General News
Reps Decry Rising Fraudulent Activities Linked to POS

The House of Representatives has raised concern over a surge in fraud linked to Point-of-Sale (POS) operators nationwide. POS terminals are now a popular cash source for businesses and individuals seeking alternatives to ATMs, even though ATM fees are lower.

Speaking at a resumed investigative hearing with fintech stakeholders at the National Assembly Complex on Monday, the Chairman of the House Ad-hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and POS Operations in Nigeria, Hon. Olufemi Bamisile, lamented what he described as the infiltration of unlicensed crypto-related activities in the sector.
According to him, the Committee has received multiple reports of unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer practices, which he said are putting Nigerians at serious risk of financial loss, cybercrime, and security breaches.
“We are concerned about the growing rise in fraud associated with POS operations. Unprofiled agents, cloned terminals, and weak KYC practices continue to expose citizens to preventable dangers.
“There are allegations and credible information that some POS operators now engage in crypto-related services for which they are not licensed. This raises serious red flags around anti-money laundering, terrorism financing, data integrity, and the misuse of instruments originally designed for basic payment services,” he said.
Bamisile added that the Committee had been alerted to the registration of phony companies at the Corporate Affairs Commission, some of which allegedly use the National Identification Number and Bank Verification Number of unsuspecting citizens to open accounts and launder illicit funds through unverified POS channels.
“This highlight weak verification mechanisms and underscores the urgent need for a coordinated oversight framework,” he said.
He also disclosed that the Committee will investigate the storage of sensitive customer data on foreign servers by major fintech companies operating in Nigeria, warning that keeping data outside the country’s jurisdiction undermines regulators’ and security agencies’ ability to conduct audits, trace suspicious transactions, or enforce compliance.
“This has direct national security implications, especially in a sector connected to terrorism financing risks and cyber-enabled crimes,” he said.
Despite the concerns, Bamisile assured operators that the engagement was not a witch-hunt but an effort to rid the sector of practices harmful to the fintech industry.
“Our mandate is clear: to recommend legislation that will deliver a harmonised regulatory framework, stronger security safeguards, improved consumer protection, and an environment where innovation and investment can flourish responsibly,” he said.
The National President of the Association of Digital Payment and POS Operators of Nigeria, Paul Okafor, warned that the POS ecosystem has reached a critical emergency point, with fraud rising to a level that now poses a direct national security threat.
He told lawmakers that while POS operators had increased from 50,000 in 2017 to more than 2.3 million in 2025, regulatory capacity had grown by “less than 10 per cent”.
“This imbalance is what has produced the crisis we are facing today. The regulators, especially the CBN, are not incompetent; they are overwhelmed by the sheer speed and scale of growth.”
Quoting data from the Nigeria Inter-Bank Settlement System, Okafor said POS, banking, and digital-payment channels suffered N17.67bn in fraud losses in 2023, affecting more than 80,000 customers. The situation worsened sharply in 2024, with losses rising to N52.26bn—an increase of N34.59bn in one year.
“More than 38,000 POS fraud cases were officially reported in one year. Unofficially, we estimate that over 70,000 cases go unreported because victims simply give up.
“In some states, security agencies report that nearly 40 per cent of kidnap ransom payments pass through informal POS cash-out channels. This is no longer a fintech issue; this is a national security threat,” he warned.
Okafor urged the Committee to issue a directive compelling the CBN to introduce urgent reforms to stabilise the system.
“If we fail to act, fraud will escalate, kidnappers will continue to exploit the system, Nigerians will lose more money, financial inclusion will collapse, and trust in the financial system will be destroyed. And when trust dies, the financial system dies,” he said.
To restore order, he outlined three measures ADPPON wants implemented immediately: mandatory Nigeria Police Force–NCCC Cybercrime Clearance Certificates for all POS operators; mandatory CAC registration for every POS business; and mandatory membership of recognised trade associations to enforce training, discipline, and self-regulation.
“These are practical, lawful solutions aligned with existing laws and international standards. They can be implemented without creating new legislation,” he told lawmakers.
He cited examples from other countries, noting that India, Kenya, Brazil, South Africa, and the United Kingdom enforce strict oversight to protect their POS ecosystems.
“In Brazil, agent fraud dropped by over 60 per cent after the government mandated police vetting. India, with over five million agents, maintains low fraud rates because verification is non-negotiable. No country leaves its financial system open to millions of operators or puts it in the hands of foreigners without strict controls. Nigeria must not be the exception,” he stressed.
General News
FG Partners World Bank, AfDB on Climate Action

The Federal Ministry of Livestock Development has announced its commitment to collaborate with the World Bank Group and the African Development Bank (AfDB) to address climate change challenges affecting Nigeria’s livestock sector.

Permanent Secretary of the ministry, Dr. Chinyere-Ijeoma Akujobi, made this known during a meeting with a delegation from the two banks on Wednesday in Abuja.
She said the partnership aims to unlock opportunities for sustainable growth and resilience in the industry and that the collaboration is strategic in realising the ministry’s strategic goals.
“The proposed collaboration aligns with our mandate to mitigate the adverse impacts of climate change on livestock production, safeguard livelihoods, and promote environmentally responsible practices throughout the value chain,” the permanent secretary said.
Represented by the Director of Planning, Research and Statistics in the ministry Mr. Ohaeri Ezenwa, Dr. Akujobi highlighted the livestock sector’s significance to Nigeria’s economy.
She pointed out that “Despite its importance, the sector is highly vulnerable to climate variability and change,” outlining its implications for animal health, productivity, and greenhouse gas emissions.
While emphasising the urgency of robust policies and reliable data to address the impacts of climate change, the Director (Technical) and Team Lead of the Technical Working Group on Climate Change, Dr. Alike Peter, explained that “These realities underscore the need for evidence-based policies and coordinated national action to drive climate-smart livestock development.”
Dr. Peter said that the Technical Working Group supports the National Livestock Growth Acceleration Strategy (NLGAS), which aims to double the sector’s contribution to GDP from approximately $32 billion to $74 billion in a decade.
He added, “Both growth pathways have direct implications for greenhouse gas emissions, making climate considerations crucial in livestock development planning.”
The ministry is also collaborating with the World Bank to establish a national methane baseline and develop evidence-based mitigation measures.
Dr. Peter said, “Ongoing collaborations aim to strengthen Nigeria’s Nationally Determined Contributions (NDCs) and access carbon markets.”
Dr. Harrison Charo Karisa, a representative from the World Bank Group, highlighted opportunities in climate-smart aquaculture, the blue economy, and carbon markets.
“Seaweed can serve as a nutritious livestock feed supplement rich in essential vitamins and minerals,” he noted.
Dr. Youssouf Kabore, Chief Livestock Officer at AfDB, commended the ministry’s proactive approach and assured the bank’s support in implementing effective interventions in the livestock sector.
General News
Kaspersky Highlights Cyber Threats at a Major Event Such as the Winter Olympics Games

The 2026 Winter Olympics will begin on February 6 in Italy, attracting the attention of fans both online and offline. Hundreds of athletes will participate, and the host cities are expected to welcome large crowds. Kaspersky experts have listed the types of threats that may emerge in the context of a major international event, regardless of its location.

The Event Audience as a Target
The Olympics attract thousands of people travelling to the host country. Offline spectators may face unpleasant surprises such as fake tickets, which scammers distribute. This could result in stolen funds from bank accounts or even compromised cryptocurrency wallet credentials instead of access to their favourite events. Meanwhile, online fans are at risk from fake live streams and fraudulent websites selling merchandise of their favourite athletes.
Travellers may also encounter fraudulent services posing as cell phone plans that collect and steal personal and financial information. That is why it’s convenient to choose Kaspersky eSIM Store to always stay connected, avoiding potential fraudulent services and physical SIM card hassles.
Attacks on athletes
Cybercriminals may exploit publicly available information and the popularity of the participating athletes. Other scenarios might be targeted phishing attacks and deepfake-based operations aimed at data theft or blackmail.
These should be of particular concern, as well as the potential hijacking of social media accounts. In addition, athletes may face risks of ‘doxxing’, — the public exposure of private information — and other forms of tech-enabled abuse, which can impact personal safety.
Threat actors may also take advantage of vulnerabilities in online security, particularly through data leaks that affect users’ personal information. The Data Leak Checker feature in Kaspersky Premium enables users to identify potential compromises in their accounts, alerting them to any risks of exposure.
Urban infrastructure attacks
Both profit-driven and other types of threat actors may target critical city systems, including transportation, utilities, communication networks, and vulnerable public Wi‑Fi, with the aim of disrupting services or compromising operational stability.
According to a 2024 study by Kaspersky, conducted ahead of the Summer Olympic and Paralympic Games in Paris, nearly 25 percent of the approximately 25,000 free Wi-Fi hotspots analysed in the city were found to have weak or no encryption, putting users’ personal and banking data at risk of theft.
These attacks can be carried out using malware, network intrusions, or manipulation of connected systems, potentially affecting city operations and services relied upon by residents and visitors. Using security solutions such as Kaspersky Premium along with a VPN will help to protect data by encrypting Internet connection and securing online activity.
Ransomware
Ransomware actors, seeking maximum profit, may view mass events and the related entities such as vendors or other organisations in the supply chain as high-value targets. To maximise financial gain from the high demand to attend the event in person, such attacks can target hotel networks in the host city, as well as stadiums, official ticket sales platforms and other event resources.
APT attacks
Advanced Persistent Threat (APT) actors also consider large international events as strategically significant targets due to their global visibility, high concentration of critical IT infrastructure contractors and complex supply chains.
A prime example of such an attack was the Olympic Destroyer, used against the IT infrastructure at the 2018 PyeongChang Olympics. In this attack, the malware spread within the organisers’ network using compromised credentials and was aimed at sabotage and disrupting the operation of the event.
Hacktivism attacks
Hacktivist actors may launch campaigns targeting event-related organisations to achieve their strategic goals and public attention. These offensive operations could take the form of data theft and leaks, misinformation, or the disruption of the systems involved in the event, such as broadcast infrastructure or ticketing platforms, potentially affecting both the spectators and organisations.
“Events on the scale of the Olympic Games typically draw significant attention from cybercriminals, and potential threats can take many forms, affecting spectators, cities’ infrastructure and the athletes themselves, as well as millions of people accessing with digital services before, during and after the event.
The international dimension and big audience make such events especially attractive targets for sophisticated actors, who pose serious threats that everyone involved should be prepared for,” said Igor Kuznetsov, Director of Global Research & Analysis Team at Kaspersky.
General News
Firm Gives Advice on How to Stay Secure as AI, robots and VR are Redefining Family Life

Over the past 10 years, families have experienced shifts in structure and a perceived increase in fragmented interactions at home, largely driven by the pervasive use of technology and changing social norms. What does the next decade hold in store?

According to a global survey* by Kaspersky’s market research center, an overwhelming 81% of people believe digitalisation will fundamentally alter families’ joint pastimes within the next decade. This shift points to a future where bonding is mediated by advanced technology, creating new rituals and challenges in equal measure.
Screen time is family time, but it has its risks
Nearly half (48%) of all respondents envision AI-powered bedtime stories becoming a norm, a figure that rises to 53% among 18–34-year-olds. Today, apps and smart devices offer AI-narrated tales with customisable characters and plot twists.
For the busy parent, it presents a novel aid, for the child, an endlessly patient, interactive storyteller.
Meanwhile, with 31% of families anticipating children opting for digital pets over real ones, it seems that ‘man’s best friend’ just got its first update.
It should be noted, however, that while AI has the potential to enrich a child’s life, it necessitates vigilance. When children interact with AI, for stories or learning, parents must be proactive.
Select services with strong privacy policies that do not unnecessarily store or misuse a child’s data or voice interactions and further enhance control with digital parenting assistants like Kaspersky Safe Kids to restrict content and balance screen time.
Parents would be well placed to treat AI interactions as a new digital playground where they can use parental controls to limit session duration, choose vetted, age-appropriate AI story platforms, and most importantly, maintain an open dialogue about what these stories are and how they are created. Explain to children that an AI is a tool, not a friend, and encourage them to report any strange or uncomfortable interactions, just as they would in the physical world.
The key is to ensure AI complements human interaction, not replaces the comfort of a parent’s voice.
Blowing out the digital candles
Another 43% predict family celebrations migrating to video call formats as a standard, not an exception, a trend accelerated by recent global events but now seen as a permanent fixture for dispersed families.
Meanwhile a daring 26% can imagine taking family vacations entirely in virtual reality. This sounds like the stuff of science fiction, but then 10 years ago, the type of generative AI being used today was not widely anticipated.
This fragmented outlook highlights that the future of family digital activity will not arrive as a uniform wave, but as a series of adoptions shaped by cultural openness and digital infrastructure. For security leaders like Kaspersky, this evolving landscape presents new vectors for risk within the most intimate of spaces, the smart home.
Preparing the digital home for tomorrow’s family
43% of all respondents foresee home robots as family members. Moving beyond voice-activated personal assistants or autonomous vacuum cleaners, these would be embodied AI companions capable of tutoring, playing games, or providing companionship.
In the eyes of hackers, however, every new device, from a VR headset to a robot nanny, is a potential entry point. To keep things secure, change default passwords immediately, ensure all device firmware is regularly updated, and segment your home network.
Use Kaspersky Premium with a Smart Home Monitor which scans users’ home Wi-Fi network 24/7, and shows a list of devices connected to it, including such details as device type, OS and IP address, and alerts when a new or unknown device connects.
As robots, AI, and VR devices become part of the family circle, security must be foundational, not an afterthought.
“The accelerating pace of technology is not fragmenting the family but redefining its shared spaces. The future, as seen by the global majority, is one where digital and physical experiences blend to create new forms of togetherness, from a grandparent joining a birthday party via hologram to a child caring for a digital pet with a sibling across the globe.
“The challenge and opportunity lie in building secure digital environments with intention, ensuring they are safe, respectful, and ultimately, tools that bring us closer,” comments Seifallah Jedidi, Head of Consumer Channel for META at Kaspersky.
E-Financial2 days agoAccidental Billionaire Opts for Jail Instead of Returning Money Credited Him by Mistake
News2 days agoUS Set to Deport 79 Nigerians on Criminal List
News2 days agoUngoverned AI is Quietly Scaling Risk in Nigeria – Dr. Naiho
E-Financial2 days agoSEC Warns of Potential Ponzi-style Risks in AURUM BOT, ModMount
Telecom2 days agoAirtel Nigeria Commits to Boosting Nigeria’s Digital Infrastructure
Telecom2 days agoGoogle, African Partners Launch WAXAL to Empower 100m Africans in AI Era
News2 days agoFirst Lady Commissions Dream Centre @ OAU
Telecom2 days agoNCC Hails $1Bn Telecom Surge as Networks Hit New Highs














