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Reps warn of rising POS fraud, illegal crypto use

The House of Representatives has flagged growing threats from POS fraud and unlicensed crypto operations, citing cloned terminals, weak KYC, and stolen identities, Peak Newspaper reports. ADPPON reports N52.26bn lost to POS fraud in 2024, with some agents used for kidnap ransom cash-outs. Reforms urged: Police clearance, CAC registration, and stricter oversight.