Uncategorized
UPS Falls Victim of PoS Malware
United Parcel Service (UPS), a shipping and courier giant, has confirmed a long-running data breach at 51 of its UPS Stores, across 24 states in the United States.
While the number of affected stores accounted for only total about 1% of its more than 4,400 locations, as many as 105,000 customer transactions may have been compromised thanks to the sheer length of the malware infection: it ran between January and August of this year.
According to reports by InfoSecurity, the thieves are believed to have made off with names, postal addresses, email addresses and credit- and debit-card data.
Worryingly, the government alerted the company to the malware—UPS’ own systems did not detect it. UPS has since hired a security firm to review and upgrade its systems.
“As soon as we became aware of the potential malware intrusion, we deployed extensive resources to quickly address and eliminate this issue. Our customers can be assured that we have identified and fully contained the incident,” said Tim Davis, president of the UPS Store subsidiary, in a statement.
However, the inability to catch the issue is, well, an issue. “The first malware infection recorded by UPS was on January 20, 2014 and lasted until August,” said Joshua Cannell, malware intelligence analyst at Malwarebytes Labs, in a comment to InfoSecurity Magazine.
“In order to avoid detection for such a long period, a custom and highly-targeted piece of malware must have been used, as most traditional malware wouldn’t survive a week without being detected by antivirus and anti-malware vendors. This type of malware is often produced by well-funded groups that carefully plan their attack by surveying weakness in the target and then building malware to exploit them.”
Also, the locations each run on independent private networks that are walled off from the corporate network, UPS said.
This is the cause of some consternation—in previous breaches, the hackers were able to use a third-party contractor, unwitting insiders or some other means to enter the main network, and install PoS scraping software at individual locations from there. Clearly, the cybercriminals’ operation is evolving.
“This shows that sophistication of IT isn’t an inoculation against a breach,” said Steve Hultquist, chief evangelist at RedSeal Networks.
“The combination of complexity and continuous change–including both growth and technological advancement–mean that it’s virtually impossible to be aware of all the potential paths of attack. It is critical for all enterprises to deploy not only reactive security analysis but also to use a cyber-attack prevention system to analyze their entire network as it is actually implemented to anticipate all potential paths and to provide guidance in plugging inappropriate holes. The situation will continue to expand and become more broad. Enterprises must take action to avoid being the next casualties.”
Overall, PoS breaches seem to be reaching epidemic levels, with a string of incidents dating back to last Thanksgiving hitting household name retailers: Supervalu grocery stores, Target, Neiman Marcus, PF Changs, and on and on.
The New York Times cited a government source in reporting that the same group of Eastern European criminals are behind several of them.
Researchers had an air of exasperation in commenting on the incident. “How many more point of sale breaches need to occur industry-wide before consumers rise up and start demanding proactive protection surrounding their personal information prior to the purchasing of goods and services from a company?” Kyle Kennedy, CTO of STEALTHbits Technologies, told Infosecurity.
“Is it time for a third-party service provider focused solely on financial transactions and securing the consumer’s personal information the answer for the consumer AND the retailer? Or is the risk of personal information potentially being breached so accepted by consumers that change isn’t possible? I refuse to believe, as a consumer and a security executive, that change isn’t possible around one of the most fundamental components of business – the buying of goods and services via credit cards.”
Eric Chiu, president & co-founder of HyTrust, suggested that in the meantime, consumers need to be hyperaware of how they’re using their cards.
“Major breaches are being reported weekly, sometimes daily,” he said in an email. “Attackers are using sophisticated attacks to either compromise PoS systems at physical stores or branches as well as gaining access to corporate networks to siphon off millions of customer records in centralized systems in the core of the data center. Consumers need to…be careful who they do business with and what information they share on the Internet as well as keep an eye on their finances to identify if they might be a victim of a recent breach.”
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
Uncategorized
Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
NDPC Partners Gates Foundation, KPMG on Open Banking Frameworks
Banks to Charge 0.375 Percent Stamp Duty on Loans
KADIRS Seals 7 Telecom Masts over Unpaid N5.8Bn Taxes
Afreximbank Urges African Countries to Strengthen Reserves with Gold
32m Attacks Thwarted on World Password Day
See Full List of Fake Loan Apps Blacklisted By CBN
CBN Sacks another 50 Staff, 117 Disengaged in 20 Days
AfDB, AGF Partner on Female Entrepreneurs’ Access to Finance
Nigeria Plans AI Strategy Workshop for National Development
IMF says Rising Cyber Threats Pose Serious Concerns for Financial Stability
Telecom2 days ago5G Subscriptions Hit 2.7m in Nigeria –NCC
News3 days agoGlo Urges Workers to Reflect on Furthering National Growth on May Day
Telecom3 days agoTelecom Management Company Appeals for Cooperation and Safety Measures Over Abaranje Base Station Fire Incident
Telecom3 days agoGoogle, Kaduna State Others Partner to Launch First Hausa-Language AI learning Series to Expand Tech Education and Empower Women
Telecom2 days agoExperts Seek Stricter Regulation against Call Masking, SIM-Boxing Fraud
E-Business3 days agoKonga Launches Tech Month with Incredible Discounts
Broadcasting2 days agoMultichoice Ignores Court Order, Implements Hike of DStv and GOtv Subscriptions
News2 days agoTranscorp Group Delivers Impressive Q1 2024 Performance with Revenue Growth of 173 Percent