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Report Explores Use of Advanced Analytics for Improved Detection

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Financial firms constantly face a myriad of schemes and “bad actors” determined to commit fraud and gain access to customer accounts and funds.

These bad actors are taking advantage of digital services and digital transactions to develop new frauds and schemes.

Meanwhile, transactions are happening digitally and faster than ever before. As a result, IDC Financial Insights recommends that firms invest in new sources and combinations of data and advanced analytics to help uncover relationships between individuals, transactions, and events in real time (or near real time). In a new report, Business Strategy: The Use of Advanced Analytics in Fraud Detection and Prevention (Doc #US40137216), IDC Financial Insights examines the challenges and opportunities that firms face in developing and deploying fraud detection and prevention programs.

In this new report, IDC Financial Insights takes a look at the case for leveraging aggregated data and advanced analytics to improve fraud detection prevention programs at financial firms. Today’s fraudsters mimic customer and employees identities and legitimate transactions to avoid detection and arrest.

To effectively combat this threat, IDC Financial Insights recommends financial firms use a combination of visible and less visible strategies to asses current and future fraud risks, develop deterrents to prevent fraudulent activity, and reduce the opportunities for customers, employees, and bad actors to commit fraud.

Lead author and IDC Financial Insights Research Director, Bill Fearnley, illustrates with this example, “Imagine you are speeding on a highway with a keen eye out for law enforcement and speed traps.

“You’re getting away with it so far. But wait, there is a police plane flying above and behind you that you don’t see, monitoring your trip. Blue lights ahead.

You are busted, by someone you didn’t know was there. Welcome to the new world of fraud analytics – deploying tools that firms can deploy to catch bad actors, from a perch that fraudsters cannot see.”

Highlights Of The New Report Include:
A discussion on some of the fraud threat forms, including: account takeover (ATO), phishing schemes, new account fraud, fraudulent transactions, and malware.

IDC Financial Insights believes firms must be proactive in their fraud prevention and apply a risk-based approach to customer and transaction risk scoring.

Third party data and analytics service providers can deliver access to aggregated data and advanced analytics that provide insights “outside the walls” of the firm and help analysts uncover relationships, patterns, and anomalies in customer relationships and transactions.

IDC Financial Insights recommends firms take a dual approach to fraud detection and prevention with a combination of highly visible (i.e. multiple cameras) and less visible programs.

For less visible detection and prevention programs, aggregating internal data and external data and deploying advanced analytics (e.g. cognitive computing, machine learning, and complex event processing) can help firms take a wider view of data and information to discover new patterns and anomalies. Moreover, IDC Financial Insights outlines the following key actions to consider:

Centralize fraud operations: Centralizing operations, data sharing, and enabling collaboration among business units can help analysts uncover patterns and anomalies in transactions that look fine when viewed in isolation, but when combined may show patterns of fraud.

Augment fraud systems with 3rd party data and analytics: The insights gleaned in doing so can be used to augment customer profiles and investigations of bad actors and suspicious transactions.

Balance the customer experience and security requirements: Using advanced analytics and monitoring models can help to prevent fraud before it happens while limiting interference with the customer experience.

Deploy MDM strategies and tactics: It’s increasingly important for firms to have formal master data management (MDM) policies and procedures in place so that information is secure and that access to sensitive information and analysis is granted on a very selective basis.

Fearnley added, “Criminals and bad actors are developing more creative and aggressive fraud schemes and tactics to avoid detection and arrest. To effectively combat these threats, firms should be investing in risk-based approaches to fraud detection and prevention and using their privileged access to customer information and third party data and analytics services and combining them to help augment and automate their fraud prevention programs.”

 


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E-Business

NITDA DG Reaffirms FG Commitment to Responsible and Inclusive AI

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The Federal Government of Nigeria has reaffirmed its commitment to building a responsible, inclusive, and sovereign artificial intelligence ecosystem to enable Nigeria to transition from being a passive consumer of AI technologies to an architect and builder of indigenous AI systems.

This was said by the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi CCIE, while delivering a virtual address at the InnovateAI Conference held in Lagos.

The conference brought together policymakers, technology leaders, innovators, and stakeholders to discuss the future of artificial intelligence and its role in driving Nigeria’s digital economy and national development agenda.

Inuwa outlined Nigeria’s ambition to transition from being a consumer of artificial intelligence technologies to becoming a builder and owner of AI systems that reflect national values and priorities, in line with the National AI Strategy.

“Our goal is not just to use AI, but to architect and build our own AI systems in Nigeria,” he said, stressing that the country must take ownership of its AI future.

He noted that Nigeria’s approach to artificial intelligence extends beyond innovation to include governance, infrastructure, data sovereignty, and policy evolution.

According to him, “Responsible AI is never a finished job; it is an iterative journey. Our policies must evolve as the technology evolves, and we must avoid frozen laws by adopting living policies that adapt over time.”

He cited the implementation of the Digital Economy and E-Governance Bill as a key mechanism for generating insights that will help refine AI regulations and governance frameworks.

Inuwa also highlighted the challenge of data representation in global AI systems, noting that most models are trained on non-African datasets, which often results in bias against local dialects, cultures, and demographics.

“If a model shows bias against a local dialect or demographic, we cannot just patch it. We must reinvest in infrastructure to retrain it with inclusive and representative local datasets,” he stated.

He added that building national AI infrastructure is critical to achieving data sovereignty and ensuring that Nigeria is not merely an end user of foreign AI systems.

He further called for strategic partnerships with global technology companies and hyperscalers to build AI infrastructure in Nigeria while aligning with local values and national priorities.

“The world today is a global village. We need to work with global players, but they must understand our local nuances and help us build the infrastructure to retrain and develop AI models that reflect our context,” he said.

The NITDA Director General explained that adopting a comprehensive AI lifecycle approach, from responsible data collection and governance to deployment and continuous feedback, will enable Nigeria to move from reacting to AI developments to proactively designing indigenous AI systems.

“Without understanding how AI models are trained, how decisions are made, and how models are retrained, it will be difficult to build a responsible and trustworthy AI system,” he warned.

He reaffirmed that the Federal Government is intentional about promoting responsible AI and is working closely with the technology ecosystem to co-design national AI guardrails. He described platforms such as the InnovateAI Conference and other national AI dialogues as critical to shaping Nigeria’s AI future.


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Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026

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Mutual Benefits Assurance, a leading Nigerian insurance company, has paid a total of ₦5,937,665,353.57 in claims to policyholders in January 2026 alone, underlining its strong financial capacity and unwavering commitment to prompt claims settlement.

Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026

Mutual Benefits Assurance

A breakdown of the figures shows that ₦3,426,602,834.28 was paid under its General (Non-Life) Insurance portfolio, while ₦2,511,062,519.29 was paid across its Life businesses, including Group Life and Retail Life policies.

The significant payout within a single month reinforces Mutual Benefits’ reputation as a dependable insurer that honors its obligations swiftly and responsibly.

Commenting on the development, Olufemi Asenuga, Managing Director, Mutual Benefits Assurance Plc stated that claims settlement remains the core promise of insurance and the ultimate test of an insurer’s credibility.

“Insurance is built on trust. Our ability to settle over ₦5.9 billion in claims in one month demonstrates not only our financial strength, but also our deep commitment to our policyholders. At Mutual Benefits, we do not just sell policies. We stand by our promises,” he said.

With over three decades of operations, Mutual Benefits has consistently positioned itself as a strong and well-capitalised insurer.

The company operates both Life and General Insurance businesses and remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission (NAICOM).

The January payout reflects Mutual Benefit’s robust underwriting standards, prudent risk management practices and efficient claims administration framework.

It also aligns with the company’s broader record of substantial claims settlement in recent years, reinforcing its standing as a trusted brand in the Nigerian insurance industry.

Mutual Benefits employs over 5,000 staff, managed by seasoned management team and an experienced Board of Directors. Industry observers note that prompt claims payment remains one of the most critical differentiators in Nigeria’s competitive insurance landscape.

By consistently settling valid claims without delay, Mutual Benefits continues to strengthen customer confidence, deepen market trust and expand its footprint across retail and corporate segments.

As the company begins 2026 on a strong footing, it reiterates its commitment to innovation, service excellence and delivering value to policyholders and stakeholders alike. Mutual Benefits Assurance focused on its mission to provide reliable risk protection solutions while maintaining the highest standards of professionalism and integrity.


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NITDA Warns Nigerians of Actively Exploited Microsoft Office Vulnerability

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National Information Technology Development Agency (NITDA) has issued an urgent cybersecurity warning about a serious Microsoft Office vulnerability (CVE-2026-21509) that attackers are actively exploiting.

NITDA Warns Nigerians of Actively Exploited Microsoft Office Vulnerability

This advisory, shared through Nigeria’s Computer Emergency Response Team (CERRT.NG), highlights the risks of this flaw and recommends immediate action to protect systems.

Microsoft has released quick security updates to fix this vulnerability, which has a severity score of 7.8, showing it is a serious risk. Attackers have already used it in targeted attacks.

CVE-2026-21509 affects multiple versions of Microsoft Office, including Office 2016, Office 2019, Microsoft 365 Apps, Office 2021, and later versions.

This flaw allows attackers to bypass security features meant to stop harmful Object Linking and Embedding (OLE) controls. OLE is an older Microsoft technology that can be used to embed links or content, but it has often been exploited by malware.

By exploiting this flaw, attackers can create specially designed Office documents.

When a user opens these documents, they can run malicious code or gain further access to the system.

Exploitation requires user interaction, meaning attackers often trick people into opening harmful Word, Excel, or other Office documents. Common methods include using email attachments or files from untrusted sources.

Because Microsoft confirmed that the vulnerability is being actively exploited, they have made emergency security updates available outside their usual schedule. Users and organisations should:

  1. Install the latest Microsoft Office security updates for all affected versions.
  2. Restart Office applications for Office 2021 and later to ensure that the updates take effect.
  3. Use registry-based settings for protection if updates can’t be applied right away.
  4. Follow good cybersecurity practices, like using endpoint protection and filtering emails.

Microsoft’s updates for Office 2021 and newer versions are automatically applied, but need a restart of the applications to be active.


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