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Cyber Fraud Threatens Online Retail in Nigeria-KPMG

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The increasing frequency and magnitude of cybercrime incidents globally make it apparent that cybercrime is here to stay, according to a report by KPMG.

In the report, KPMG acknowledged that the Central Bank of Nigeria’s report for the first half of 2013 noted that there were 2,478 fraud and forgery cases involving Nigerian banks valued at over N20 billion.

This represented an 8% increase over the previous year volume but a significant increase in value of over 200% from 2012.

In its 2014 survey, KPMG reported that 2% of retail customers indicated that they had experienced a fraud incident in the last year.

Thus, the researchers expressed worry that while this number appears small today, it may signify the start of a potentially disturbing future trend.

Gerben Schreurs, John Hermans and Olumide Olayinka, partners at KPMG, wrote in the report, “Although the internet banking has an underrated opportunity and while the adoption of electronic banking has provided some measure of convenience and ease to customers, it is difficult to ignore the resultant security risks that may face customers and financial institutions at large.

The trio highlighted that the growing popularity and convenience of electronic banking has further presented enhanced opportunities for cybercrime.

There is a far-reaching scope of threats that range from low degree crimes to high volume and value crimes, all with the potential to impact large corporations and individuals.

The survey also revealed that “Awareness Needs Continuous Efforts’, hence security awareness and understanding of risks is crucial in cybercrime defence.

“As attackers understand the risks of people, processes and technology and how to exploit them, so should organisations. As a consequence, organisations should ask themselves whether they are aware and capable of handling a cybercrime attack.

“From our survey, we found that 35% do not agree that their organisation is sufficiently aware of cybercrime, although the financial sector respondents score significantly lower. This would imply that financial institutions are more aware of cybercrime than other typologies. As previously discussed, the full scale of cybercrime implications is often overlooked.

“The biggest loss companies perceive is disruption of business processes, but is this true or is it a lack of awareness?” they queried.

They added that understanding the motives is key, as attacks may come by various methods and means.

“Organisations have experienced some form of ‘social engineering’ attack such as phishing and compromised web applications according to 33% of the respondents. The main motives for attacks found are that organizations are perceived as ‘low hanging fruit’ for organised crime. Contrary to previous trends, espionage is not a relevant motivation for attackers, according to 63% of the respondents.

“Since detective internal control measures are currently not widely used by organisations, the increased use of these internal control measures might change the perspective of organisations on the means and motives of attacks. The financial sector represents 67% of the attacks where the attacker’s motive was access to money,” the report read.

When taking all sectors into account, consumer market companies are most concerned about disruption of business and production processes, KPMG said.

Loss of money, disclosure of intellectual property and other data are so far only recognized as a cause of attack to a limited extent.

Some of the major technical areas at high risk, they said, include email servers, web application servers, ERP systems, desktops, and unstructured data on file systems (file servers). Mostly mentioned were web application servers (38%), followed by file servers (16%) and mail servers (17%). Less frequent are attacks that have penetrated ERP systems, desktops, and process control domains (<8%).

Based on many reviews and security tests of web applications, we believe that many web applications and therefore websites are still insecure, and even contain ‘low hanging fruit’ weaknesses such as cross site scripting, etc.

Many websites are not developed with secure programming in mind, nor are they sufficiently tested for security before going live, KPMG highlighted.

 


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NITDA, NIMC Partner for Seamless Data Exchange Capabilities

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National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote,  Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..

NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,

During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up.

This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.

 

 


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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