E-Financial
Consumer Tips for Cybersecurity Awareness Month – Sophos
In the mood of Cybersecurity Awareness Month, Christopher Budd, Director Sophos X-Ops, has compiled some tips for staying secure online.
Below is a detailed guide on how to stay secure in today’s online world:
Cybersecurity Pro Tips:
- Face Scans and Fingerprints are Safer Than Passcodes: Use features like Face ID or fingerprint scans for your devices as much as possible. These are safer than passcodes and devices have good built-in protections for this sensitive information.
· Use Multi-Factor Authentication: Use multi-factor authentication (MFA) whenever possible. This gives an important extra layer of security that makes it harder for cybercriminals to access your accounts. If you can’t use something more secure like secure authenticator applications or physical hardware security keys, use your phone number — it’s safer than using nothing. If you use MFA for only one thing, use it for your email: that’s what attackers want the most.
· Think Before You Share Publicly: Think twice before sharing any information publicly –cybercriminals can use it to access your accounts or to convince someone that they’re you.
o Think about those cute surveys on Facebook with questions about your first car, city you were born in: these are the same kinds of info cybercriminals can use to pretend they’re you and log into and take over your accounts.
· You Don’t Always Need (to keep) the App: Don’t feel pressured to download an app every time: you can often use the service’s website just as well. Apps collect much more data than websites, including your location, your contact list and other info you might not want to share.If you do download an app, think about deleting it when you’re done using it: you can always reinstall it next time you need it.
· Beware of Apps You Get Outside of the Big-Name App Stores: Apps from app stores and websites that aren’t the official big names ones like Google Play, Apple’s App Store, Samsung’s Galaxy Store can be very risky. The official stores have security and privacy standards that can identify malicious activity. Always stick to official sources for downloading apps or, if they’re not on the official app stores, download the app from the developer’s official website or use the app’s web version.
· Be On Your Guard for Unexpected Emails and Text Messages: Phishing continues to be one of the most effective tactics cybercriminals use to compromise consumers. If you get an unexpected email or text message, ignore it or at least don’t interact with it (don’t open attachments, don’t click on links). If you think it might be legitimate, reach out directly to who you think sent it and check with them.
·Question Urgency in Emails and Calls: Cybercriminals use urgency to get you to let your guard down and make bad decisions. If someone contacts you saying they’re from a trusted organization like the IRS, police or your bank and need you to take action quickly or something bad will happen, stop and question it. Go to the trusted source like the number on the back of your credit card to independently validate the request.
· Practice Good Password Security: Every account should have its own unique complex password. A strong password is at least 12 characters long with a mix of numbers, upper- and lower-case letters, and punctuation characters. Passwords should not be based on any personal information, and the best ones use a phrase rather than single words. If these passwords are too tough to juggle, try a password manager to stay organized.
· Keep Everything Updated and Run Security Tools. Make sure all your apps and devices are always fully updated. Be sure to have some sort of security software on all of your phones and computers (even if you have a Mac).
- Get Rid of End-of-Life Devices and Software: Everything from operating systems to services to Wi-Fi routers “go stale” and must be replaced eventually. For example, it might surprise you, but your internet router is typically only supported with patches and updates for a few years after you get it. Attackers love out-of-date devices. When something is “out of support” it’s stale: get rid of it and replace it with something fresh.
· Back Up Your Data: While ransomware groups are mostly after businesses that can pay higher ransoms, they still go after people at home. It’s still important to have your data backed up so that you don’t have to consider paying a ransom.
Put Your Mind at Ease Regarding These Cybersecurity Concerns
Part of staying secure requires being able to filter out the noise and prioritize the security actions that matter. Here are things not to worry about. Focus your energy on real risks, not exaggerated threats.
· Public Wi-Fi is Safer Than You Think: Contrary to outdated advice, public Wi-Fi is generally safe due to encryption used by most websites and apps. Use it freely at airports or coffee shops, but avoid sensitive activities.
· Beware of Fearmongering Around New Tech Features: Not every new technology is as risky as it’s made out to be. For example, Apple’s NameDrop feature is generally safe and requires specific conditions to function. However, if you’re concerned, you can easily turn it off in settings.
· Stop Stressing Over Public Chargers: The risk of “juice jacking” (data theft from public chargers) is extremely low. Don’t worry about using public phone chargers — just focus on real, more prevalent threats.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
Court Adjourns Alleged Binance Tax Evasion Case over Settlement Talks
Fixed Wired Internet Market Lags as Mobile Gains Ground
Xenophobic Attacks: OYC Threatens to Picket MTN Nigeria Offices
New NIMC Act Strengthens Data Protection, Privacy – Director
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Mobile Internet Gender Gap Widest in Africa – GSMA
Nigeria Launches FreeTV Nationwide
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
News2 days agoNRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
News2 days agoNSITF Partners South African Insurer on Digital Transformation
E-Financial2 days agoFCT-IRS Unveils New Digital Platform, Taxporta
General News2 days agoKPMG Urges Africa’s Most Innovative Tech Entrepreneurs to Enter the Global Tech Innovator 2026 Competition
E-Business2 days agoFG Suspends New Internet Regulations to Prevent Overlapping Rules
E-Business2 days agoNIN Enrollment Hits over 136m as New ID Law Takes Effect
E-Business2 days agoPlateau PCC Collects Nigerians’ Data without Privacy Policy – FIJ
General News2 days agoCourt Declares ARCON’s N60Bn Fine against Facebook Nigeria Illegal