The Security and Exchange Commission (SEC) said the current identity management system being developed by the capital market will tackle the lingering identification theft. This was made known by SEC’s Director-General, Lamido Yuguda while receiving members of the Committee on Identity Management for the Capital Market.
Yuguda said identity theft is the fraudulent practice of using another person’s personal information to obtain, shares, and loans, among others.
According to him, the Commission took the decision to engage relevant stakeholders with the view of resolving problems of identity management to tackle issues related to unclaimed dividends.
In a bid to stem this trend, Yuguda stated that SEC was also engaging with stakeholders to harmonize numerous databases of investors and increase investors’ education to ensure the project’s success.
SEC constituted the Committee on Identity Management for the Capital Market on June 30, 2021, with the mandate of resolving identity management issues such as unclaimed dividends and customers complaints.
