Telecom
Fraud Trends Every CFO Should Know
PwC’s Global Economic Crime and Fraud Survey 2022 revealed that 46% of organisations have experienced fraud, corruption, or other economic crimes in the last 24 months. Ryan Mer, CEO of eftsure Africa, a Know Your Payee™ (KYP) platform provider, gives a rundown of what to look out for.
- Fraud protection is no longer optional
It’s hard to believe today, but just a few years ago, even large organisations didn’t have payment fraud protection in place. One of our clients, a listed company, had an ongoing issue with payment fraud totalling over R3 million in losses in the year prior to adopting eftsure. They haven’t lost a cent to payment fraud since.
Businesses are taking the threat of payment fraud a lot more seriously than they did even two years ago. They’re acknowledging that the payment fraud risk is there and that it’s ubiquitous – not only large corporations and banks are being targeted anymore. They know they have to be protected in some way or another.
- It’s easier to hack people than to hack machines
Business email compromise (BEC) is a massive problem, even with protection in place. As threat protection becomes more sophisticated, fraudsters are targeting people to circumvent these digital security measures. There are numerous examples of bad actors manipulating various levels of staff. Although it may be tempting to believe only gullible individuals fall for scams, but criminals are often professional, persuasive and are well-trained in using human weakness, as well as individual and company information to their advantage.
Here’s a likely scenario: A client writes an online review of your company. A fraudster sees this and now knows this person or company is your client and that you would expect emails from them. They create a similar-looking fake email address, paste the client’s logo in their email, attach a malicious document, and send it to your company asking for clarification on the ‘attached invoice’. It takes one person on your team to open that attachment without double checking the sender’s details, and your company is compromised. This happens so easily when financial teams are under tremendous time pressure.
Email security really does help, but personnel training is crucial. Otherwise, it’s like having the best security at your house, from beams to alarms to fencing, and letting someone through the gate without checking their credentials.
- Manual processes are dangerous
The surprising result of increased digital fraud and BEC is that many companies opt to solve this problem by introducing more manual processes. They’re adding another person as a point of contact or another manager to oversee crucial checks. The problem is that it’s still a manual process, reliant on a person that can be manipulated, whether unwittingly or not. It’s a case of rearranging the deck chairs on the Titanic. Digital threats must instead be fought with digital solutions.
Another common mistake is to automate some processes but keep certain steps in that process manual. And ‘manual’ doesn’t necessarily mean physical documents but can involve adding extra steps to a process that could easily be automated. Onboarding new suppliers or clients is a great example: Many businesses have a platform for this, but then request certain documents via email. That’s an invitation for an interception, impersonation or malicious attachment. Or they’ll take data from the platform and manually perform processes and procedures on it, adding in a human element and the potential for mistakes. That’s not only counter-productive from a security perspective, but also a business perspective.
Luckily, we’re seeing the pendulum start to swing in the other direction. CFOs and CEOs, the executives responsible for processes, controls, operations and systems in the organisation, are starting to pay more attention to digitisation and automation. There’s a better understanding of these risks and benefits in general. After all, there is a lot of responsibility that sits on the shoulders of those responsible for outgoing payments in an organisation.
Onboarding, for example, is one of the first experiences someone will have with your company and should be as seamless and simple as possible. By using a platform that can digitise and automate the process, you can speed up the onboarding journey and collect all documents upfront, saving time for all parties involved. A digitised and controlled internal approval process that is automatically part of internal procedures increases business efficiencies and reduces wastage of productive time and energy that should be used to further the company, as manual labour is greatly reduced.
- Don’t just upgrade; integrate
The next step is to not only automate, but to integrate. Though our solution can be used as a standalone system, we’re seeing more clients integrating it into their existing systems.
A Software as a Service (SaaS) provider like eftsure can help enhance processes and limit payment fraud risks by providing an integrated onboarding, verified master data management and payment screening solution that cross-references the payments an organisation is about to release with a database of verified bank account details. This can be integrated into anything from ERP and accounting systems to sales and customer relationship management systems. The platform alerts you to any potentially compromised payment details, at point of payment, allowing you to deal with the problem before the flow of funds has occurred.
The CFOs who are ahead of the digitisation curve, or further along in the process, are now looking for more integrated solutions. This cuts down on the number of steps in each process, and the time spent on each step – improving security while improving the bottom line. Even if they’re making these decisions for the sake of efficiency rather than security, it’s still a win on both fronts and at the end of the day, which stakeholder, with that huge responsibility of releasing payments on behalf of a company wouldn’t want peace of mind before releasing payments?
Association of Telecommunications Companies of Nigeria (ATCON), umbrella organization for all telecommunications and ICT companies operating in Nigeria, has warned that telecom networks in the country are under threat from infrastructure attacks and vandalism.
Tony Emoekpere, president, ATCON, who stated this during an interview with Channels Television, has called for stronger protection of communication infrastructure nationwide.
He also urged Nigerians to treat telecom assets as critical to national development.
Emoekpere said operators in the telecommunications sector are not indifferent to the quality of service delivered to consumers, noting that industry stakeholders are already working closely with regulators, including the Nigerian Communications Commission (NCC), to tackle persistent challenges affecting network performance.
Emoekpere stressed that many of these challenges are beyond the direct control of operators and require stronger public cooperation in protecting telecom infrastructure.
He added that infrastructure destruction remains one of the biggest threats to service quality and network stability in Nigeria.
According to him, telecom assets should be regarded as essential national infrastructure that must be safeguarded by all citizens.
He said, “We’re here complaining about poor service, but when we see people vandalising infrastructure, we don’t complain; when we see people cutting cables, we don’t report.”
He further urged Nigerians to be more proactive in reporting acts of vandalism to the appropriate authorities.
Emoekpere warned that continued damage to telecom facilities will only worsen the quality of service experienced by consumers across the country.
He called for stronger awareness campaigns to educate the public on the importance of protecting communication infrastructure.
He also emphasized that improving service delivery requires shared responsibility between operators, regulators, and citizens.
He appealed for collective action to safeguard telecom infrastructure, noting that its protection is key to improving connectivity and driving national development
National Identity Management Commission (NIMC) has introduced new digital customer support channels, including WhatsApp and live chat services, to improve accessibility and service delivery for Nigerians and legal residents seeking assistance with National Identification Number (NIN) related issues.
NIMC
NIMC disclosed this in a statement, saying the initiative forms part of its ongoing digital transformation and customer service reforms.
According to the commission, the new support channels include a live chat feature on its official website and an official WhatsApp platform designed to provide faster and more convenient access to customer support services.
Members of the public can now access support through the Live Chat feature on the NIMC website via www.nimc.gov.ng and the official WhatsApp support line: +234 701 566 6971.
The commission said the initiative aligns with efforts to improve public sector efficiency and enhance access to government services through technology-driven solutions.
NIMC noted that the new platforms would enable users to receive prompt responses to enquiries, real-time guidance, and improved customer interaction without necessarily visiting physical offices.
The commission said the move reflects its commitment to service innovation, citizen-centred engagement, and efficient identity management service delivery.
Under the leadership of Director-General and Chief Executive Officer, Engr. Abisoye Coker-Odusote, NIMC said it had continued implementing reforms and digital solutions aimed at expanding access, strengthening public trust, and improving service delivery.
The commission encouraged Nigerians and legal residents to utilise the official platforms for verified information, assistance, and updates on NIN services and related identity management matters.
It also advised members of the public to remain vigilant and engage only through official communication channels to avoid fraud, scams, and misinformation.
The statement was signed by Kayode Adegoke, Head of Corporate Communications Unit, NIMC.
As families across the world celebrate Mother’s Day, QNET, a global lifestyle and wellness-focused direct selling company, honours mothers as the everyday force behind healthier homes, stronger families, and more resilient communities. From managing households and supporting family wellbeing to balancing careers and personal responsibilities, mothers play a central role in sustaining daily life. Yet, amid these responsibilities, their own wellness is often overlooked.
In today’s fast-paced environment, the demands of modern living continue to take a toll on human energy and well-being. Alarmingly, recent surveys indicate that 75% of Nigerian employees experience work-related stress, with 60% reporting persistent feelings of overwhelm.
These pressures are often compounded by economic realities that require many individuals to juggle multiple responsibilities or income streams. For women, particularly mothers, this burden is even greater. Beyond professional demands, they often take on the primary role of managing household well-being, childcare, and daily routines.
This continuous cycle of responsibility leaves little time for rest, recovery, or intentional self-care, increasing the risk of long-term physical and mental strain.
At the same time, access to basic wellness essentials remains a challenge. According to data from the WHO and UNICEF Joint Monitoring Programme, 28% of Nigerians lack access to basic drinking water, approximately 75% lack basic sanitation, two-thirds do not live in premises with a handwashing facility that includes soap and water, while 20% practice open defecation.
In many homes, ensuring safe water and overall family health largely falls to mothers, further reinforcing their central role in household well-being. This reality highlights the importance of recognising and celebrating mothers who consistently take on this responsibility, often placing the needs of their families above their own.
Commenting on the significance of the global observance, Ayokunmi Solesi, General Manager for QNET Nigeria, said, “Mothers are the backbone of many households. They give their time, energy, and care so consistently that their own well-being can sometimes take a back seat. Mother’s Day is an important reminder that supporting mothers’ health and wellness is not just a personal priority, but a family and societal one.”
He added that this perspective aligns with QNET’s 2026 global campaign, “Energised, Every Day,” which focuses on practical solutions that support everyday living. “When mothers are well-supported and energised, it positively impacts the entire household. Wellness should be part of daily life.”
As conversations around health continue to evolve, there is a growing shift towards preventive and lifestyle-based wellness – simple, consistent actions that support long-term vitality. This includes prioritising proper nutrition, hydration, rest, and balance as part of everyday routines, particularly for individuals managing demanding schedules.
Supporting this approach, QNET offers a range of products designed to fit seamlessly into daily life. Its nutritional supplement, EDG3 Plus, provides essential nutrients that contribute to daily vitality and help individuals maintain energy levels throughout busy days.
Recognising the importance of safe hydration in overall health, the HomePure Nova helps improve the quality of drinking water at home, supporting healthier households and reducing exposure to common water impurities.
In many Nigerian homes, where women play a key role in managing family health, access to cleaner water remains an essential part of everyday wellbeing.
Complementing this is the Amezcua Bio Disc 3, part of QNET’s wellness range, designed to support overall wellbeing across different aspects of daily life. Its versatile use within the home – from supporting food preservation to enhancing water quality and contributing to a more balanced living environment – makes it a practical wellness companion for families, particularly mothers managing multiple household needs.
As Mother’s Day is observed this year, QNET encourages families and communities to not only celebrate mothers but also to actively support their wellbeing. By creating healthier homes and encouraging better daily habits, the company reinforces its belief that true wellness begins with everyday choices and with those who hold the family together.
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