E-Financial
Digital “Pickpockets” Compromise Over a Million Banking Accounts – Kaspersky
More than one million online banking accounts were compromised by infostealers last year, as financial cyberthreats shifted toward credential theft and data reuse.
Pic credit…cybelangel.com
Attackers are moving away from traditional PC banking malware and increasingly relying on social engineering and dark web marketplaces, while mobile financial malware continues to grow.
Detailed information on current financial cyberthreat trends is available in Kaspersky’s new report.
These digital “pickpockets” often exfiltrate data and remove themselves within seconds, making them difficult to detect.
They are a primary source of initial access for ransomware and identity theft
Traditional financial phishing has not gone away. Pages that mimicked e-shops dominated the financial phishing landscape (48.5% in 2025, up 10.3% from 2024), followed by banks (26.1% in 2025, down by 16.5% from 2024) and payment systems (25.5% in 2025, up by 6.2% from 2024). The decline in bank phishing may suggest that these services are becoming increasingly difficult to successfully impersonate, and fraudsters are turning to easier ways to access users’ finances.
Attackers are adapting campaigns to regional digital habits. In the Middle East, financial phishing is overwhelmingly concentrated on e-commerce (85.8%), indicating a heavy reliance on online retail lures, whereas in Africa bank-related phishing leads (53.75%), which may indicate that user account security there is still insufficient. Latin America shows a more balanced distribution but with a higher share of e-commerce and bank targeting, while APAC and Europe display a more even spread across all three categories, pointing to diversified attack strategies.
In 2025, the decline in users affected by financial PC malware continued as users increasingly rely on mobile devices to manage their finances. Contrary to PC banking malware, mobile banker attacks grew by 1.5 times in 2025 compared to the previous year.
Complementing traditional financial malware, infostealers played a significant role in enabling financial crime both on PCs and mobile devices by harvesting login credentials, cookies, bank card numbers, crypto wallet seed phrases, and autofill data from browsers and applications, which attackers then used for account takeovers or direct banking fraud. Kaspersky data pointed to a surge in infostealer detections (up by 59% globally, 53% in Africa and 26% in the Middle East, on PCs from 2024 to 2025), fueling credential-based attacks.
According to Kaspersky Digital Footprint Intelligence (DFI), in 2025 over one million online banking accounts served by the world’s 100 largest banks fell victim to infostealers: credentials for these accounts were being freely shared on the dark web. The countries with the highest median number of compromised accounts per bank were India, Spain, and Brazil.
74% of payment cards that were compromised by infostealer malware, published on dark web resources and identified by Kaspersky DFI team in 2025, remained valid as of March 2026. This means that attackers could still use cards that had been stolen months or even years prior.
“The dark web has become a central hub for financial cybercrime. Stolen credentials and bank cards that have been harvested by infostealers are aggregated, repackaged, and sold there, while phishing kits targeted at users of financial products are offered as ready-to-use services.
This creates a self-sustaining ecosystem where data theft and fraud operations reinforce each other, making attacks scalable and easy to carry out by fraudsters with minimal experience. Breaking this cycle requires proactive threat intelligence on the part of organisations, and increased awareness and scrutiny from individual users,” comments Polina Tretyak, Kaspersky Digital Footprint Intelligence analyst.
Access Bank Plc has been recognised with two prestigious honours at the 2026 Global Good Governance (3G) Awards, reaffirming its leadership in corporate governance and sustainable community impact.
The Bank received the 3G Community Empowerment Award 2026 and 3G Best Corporate Governance Framework Award 2026
The awards, conferred by Cambridge IFA under the Global Good Governance Awards (3G Awards) platform, are based on rigorous, independent research and evaluation conducted throughout the nomination process.
The award ceremony was held on April 28, 2026, in Singapore, attracting over 300 high-level participants from more than 15 countries, including leaders from government, corporate organisations, and the social and philanthropic sectors. The event celebrated excellence in governance, sustainability, transparency, and social responsibility.
Mr. Eyitayo Olabode represented the Managing Director/Chief Executive Officer, Roosevelt Ogbonna, at the ceremony, receiving the awards on behalf of the Bank.
Commenting on the recognition, Roosevelt Ogbonna, MD/CEO of Access Bank Plc, stated: “This recognition is a validation of Access Bank’s commitment to responsible leadership, strong governance structures, and inclusive growth. At Access Bank, we believe good governance is foundational to building trust, creating shared value, and driving sustainable development across our markets.
“These awards reflect the dedication of our people and our deliberate efforts to empower communities, embed transparency, and ensure accountability in all that we do. We remain committed to setting high standards that deliver long‑term value for our stakeholders and the communities we serve.”
The 2026 programme also featured the Global Good Governance Summit and the launch of the Global Good Governance Report 2026, hosted by Dentons Rodyk, Singapore. Under the theme “AI Governance for the Prosperity of the People and the Planet,” the Summit provided a global platform for dialogue on governance, ethics, and sustainability.
Access Bank’s achievements underscore its consistent efforts to align corporate performance with social impact, reinforcing its commitment to responsible banking and long-term value creation.
Quest Merchant Bank Limited has strengthened its market position following GCR Ratings’ affirmation of the Bank’s national scale issuer ratings of BBB(NG) and A3(NG), alongside an outlook revision to Stable from Rating Watch Negative.
The ratings action marks a significant milestone for Quest Merchant Bank following a transformative period for the institution, reflecting renewed confidence in the Bank’s financial strength, market positioning, liquidity profile and future growth trajectory.
According to GCR, the revised Stable Outlook is anchored on Quest Merchant Bank’s sound risk profile, improved capitalization and strong liquidity, alongside the successful transition of the Bank’s ownership structure following its acquisition by EverQuest LLP after the divestment by FBN Holdings.
The rating agency also highlighted the Bank’s strong presence within Nigeria’s merchant banking sector, where Quest Merchant Bank accounted for c.30% of the sub-sector’s total assets as of 31 December 2025, reinforcing its position as one of the country’s leading merchant banking institutions.
Further strengthening the Bank’s outlook was the successful completion of its ₦42.9 billion capital raise in March 2026 in line with the Central Bank of Nigeria’s revised minimum capital requirements. GCR noted that the capital injection is expected to further enhance the Bank’s capital adequacy position and support the next phase of business growth.
Quest Merchant Bank’s asset quality and liquidity profile also remained key strengths underpinning the ratings affirmation. The Bank maintained a NPL ratio of 3.2%, significantly below the broader banking industry average, while continuing to sustain strong liquidity metrics and resilient earnings performance.
GCR additionally recognised the strategic value of the Bank’s relationship with Custodian Investment Plc, noting the potential for expanded business opportunities, operational synergies and stronger profitability over time.
Commenting on the development, Afolabi Olorode, Ag. Managing Director/CEO, Quest Merchant Bank Limited, said: “This outlook revision is a strong signal of confidence in the future of Quest Merchant Bank and the progress we have made in strengthening our organization over the last year.
“Beyond the ratings action itself, this recognition reflects the resilience of our business, the quality of our balance sheet, and the confidence our clients, partners and stakeholders continue to place in the Bank.
“We have emerged from a defining transition period stronger, well-capitalized and better positioned to capture the opportunities ahead. We remain committed to delivering innovative solutions, creating long-term value and supporting economic growth across the sectors we serve.”
The Stable Outlook reflects GCR’s expectation that Quest Merchant Bank will continue to maintain sound asset quality, stable funding and strong liquidity metrics over the next 12 to 18 months, further reinforcing confidence in the Bank’s long-term strategic direction and operating fundamentals.
National Insurance Commission (NAICOM) has granted an operational licence to CBI Partnering Insurtech Ltd, making it the first fully licensed partnering insurtech company in Nigeria.
An insurtech firm is a company that leverages modern technology—such as artificial intelligence, big data analytics, and the Internet of Things (IoT)—to make the insurance model more efficient.
This is line with Nigeria’s evolving insurance regulatory framework.
Insurtech also streamlines operations like underwriting, risk assessment, and claims management.
According NAICOM, the development reflects its commitment to promoting innovation while maintaining market integrity and protecting policyholders.
In a statement issued on Tuesday, NAICOM said the licence was formally presented to the company during a handover ceremony where the commission reaffirmed its dedication to innovation, regulatory reforms and consumer protection within the insurance industry.
The commission noted that the approval comes amid efforts to modernise the sector through the implementation of the Nigerian Insurance Industry Reform Act 2025 and the introduction of specialised guidelines for insurance technology firms.
“The National Insurance Commission has formally granted an operational licence to CBI Partnering Insurtech Ltd, marking a significant milestone as the first fully licensed Partnering Insurtech company in Nigeria.
“This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem,” the statement read.
Speaking during the ceremony, Mr Ekerete Ola Gam-Ikon, deputy commissioner for Insurance, Finance and Administration, said NAICOM was taking deliberate steps to align Nigeria’s insurance market with global standards.
According to the statement, Ola Gam-Ikon referenced the recent enactment of the Nigerian Insurance Industry Reform Act 2025, alongside the commission’s insurtech guidelines, as critical measures aimed at driving transformation within the industry.
He stated that encouraging innovation within a strong regulatory framework remains one of the commission’s strategic priorities.
The deputy commissioner stressed that the licence was issued subject to strict compliance with regulatory and ethical requirements, adding that innovation must be pursued alongside adequate consumer safeguards.
He further noted that Nigeria’s regulatory approach to insurance technology was attracting growing international recognition, particularly in the use of digital solutions to accelerate insurance penetration and sectoral growth.
Presenting the licence to the company, Ola Gam-Ikon was quoted in the statement as saying, “This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations.
“This licence carries an obligation to uphold the highest standards of governance and ethical conduct. NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”
The commission explained that the licensing of CBI Partnering Insurtech Ltd demonstrates its readiness to support technology-driven business models capable of expanding access to insurance products while ensuring adherence to regulatory standards.
Responding to the licence approval, Suleiman Olalekan Ajani, managing director, CBI Partnering Insurtech Ltd, commended NAICOM for its regulatory guidance and the rigorous licensing process.
Ajani said the company would leverage the regulatory framework provided by the commission to deepen partnerships and deliver innovative insurance solutions focused on customer protection.
“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection,” he said.
The licensing marks a significant step in NAICOM’s efforts to integrate innovation into Nigeria’s insurance ecosystem while ensuring that emerging technology-based operators remain subject to appropriate governance, compliance and consumer protection standards.
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