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Facctum Unveils Solution that Enables Banks Enhance Risk Detection

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Poised to curb the unprecedented and regular internet -enabled financial crimes, Facctum, a risk tech company specialising in anti-financial crime solutions, is introducing its next generation technology to Nigeria, to enable Nigerian banks to enhance risk detection and management.

These cutting-edge applications harness the power of parallel processing technology, giving Nigerian financial institutions new choices to modernise financial crime detection.

As the Nigerian financial service industry adjusts to a new risk environment, following the recent grey-listing of the country by the Financial Action Task Force (FATF), the Facctum initiative offers highly performant technology that is also affordable and sustainable.

To offer better service customers in Africa, Facctum opened its first office in the region earlier this year, in Johannesburg. Facctum now plans continued expansion in Africa by placing a strategic focus on serving Nigerian financial institutions and Regtechs.

Speaking on its Africa growth initiative, Nicolas Willard, the Facctum Director of Business Development – EMEA, said, “We are delighted to bring anti-financial crime solutions much closer to the Nigerian financial and fintech industry.

“Nigerian institutions are growing quickly and modern risk management technology plays a critical role in ensuring that new opportunities are both safe and sustainable.”

He assured that Facctum uses a combination of cloud and state-of-the-art parallel processing technology to deliver financial crime compliance solutions to regulated industries. “The focus on cloud technology results in solutions that can be delivered very economically, whilst also ensuring high level of security and performance. This approach makes Facctum solutions very relevant to the risk profile and compliance objectives of African financial institutions” he maintained.

Similarly, François Améguidé, the Facctum Director of Business Development, Africa, posited, “We are excited to announce the launch of our new FacctList watchlist management solution that will revolutionise the way Nigerian financial institutions manage mission critical sanctions and anti-terrorism financing risk data.


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Firm Warns of Phishing Through Fake University Login Pages Targeting Academia

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As the new international academic year begins, Kaspersky has detected a wave of phishing webpages targeting college and university students as well as professors. Attackers are deploying fake login portals that mimic official university websites, tricking users into entering credentials which can lead to stolen data or a complete loss of access to their university accounts.

Links to these phishing portals are either distributed in emails or appear in web search results when looking for academic institutions’ login pages.

The fraudulent portals closely replicate the branding and design of legitimate university systems. Students of multiple academic institutions across different regions have been targeted, including in the Middle East, Turkiye and Africa (META) region.

If users enter their credentials on these fake academic portals, cybercriminals can steal sensitive data such as login details which grant access to university accounts containing personal information, academic records, and financial data. Attackers may also change the passwords, blocking students and professors from critical resources like course materials, email, or payment systems. Compromised accounts can be used to send phishing emails to peers, spreading the attack within university networks.

“Colleges and universities are vulnerable due to their reliance on digital platforms and the high volume of users accessing systems during the international back-to-school rush.

These fake login portals can appear convincing, exploiting the trust that students and professors place in their university systems. We’re urging the academic community to stay vigilant and double check the web addresses of their educational institutions’ login pages to avoid losing data,” commented Olga Altukhova, Senior Web Content Analyst at Kaspersky.

To stay safe against education fraud, Kaspersky recommends the following:

  • Enable multi-factor authentication (MFA): Activate MFA wherever possible, adding an extra layer of security to your online accounts. Use a reliable password manager that doesn’t just store your passwords but also generates one-time passwords for 2FA automatically.
  • Use a reliable security solution for comprehensive protection from a wide range of threats, such as  Kaspersky Premium.
  • Stay skeptical: Exercise caution when encountering “too good to be true” offers, especially if they require payments or personal information upfront.
  • Verify the source: Thoroughly research any scholarships, giveaways, or offers that come your way. Look for official contact details and confirm legitimacy before taking any action.
  • Secure personal information: Avoid sharing sensitive data online unless you’re absolutely certain about the legitimacy of the request.
  • Use trusted sources: Stick to official school websites, recognised scholarship platforms, and reputable retailers when making payments or providing personal information.

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FG Shuts Down over 13.5m Social Media Accounts for Alleged Policy Violations

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Federal government has confirmed the closure of 13,597,057 social media accounts over harmful content and breaches of the country’s digital code of practice.

FG Shuts Down over 13.5m Social Media Accounts for Alleged Policy Violations

The figure was contained in the Code of Practice 2024 Compliance Report, submitted by major technology firms including Google, Microsoft, and TikTok.

The report outlined efforts made by online platforms to curb offensive content and strengthen user protection.

The compliance framework, introduced in 2022 and jointly enforced by the Nigerian Communications Commission (NCC), the National Information Technology Development Agency (NITDA), and the National Broadcasting Commission (NBC), required platforms to address user complaints and remove content that violates community guidelines or national regulations.

According to the latest report, social media platforms collectively deleted 58,909,112 posts flagged as offensive within the year.

Authorities also recorded 754,629 user complaints, while 420,439 pieces of content were reinstated following successful appeals.

In a statement issued by Hadiza Umar, spokesperson, NITDA, commended global platforms for what she described as “continued compliance” with Nigeria’s Code of Practice. She noted that the submission of the annual reports demonstrates a shared commitment to creating a safer digital environment.

“The compliance reports provide valuable insights into the platforms’ efforts to address user safety concerns in line with the Code of Practice and their community guidelines,” Umar said.

“We remain committed to working with industry players, civil society, and regulatory partners to strengthen user safety measures, enhance digital literacy, and promote trust and transparency in Nigeria’s digital ecosystem.”

The government said the monitoring exercise underscores its drive to ensure that Nigeria’s growing digital space remains secure, responsible, and free from harmful content.


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Nigeria to Launch NGDX, Unified Data Exchange by End of This Year

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Federal government has announced plans to streamline identity management in Nigeria through the rollout of the Nigeria Data Exchange Platform (NGDX), a centralised system designed to eliminate the burden of repeated data submissions by citizens across multiple agencies.

Nigeria to Launch NGDX, Unified Data Exchange by End of This Year

For years, Nigerians have faced the frustration of presenting the same personal details and biometrics for services such as National Identification Number (NIN) registration, driver’s licences, Bank Verification Numbers (BVN), SIM card registration, and international passports.

The NGDX aims to put an end to this duplication by enabling secure, seamless sharing of verified data among government institutions.

Speaking at a stakeholders’ workshop in Abuja, Kashifu Inuwa, director general of the National Information Technology Development Agency (NITDA), said the platform will serve as a unified backbone for identity and data verification.

“With the NGDX, citizens will no longer need to repeatedly submit the same personal data each time they interact with a government agency. Authorised institutions will be able to seamlessly verify and share records on the back end,” he explained.

The reform is expected to cut costs, save time for citizens, and address inefficiencies across the public sector.

It will also benefit businesses—particularly fintechs and service providers—by enabling faster Know Your Customer (KYC) checks and giving them access to government-backed verification systems.

Inua further noted that the NGDX’s value goes beyond convenience. By allowing the use of anonymised public data, it will open new opportunities for innovation in sectors such as healthcare, agriculture, fintech, and education technology.

“The NGDX will open opportunities for startups and enterprises to build solutions leveraging anonymised public data for improved healthcare delivery, agricultural productivity, fintech development, and education technology,” he said.

He described the initiative as “essential digital infrastructure,” placing it on the same scale of importance as Nigeria’s nationwide fibre optic rollout, and emphasised its centrality to the country’s digital economy aspirations.

To ensure successful deployment, NITDA is working in collaboration with the ministry of communications, innovation and digital economy and other key stakeholders.

Backing the initiative, Bosun Tijani, minister of communications, innovation and digital economy, described the NGDX as a critical system for unlocking innovation, deepening collaboration, and extending the reach of Nigeria’s digital economy.

“NGDX will enable secure, seamless data sharing across government and business, unlock innovation, collaboration, and inclusive economic growth, and deliver smarter, faster services to citizens under a framework of privacy, security, and accountability,” he stated, adding that the NGDX is scheduled to go live by the end of 2025.


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