85 billion to electronic fraud in 2025.
  • •The system does not protect crypto exchanges or email accounts.

On November 9, 2026, Nigeria's Central Bank and the Nigerian Communications Commission launched the Telecom Identity Risk Management System (TIRMS) to address SIM swap fraud in the banking sector. This system allows financial institutions to verify if a phone number linked to transactions has been recently swapped or flagged for suspicious activity. In 2025, Nigerian banks lost ₦25.85 billion ($20 million) to electronic payment fraud, although this represented a 51% decrease from the previous year. Despite the decline, SIM swap attacks remain a significant threat, particularly for crypto users, as attackers can intercept SMS codes for account access. The TIRMS aims to enhance fraud detection at the point of transaction, but it does not currently cover crypto exchanges or email providers, leaving users to implement their own security measures. The introduction of TIRMS reflects ongoing efforts to improve digital security in Nigeria amidst persistent fraud challenges.

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Timeline

2025-01-01
Nigerian banks report fraud losses
Nigerian banks reported losses of ₦25.85 billion to electronic payment fraud in 2025, a 51% decrease from the previous year.
Guardian.Ng
2026-11-09
Launch of TIRMS
The Central Bank of Nigeria and NCC launched TIRMS to monitor SIM-related risks in real time.
www.intellinews.com

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Common questions

What is TIRMS?
TIRMS is a Telecom Identity Risk Management System launched to help banks monitor SIM-related fraud risks.
How does SIM swap fraud affect users?
SIM swap fraud allows attackers to intercept SMS codes, enabling unauthorized access to accounts linked to the victim's phone number.
What should crypto users do to protect their accounts?
Crypto users should avoid SMS-based two-factor authentication and use authenticator apps or hardware security keys instead.