The Economic and Financial Crimes Commission (EFCC) has stated that most frauds in the banking sector were perpetrated by insider Information, Communication Technology employees.

Head, Cybercrime Section of the EFCC, Abbah Sambo, made the declaration at a national seminar on Banking and Allied Matters for judges in Abuja on Wednesday.

Sambo represented the EFCC chairman, Mr Abdulrasheed Bawa, at the seminar.

He stated that most banking sector fraud handled by the commission showed that bank employees aided the acts.

He also expressed regret at the increasing rate of cybercrime in spite of the best efforts by the commission to tackle it.

Sambo observed that in years past, young people involved in cybercrime were not ICT savvy, but today, it is ICT graduates that are the champions in perpetrating the crime.

He attributed the increase in cybercrime to moral decadence and peer group influence.

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