E-Financial
How Organisations Can Prevent Financial Losses via Innovative Email Protection
By peter oluka
Many business organisations and public institutions are faced one way or the other with challenges of their corporation email been compromised. This to a large extent has brought loss of businesses or embarrassment.
Those who have not been able to successfully manage it by being on top of the situation are those whose knowledge and technology partnership need to be upgraded.
In the technology parlance, the Business e-mail compromise (BEC) is when an attacker hacks into a corporate e-mail account and impersonates the real owner to defraud the company, its customers, partners, and/or employees into sending money or sensitive data to the attacker’s account.
BEC is also known as a “man-in-the-email” attack. This is derived from the “man-in-the-middle” attack where two parties think that they are talking to each other directly, but in reality, an attacker is listening in and possibly altering the communication.
This is how it works. A BEC scam starts with research. An attacker will sift through publicly available information about your company from your website, press releases, and even social media posts.
He/she might look for the names and official titles of company executives, your corporate hierarchy, and even travel plans from email auto-replies.
The attacker will then try to gain access to an executive’s e-mail account. To remain undetected, he/she might use inbox rules or change the reply-to address so that when the scam is executed, the executive will not be alerted.
Another trick is to create an e-mail with a spoofed domain. For example, the attacker might use [email protected]instead of [email protected], or [email protected] instead of [email protected]. If you do not pay close attention, it is easy to get fooled by these slight differences. One of the most famous spoofed domain tricks ever was the “PayPa1.com” – a scam site imitating money transfer website Paypal.com.
After scouting corporate communications for some time, the attacker will probably have a good idea of scam scenarios that might work. For instance, if the company has a lot of suppliers, he/she can send invoices to account for the rush payment of materials. The attacker would know who is responsible for wire transfers and be able to craft a convincing scenario that would require the immediate transfer of funds.
Some of the most prevalent examples of BEC scams are:
- The fraudulent invoice scamis when a cybercriminal uses an employee’s e-mail to send notifications to customers and suppliers asking for payment to the cybercriminal’s account.
- The fake boss scamis when a fraudulent email is sent from a business executive’s account to employees instructing them to urgently transfer money from the corporate account to the criminal’s account.
- The fake attorney scamis when a lawyer’s e-mail address is used to contact clients, asking that they pay money immediately to keep things confidential.
However, business e-mail compromise attacks do not only involve money; sometimes, attackers seek PII or trade secrets.
One high-profile BEC case involved a Lithuanian cybercriminal that used the e-mail addresses of suppliers. Companies that were targeted include Apple and Facebook. By impersonating suppliers, the hacker was able to steal $100 million in two years. In another case, the FACC Ag CEO was fired after such an attack cost the company $54 million.
In 2016, there were at least 40,000 incidents of business e-mail compromise or other incidents that involve e-mails—an increase of around 2,370% since January 2015. In the second half of 2016 alone, the FBI reported more than 3,044 victims in the United States, with a combined loss of around $346 million. Where does most of the money go?
Most of the victims are told to send the money to an Asian bank, usually in Hong Kong or China, or a bank in the United Kingdom.
But you can protect your business or organisation from all these challenges!
Business e-mail compromise attacks are successful for three main reasons:
- Insufficient security protocols
- Social engineering
- Lack of employee awareness
Multi-factor authentication should be implemented as an IT security policy. This will help prevent unauthorized access to e-mails, especially if an attacker attempts to login from a new location. In addition to stronger security protocols, employee education is also important.
Employees should be trained on identifying fraudulent e-mails. Always be skeptical of urgent and rush money transfer requests, especially from C-level executives, and verify those requests, either by phone or in person.
According to Victor Ugwu, Signal Alliance, technical security consultant, the company offers a robust and adaptive email security solution on- premise and in the cloud. Beyond email security, they also provide a tested and trusted Cybersecurity solutions ranging from; Perimeter Security, Infrastructure Security, Cloud, Mobile Security and Managed Security Service.
MoneyMaster Payment Service Bank has introduced a refreshed mobile banking experience designed to make purchasing airtime and data more convenient and straightforward for customers.
As part of the rollout, customers will enjoy added value on their transactions. Airtime purchases on the Glo network come with a 100 percent bonus, while data purchases attract a 10 percent bonus, giving users amazing rewards on each purchase.
With this revamp, the app is now much easier to use, especially for airtime purchases. From selecting accounts to choosing amounts, the process is more seamless, with clearer options and fewer steps. Data plans are now neatly organized into categories such as daily, weekly, and monthly, making it easier for users to find what they need without endless scrolling.
Beyond the improved layout, customers now have more flexibility in how they recharge. Lower airtime denominations have been introduced, giving users the freedom to choose amounts that better suit their needs, while navigation has been adjusted to be quicker and more intuitive.
Speaking on the update, the bank’s Head of Business, Tajudeen Omokhide, explained that the goal is to make payments as simple and seamless as possible. According to him, customers expect speed, clarity, and affordability, and these improvements are part of the bank’s ongoing effort to meet those expectations. He also encouraged both existing and new users to get the latest version of the app.
These updates are a testament to MoneyMaster’s broader mission of developing practical, relevant products for everyday life. Promoted by Globacom and licensed by the Central Bank of Nigeria, the bank offers mobile wallets, savings accounts, individual current accounts, and business banking services.
MoneyMaster continues to position itself as a flexible, customer-centric platform, enabling over 4,000 individual and business billers to manage payments, access financial services, and stay connected with ease.
Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks, as part of efforts to tighten oversight of diaspora remittances and improve transparency in the foreign exchange market.
The directive was contained in a circular dated March 24, 2026, signed by Dr Musa Nakorji, director of the Trade and Exchange Department, and addressed to IMTOs, authorised dealer banks and the general public.
The circular was published on the apex bank’s website on Tuesday.
The CBN said the measure is aimed at “enhancing diaspora remittances, strengthening transparency, traceability, and effective monitoring of all transactions.”
It stated that “all IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks in Nigeria.”
Under the new rule, all inflows, beneficiary payments and related settlements linked to international money transfers are to be processed solely through these accounts.
IMTOs may, however, operate multiple settlement accounts across different banks in line with their operational needs.
The circular also introduced tighter controls on how the accounts can be funded, stating that they “shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs (or their agents)” within the Nigerian foreign exchange market.
Operators are required to clearly designate the accounts and submit the details to the CBN, with updates provided periodically where necessary.
To improve market operations, authorised dealer banks are permitted to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators.
The apex bank further directed IMTOs to adopt market-reflective pricing by referencing the Bloomberg BMatch system. It said IMTOs “shall observe real-time market prices from the Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and Authorised Dealers.”
According to the CBN, this approach is expected to “improve price discovery, reduce information asymmetry between IMTOs and banks, and encourage increased participation in the official FX market.”
The bank added that all operators must maintain proper transaction records for regulatory checks and comply fully with anti-money laundering, counter-terrorism financing and counter-proliferation financing rules.
“This directive takes effect from May 1, 2026. Please note and ensure compliance,” the circular stated.
The move shows the CBN’s push to channel remittance inflows through formal banking channels, boost liquidity in the official foreign exchange market and strengthen regulatory oversight of cross-border transactions.
E-Financial
DLM Capital Group’s AAA-Rated Sovereign Bond-Backed Composite Notes (“SBCNS”) Strengthens Investor Confidence with Successful First Principal & Interest Payment
Foremost Development Investment Bank, DLM Capital Group has reinforced its position as a leader in innovative fixed income solutions with the successful payment of the first principal and interest (coupon) to investors under its Sovereign Bond-Backed Composite Notes (“SBCNs”) issuance.
This milestone, alongside the consistent delivery of quarterly performance reports, underscores the Group’s commitment to transparency, capital preservation, and investor confidence.
DLM SPV PLC’s 40.62% Hold-to-Maturity return ₦7.30 billion (Tranche A) and 19.07% ₦1.70 billion (Tranche B) Plain Vanilla Series 1 Notes, issued under its ₦30.00 billion Medium-Term Notes Programme and developed by Sonnie Babatunde Ayere, Group CEO of DLM Capital, was recently listed on the FMDQ Exchange with the Tranche A bond becoming the most valuable AAA-rated corporate bond on the market.
This represents a new class of structured debt instruments designed to meet both issuer funding needs and investor expectations. As a platform widely recognised for supporting innovative debt structures, FMDQ provides an enabling environment for instruments like DLM’s SBCNs to thrive.
At launch in July 2025, DLM SBCNs, which achieved a 9-notch upgrade from BBB- (GCR Sponsor ratings at issuance) without securitisation, entered the market with a healthy degree of skepticism, as is typical with pioneering financial instruments. However, after six months of post-issuance, DLM Funding SPV Plc has delivered on its promise by comfortably and successfully meeting its first principal and coupon obligations to its investors.
This performance milestone has significantly strengthened market confidence and validated the robustness of the structure. The notes are rated AAA by Global Credit Rating and AAA by DataPro Limited, reflecting their strong credit fundamentals and low-risk profile. Designed to prioritise capital preservation, liquidity, and above competitive market returns, the instrument stands out as one of the most compelling corporate fixed income offerings for institutional investors currently available in the market.
Investor response has been notably strong and institutional investors who are beginning to recognize the value of a well-structured de-risked, high-return and, high-quality fixed income investment backed by a credible issuer with a proven track record. The combination of timely coupon payments, high credit ratings, and ongoing transparency has positioned SBCNs as a preferred option for investors seeking stability and performance in today’s evolving financial landscape.
As investor interest continues to build towards Series 2, DLM SBCNs are not only demonstrating resilience but also setting a benchmark for innovation in Nigeria’s debt capital markets. In its role as a Development Investment Bank (“DIB”), DLM Capital Group remains committed to delivering structured solutions that align with investor needs whilst maintaining the highest standards of governance and execution.
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