News
Cybercriminals Turn to Deepfakes, Target Enterprise Networks
The year 2020 will see a new level of cyber-attacks – fake audio-visuals are forecast to be increasingly used by criminals as a social engineering tactic to extort money from companies and individuals.
This is according to security experts, who warn that deepfakes will transition from being predominantly used to create fake celebrity pornographic videos to the new threat used to sabotage enterprises for financial gains.
Anna Collard, founder and MD of KnowBe4 company Popcorn Training, says deepfakes are spilling beyond the world of celebrity cyber bullying and into company systems.
“Most deepfake technologies use existing media, video or audio typically to train an AI to create a virtual model of the item they want to change. While they can be used for entertainment in applications such as those on phones that swap faces, they can also be used for deception and fraud, to deceive employees into transferring funds or making critical decisions.
“Imagine getting a phone call or voicemail from an executive asking you to transfer money into a bank account. If you believe the person calling is the executive, why would you question the request?” Collard asks.
According to experts, only one social media profile picture is sufficient to create a deepfake video.
Deepfake can also be used for anything from traditional blackmail of politicians, to election influencing through releasing fake videos of candidates, to cyber bullying victims.
According to Forrester’s 2020 Predictions, deepfakes alone will cost businesses over a quarter of a billion dollars, as attackers use AI, machine learning and natural language tools to generate fake audio and video designed to deceive employees into releasing company funds.
Jonathan Miles, head of strategic intelligence and security research at Mimecast, says in the same ways as threat actors impersonate e-mail addresses, domains, subdomains, landing pages, Web sites, mobile apps, and social media profiles, deepfakes are emerging as a new threat, targeting enterprises.
“Deepfake attacks, or voice phishing attacks, are an extension of business e-mail compromise (BEC) and have introduced a new dimension to the attacker’s arsenal. This methodology is becoming more prevalent as an additional vector used for eliciting fraudulent fund transfers.
“Many people are aware of fake videos of politicians, carefully crafted to convey false messages and statements that call their integrity into question. But with companies becoming more vocal and visible on social media, and CEOs speaking out about purpose-driven brand strategies using videos and images, there is a risk that influential business leaders will provide source material for kicking off possible deepfake attacks,” he explains.
According to security firm Trend Micro, deepfake ransomware is among the top ten security trends to watch out for in 2020.
Deepfake audio fraud is a new cyber attack tool, further highlighting how AI can be abused by cyber criminals to make scams harder to detect, often used alongside BEC scams, notes the report.
“For years, email-based scams have been largely perpetrated by fraudsters in West Africa – and we do not expect this to change. We do foresee fraud advancing in 2020, with AI technology being used to create highly believable counterfeits in image, video, or audio format that depict individuals saying or doing things that did not occur.
“The rise of deepfakes raises concern. It inevitably moves from creating fake celebrity pornographic videos to manipulating company employees and procedures.”
This was exemplified when a fake, AI-generated voice of an energy firm’s CEO was used to defraud the company of $243 000.
Experts also believe newsrooms, journalists in particular, could also become a prime target for deepfake creators.
Preventing deepfakes
According to Reuters, China has introduced a new lawgoverning video and audio content online, banning the publishing and distribution of “fake news” created with technologies such as AI and virtual reality, effective from January 2020.
Google, in partnership with Jigsaw, has released a vast dataset of deepfake videos to help researchers in detecting forgeries. It includes 3 000 AI-generated videos that were made using various publicly available algorithms.
Collard believes as scammers constantly seek new ways of earning trust from their victims, the crime is expected to also be increasingly used as part of online dating scams.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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