E-Financial
Cyber Thieves Using Malware to Wipe Cash @ ATMs- Kaspersky
Kaspersky, a cybersecurity solutions provider, said it has discovered a malware used by cybercriminals to automatically dispense cash from Automatic Teller Machines (ATMs).
It said the malware called WinPot had been designed to look like the slot machine, warning that new modifications would be invented by the fraudsters this year.
Kaspersky said some of the modifications would trick the ATM security systems; overcome potential ATM limitations; find ways to keep the money mules from abusing their malware; and improve the interface and error-handling routines.
“In March 2018, we came across a fairly simple but effective piece of malware named WinPot. It was created to make ATMs by a popular ATM vendor to automatically dispense all cash from their most valuable cassettes. We called it ATMPot. The criminals had clearly spent some time on the interface to make it look like that of a slot machine. Likely as a reference to the popular term ATM-jackpotting, which refers to techniques designed to empty ATMs,” the Kaspersky report said.
Describing how the malware is used, analysts at Kaspersky said, “In the WinPot case, each cassette has a reel of its own, numbered one to four (four is the maximum number of cash-out cassettes in an ATM) and a button labelled ‘spin’.
“As soon as you press the spin button, the ATM starts dispensing cash from the corresponding cassette. Down from the spin button, there is information about the cassette such as the bank note value and the number of bank notes in the cassette. The scan button rescans the ATM and updates the numbers under the slot button, while the stop button stops the dispensing in progress.”
The company said its findings had been further corroborated by similar samples found in an European Fraud Update published in the summer of 2018.
In order to protect ATM from the threat, the cybersecurity firm advised, “Have a device control and process white-listing software running on it. The former will block the USB path of implanting the malware directly into the ATM PC, while the latter will prevent the execution of unauthorised software on it.”
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
By Mathew Anthony, Market Analyst at FXTM
In another positive development for Nigeria, the CBN has proceeded with 50-basis points rate cut.
FXTM Logo
With favourable fundamental forces at play, it was always a question of how much rather than if rates will be cut in February.
Although some were expecting a hefty 100-basis point cut, this was still a positive move by the CBN, mirroring the dovish strategy of other major banks on the continent.
Interest rates were slashed thanks to cooling inflationary pressures, a stronger Naira and rising FX reserves.
This move is likely to boost confidence over the economic outlook ahead of the Q4 GDP report scheduled for release later this month.
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
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