News
Identity Thieves Raid Banks, Inflict Losses
Nigerian financial system has been jolted by a lethal development, the increasing theft of identities by some criminals who work in and outside the system, CommunicationsWeek investigations can now reveal.
Identity fraud and Automated Teller Machine (ATM) scams are now so rampant that banks, switching companies, the police and users are having sleepless nights.
In simple term, identity theft otherwise known as identity fraud is the misappropriation of another person’s identifying information (birth date, address and maybe phone number , pin numbers and so on) for financial gains.
The banking system was thrown into panic after cyber criminals cloned the website of the major switching and processing company, which owns the switching platforms in 23 out of 25 banks in Nigeria and stole money from unsuspecting banks customers.
CommunicationsWeek investigations also revealed that using what is known as phishing, the criminals sent fraudulent SMS and email to victims directing them fake Web sites where they are asked to input sensitive data.
In the emails, the criminals had attachments that, when clicked, secretly install "spyware" that can capture personal information and send it to third parties over the Internet.
With the information supplied by victims, the criminals successfully broke into the victims’ bank accounts leaving tales of woes and losses.
Worried by the growing crime, Interswitch Nigeria Limited, an electronic transaction switching and payment processing company, has taken the wrapper off "Maxi-Secure" a security plan designed to secure ATM cards whenever holder by any mistake discloses his card details to fraudsters.
According to Interswitch "This means that if you by any mistake; disclose your Interswitch ATM card detail you use for cash withdrawal to fraudsters that payment will not authorize from your account via the internet unless the fraudsters have knowledge of your maxi-secure security ipin"
"This will be effective starting from June 29, 2008. Please note that starting from June 29, 2008 is only registered Interswitch ATM card to this security plan can only withdraw money from any of the ATM machines of Interswitch bank nationwide or make transaction via the internet using their Interswitch ATM card(s)" the company added.
A source at the Economic and Financial Crime Commission (EFCC) said that the development was being monitored and that the Commission is inviting useful information that would help burst the ring.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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