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Fraud Trends Every CFO Should Know

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PwC’s Global Economic Crime and Fraud Survey 2022 revealed that 46% of organisations have experienced fraud, corruption, or other economic crimes in the last 24 months. Ryan Mer, CEO of eftsure Africa, a Know Your Payee™ (KYP) platform provider, gives a rundown of what to look out for.

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  1. Fraud protection is no longer optional

It’s hard to believe today, but just a few years ago, even large organisations didn’t have payment fraud protection in place. One of our clients, a listed company, had an ongoing issue with payment fraud totalling over R3 million in losses in the year prior to adopting eftsure. They haven’t lost a cent to payment fraud since.

Businesses are taking the threat of payment fraud a lot more seriously than they did even two years ago. They’re acknowledging that the payment fraud risk is there and that it’s ubiquitous – not only large corporations and banks are being targeted anymore. They know they have to be protected in some way or another.

  1. It’s easier to hack people than to hack machines

Business email compromise (BEC) is a massive problem, even with protection in place. As threat protection becomes more sophisticated, fraudsters are targeting people to circumvent these digital security measures. There are numerous examples of bad actors manipulating various levels of staff. Although it may be tempting to believe only gullible individuals fall for scams, but criminals are often professional, persuasive and are well-trained in using human weakness, as well as individual and company information to their advantage.

Here’s a likely scenario: A client writes an online review of your company. A fraudster sees this and now knows this person or company is your client and that you would expect emails from them. They create a similar-looking fake email address, paste the client’s logo in their email, attach a malicious document, and send it to your company asking for clarification on the ‘attached invoice’. It takes one person on your team to open that attachment without double checking the sender’s details, and your company is compromised. This happens so easily when financial teams are under tremendous time pressure.

Email security really does help, but personnel training is crucial. Otherwise, it’s like having the best security at your house, from beams to alarms to fencing, and letting someone through the gate without checking their credentials.

  1. Manual processes are dangerous

The surprising result of increased digital fraud and BEC is that many companies opt to solve this problem by introducing more manual processes. They’re adding another person as a point of contact or another manager to oversee crucial checks. The problem is that it’s still a manual process, reliant on a person that can be manipulated, whether unwittingly or not. It’s a case of rearranging the deck chairs on the Titanic. Digital threats must instead be fought with digital solutions.

Another common mistake is to automate some processes but keep certain steps in that process manual. And ‘manual’ doesn’t necessarily mean physical documents but can involve adding extra steps to a process that could easily be automated. Onboarding new suppliers or clients is a great example: Many businesses have a platform for this, but then request certain documents via email. That’s an invitation for an interception, impersonation or malicious attachment. Or they’ll take data from the platform and manually perform processes and procedures on it, adding in a human element and the potential for mistakes. That’s not only counter-productive from a security perspective, but also a business perspective.

Luckily, we’re seeing the pendulum start to swing in the other direction. CFOs and CEOs, the executives responsible for processes, controls, operations and systems in the organisation, are starting to pay more attention to digitisation and automation. There’s a better understanding of these risks and benefits in general. After all, there is a lot of responsibility that sits on the shoulders of those responsible for outgoing payments in an organisation.

Onboarding, for example, is one of the first experiences someone will have with your company and should be as seamless and simple as possible. By using a platform that can digitise and automate the process, you can speed up the onboarding journey and collect all documents upfront, saving time for all parties involved. A digitised and controlled internal approval process that is automatically part of internal procedures increases business efficiencies and reduces wastage of productive time and energy that should be used to further the company, as manual labour is greatly reduced.

  1. Don’t just upgrade; integrate

The next step is to not only automate, but to integrate. Though our solution can be used as a standalone system, we’re seeing more clients integrating it into their existing systems.

A Software as a Service (SaaS) provider like eftsure can help enhance processes and limit payment fraud risks by providing an integrated onboarding, verified master data management and payment screening solution that cross-references the payments an organisation is about to release with a database of verified bank account details. This can be integrated into anything from ERP and accounting systems to sales and customer relationship management systems. The platform alerts you to any potentially compromised  payment details, at point of payment, allowing you to deal with the problem before the flow of funds has occurred.

The CFOs who are ahead of the digitisation curve, or further along in the process, are now looking for more integrated solutions. This cuts down on the number of steps in each process, and the time spent on each step – improving security while improving the bottom line. Even if they’re making these decisions for the sake of efficiency rather than security, it’s still a win on both fronts and at the end of the day, which stakeholder, with that huge responsibility of releasing payments on behalf of a company wouldn’t want peace of mind before releasing payments?


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC Pledges Executive Support, Policy Incentives for Local Device Manufacturing

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Nigerian government has opened a high-stakes window of opportunity for international tech investors, offering direct presidential intervention and sweeping economic waivers for hardware companies that anchor their manufacturing hubs in Nigeria by November 2026.

NCC Pledges Executive Support, Policy Incentives for Local Device Manufacturing

Chief Idris Ibikunle Olorunnimbe

Chief Idris Ibikunle Olorunnimbe, the Chairman of the Governing Board of the Nigerian Communications Commission (NCC), made this groundbreaking declaration during his ministerial-level address at the Digital Africa Summit Roundtable in Shanghai.

Highlighting the government’s total dedication to backing these new factories, Olorunnimbe stated: “Whatever it takes to get the plant standing, we will pursue it together, because every factory that rises in Nigeria grows our economy, employs our young people, and brings the price of a phone closer to what an ordinary Nigerian can pay”.

The offer is designed to stimulate immediate foreign direct investment and create sustainable employment for Nigeria’s teeming youth population.

The economic logic underwriting this regulatory ultimatum is both practical and urgent. Currently, the Nigerian telecommunications ecosystem is highly vulnerable to external economic shocks, with foreign-exchange swings and import duties constantly pushing genuine, formal devices out of reach for average citizens.

By localising the supply chain, the NCC seeks to anchor device pricing to the local currency, stripping away the pricing volatility tied to the US Dollar.

Olorunnimbe candidly stated that the administration is ready to deploy massive executive support, viewing connectivity infrastructure as the central engine of President Tinubu’s Renewed Hope agenda, which treats “connectivity as productive infrastructure for the whole economy rather than a luxury for a few”.

This infrastructural push is designed to directly fuel the NCC’s highly praised initiative to transition Nigeria into an era of digital free education through the zero-rating of educational portals.

Drawing inspiration from classic free education philosophies, Olorunnimbe has previously stated that asking a child to buy data to look at a textbook is the modern equivalent of charging tuition at the gates of a public school.

To operationalise this vision, the proposed locally assembled smartphones, MiFi units, and home routers will come pre-configured with embedded access to these zero-rated educational platforms. This ensures that digital literacy tools are structurally hardwired into the technology from the factory floor.

Additionally, these indigenous devices will come pre-installed with core government application portals, simplifying access to digital identity verifications, public health services, and agricultural extensions. By embedding these essential state services directly onto affordable, locally produced hardware, the NCC is solving the double dilemma of device cost and data expenses simultaneously.

This holistic blueprint bridges the digital divide and accelerates financial inclusion, as verifiable identity frameworks, like the NIN and BVN, will allow citizens to seamlessly transition into credit-linked device-financing schemes. Olorunnimbe noted that by pairing “verifiable identity with credit history and secure device technology, then the phone itself becomes the on-ramp: to a credit record, and then to the wider financial system”.

The visionary posturing of Chief Olorunnimbe and the executive leadership of the NCC mark a paradigm shift in how government agencies foster industrial growth. Rather than relying solely on traditional, rigid enforcement against informal markets, the Commission is actively building a structured, credible marketplace via policy incentives and strategic executive support.

Through this aggressive, forward-looking roadmap, the NCC is firmly establishing Nigeria as the digital powerhouse of the African continent, demonstrating that true digital inclusion is achieved when national infrastructure serves human development.


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Tinubu Signs New NIMC Act to Strengthen Digital Identity, Data Protection

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President Bola Tinubu has assented to the National Identity Management Commission (NIMC) Act, 2026, replacing the 2007 law with a new legal framework aimed at strengthening Nigeria’s digital identity system, data protection and electronic trust services.

Tinubu signs new NIMC Act to strengthen digital identity, data protection

The new Act is expected to enhance the country’s digital identity ecosystem by improving identity management, securing personal data and promoting interoperability across government and private sector platforms.

According to a statement, the legislation aligns Nigeria’s identity management framework with the provisions of the Nigeria Data Protection Act (NDPA) and international best practices on privacy and data protection.

The Act introduces stronger safeguards for the collection, processing, storage and protection of citizens’ personal information.

It also designates the National Identity Management Commission as Nigeria’s root certification authority for the National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI).

The designation empowers the commission to provide secure digital identity, authentication and electronic trust services across the country.

The Act further authorises NIMC to facilitate secure and interoperable data exchange among Ministries, Departments and Agencies (MDAs), private organisations and other authorised entities.

It also provides for the deployment of the NIMC General Multipurpose Card as a unified identity credential for nationwide identity verification under the initiative tagged “One Card, Multiple Possibilities.”

The Federal Government said the implementation of the law would create a trusted, secure and interoperable digital identity ecosystem capable of improving access to services in both the public and private sectors.

It added that Nigerians, including those living in the diaspora, would benefit from easier access to identity services, stronger protection of personal data, enhanced cybersecurity and more secure digital transactions.

The government also said the law would provide a stronger foundation for digital governance, economic growth and long-term national development by enabling faster and more reliable identity verification and authentication processes.


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Meta, FG Unveil New Safety Measures to Protect Nigerian Teens Online

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Meta on Thursday convened the Nigeria Youth Safety Summit in Abuja, bringing together government officials, civil society organisations, parents, educators, content creators and youth leaders to strengthen collaboration on digital wellbeing and safer online experiences for young people.

L-R: Sylvia Musalagani, Head of Safety Policy, Europe, Middle East and Africa (EMEA), Meta; Ayodele Olawande, Honourable Minister of Youth Development; Sade Dada, Head of Public Policy, Anglophone West Africa, Meta; and Ahmed Yusuf Tanbuwal, Ag Director, Digital Literacy and Capacity Building Department, National Information Technology Development Agency (NITDA), during the Nigeria Youth Safety Summit organised by Meta on Thursday, June 25, 2026, in Abuja.

The summit, held at the Transcorp Hilton Hotel and co-hosted with the Federal Ministry of Youth Development, highlighted Meta’s investments in youth online safety through built-in protections, parental supervision tools and digital literacy resources aimed at helping teenagers navigate the digital space safely.

The event featured keynote presentations, panel discussions and a Parents Learn and Brunch session organised in partnership with the Federal Ministry of Women Affairs and Social Development.

Participants explored practical approaches to promoting safer online engagement while emphasising the importance of partnerships among government, technology companies, parents, schools and civil society in advancing digital wellbeing.

Speaking at the summit, Meta’s Head of Safety Policy for Europe, the Middle East and Africa (EMEA), Sylvia Musalagani, said the company remained committed to providing teenagers with age-appropriate and safe online experiences.

“At Meta, our goal is to provide teens with safe, age-appropriate online experiences, and events like the Nigeria Youth Safety Summit reflect our commitment to promoting safer and more positive digital experiences for teens.

“With products such as Teen Accounts, Meta is putting the right protections in place so teens can explore their interests and express their creativity in a safe, age-appropriate space.

“We will continue to build the safety features and tools that families need to support young people online,” she said.

Musalagani explained that Teen Accounts represent a redesigned experience across Meta’s platforms specifically for teenagers.

She said the accounts are automatically enabled for all teenagers and include built-in safety features such as private accounts, the strictest messaging settings, restrictions on sensitive content, limited tagging and mentions to people they follow, daily time reminders after 60 minutes of use, and sleep mode between 10 p.m. and 7 a.m.

According to her, teenagers under the age of 16 require parental approval before making any changes that would reduce the default safety settings.

The Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman-Ibrahim, described child online safety as one of the ministry’s key priorities.

She said children require informed parental guidance to safely navigate the digital environment, stressing that online safety is a shared responsibility involving parents, technology companies and government.

“Child online safety is one of our central pillars and we are steadfast in our mandate to safeguard the Nigerian child from technology-enabled violence.

“Children cannot navigate the complexities of the online world without informed adults guiding them because safety begins with the parents.

“Safety is a shared tripartite responsibility between parents, technological industries and government.

“That is the fundamental premise of today’s summit, a hands-on walk through of parental supervision tools and Teen Accounts.

“We appreciate Meta for the collaboration and for creating a platform for these important conversations,” she said.

Meta also highlighted its parental supervision tools, which allow parents to receive notifications when teenagers report content, gain insights into who they communicate with, set daily usage limits, schedule breaks and monitor age-appropriate content interests.

The Minister of Youth Development, Ayodele Olawande, commended Meta for the initiative and noted its alignment with the ministry’s National Youth Data Protection and Awareness Training Programme.

“I want to thank Meta for this great achievement.

“At the ministry, one of the things we provide to all Nigerians is the skills to succeed in this digital world while making sure we protect them against emerging threats.

“We see a strong connection between the objectives of this summit and the goals of our National Youth Data Protection and Awareness Training Programme.

“We believe that keeping young people safe online is a shared responsibility.

“Government, technology companies, schools, parents, social organisations, community groups and young people themselves all have a role to play.

“We encourage Meta to make the tools, guides and learning materials from this initiative more widely available so that young people across Nigeria can continue to benefit from this laudable summit,” he said.

The summit concluded with discussions focused on strengthening partnerships, promoting digital literacy and advancing a shared vision for youth online safety across Nigeria.


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