Telecom
Fraud Trends Every CFO Should Know
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.
- 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.
- 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.
- 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.
- 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?
In a recent revelation from the Nigerian Communications Commission (NCC), Airtel Nigeria has emerged as a standout performer in the country’s telecommunications sector, marking significant gains in market share over the past year.
According to the NCC data, by the end of March 2024, Airtel Nigeria has grown its market share over the last year into a remarkable 29%, solidifying its position as a leading telecom provider in the region.
In stark contrast, other mobile network operators such as MTN and 9mobile have faced considerable setbacks, with MTN witnessing a notable 3.19% decline in market share and 9mobile experiencing a 0.5% decrease.
Even Glo, a prominent player in the market, saw a decline, albeit less pronounced, with a 0.58% drop in its share of internet subscribers.
Airtel Nigeria’s success story goes beyond market share gains. The company has also witnessed a substantial surge in its share of internet subscribers, boasting an impressive 165% basis points increase.
This surge correlates with the launch of Airtel 5G, which the company began rolling out in June 2023 and underscores the telco’s continued push to grow its customer base nationwide.
Airtel Nigeria’s ascendancy in the telecom market comes at a pivotal moment when mobile network operators face challenges of rising operations cost and exchange rates volatility. The company’s recent results solidify its position as a frontrunner in Nigeria’s telecom landscape.
Google Developer Groups Lagos (GDGLagos) has announced a regional edition of the global #BuildWithAI hackathon, in partnership with SeerBit, Africa’s most trusted payment solutions provider and GOMYCODE.
This hackathon, taking place on Saturday, April 27th and Wednesday, May 1st, 2024, will empower participants to explore Google’s AI tools, Gemini and Vertex AI and develop innovative solutions for real-world challenges.
“We are excited to partner with Seerbit and GoMyCode to bring the #BuildWithAI hackathon to Lagos,” says Co-Organizer, GDGLagos, Femi Taiwo. “This event fosters innovation and empowers individuals to use AI to solve real-world problems. We encourage everyone interested in AI to join us for this inspiring event.”
Founder & CEO of SeerBit, Omoniyi Kolade articulated the profound impact of this collaboration, stating, “At SeerBit, we are committed to pioneering innovative solutions that enhance financial security and foster trust in digital transactions. Collaborating with GDG Lagos amplifies our quest to combat fraud effectively. Together, we aim to empower developers to harness the power of technology for the greater good, ultimately benefiting society as a whole.”
“At GOMYCODE, we are committed to unlocking the potential of innovators across Nigeria and beyond through accessible technology education. The ‘Build With AI’ hackathon with Google Developer Groups Lagos offers a hands-on chance for innovators to use AI for real-world solutions. We’re excited to create a space where technology meets creativity, empowering participants to actively shape the future,” Country Head, GOMYCODE Nigeria, Babatunde Olaifa said.
The #BuildWithAI hackathon aligns with Google’s global initiative to democratize access to AI technology. This regional event in Lagos offers a unique opportunity for developers, data scientists, designers, students, and anyone curious about AI to:
- Gain hands-on experience with Google’s cutting-edge AI tools, Gemini and Vertex AI.
- Tackle real-world challenges across various sectors like sustainability, finance, education, healthcare, and social good.
- Leverage SeerBit’s expertise in digital payments to create solutions with tangible applications.
- Develop in-demand skills with the support of GoMyCode’s training resources.
- Collaborate in teams and network with fellow AI enthusiasts.
- Compete for a chance to win a cash prize of NGN 1,000,000, office space to further develop their winning solution, and the opportunity to partner with SeerBit, with NGN 500,000 and NGN 250,000 for second and third place respectively.
The GDGLagos #BuildWithAI hackathon serves as a springboard for the global Google AI Hackathon, taking place online. This international event focuses on pushing the boundaries of what Generative AI apps can do with Gemini. Participants in the Lagos event are highly encouraged to consider entering the global competition as well.
GDGLagos will provide ongoing support and guidance to the regional winner as they prepare to compete on the global stage. This includes access to mentorship, resources and technical expertise to help them refine their solution and showcase their talent to a worldwide audience.
Startup founders, experienced developers, data scientists and expert resources and designated mentors will be available during the hackathon to provide guidance, refine ideas, answer questions and offer technical support to participants. This ensures they receive the necessary guidance to tackle the challenges and bring their innovative ideas to life.
Telecommunications service provider, Airtel Nigeria has collaborated with the Nigeria Institute of Public Relations (NIPR) to provide with unlimited internet access at the institute’s inaugural edition of the Nigeria Public Relations Week.
The trailblazing event themed ‘Leveraging Public Relations as a Critical Asset for Nigeria’s Economic and Reputation Renaissance’ is set to run from Monday, April 22nd to Friday, April 26th, 2024, and will welcome thousands of delegates across Nigeria to the prestigious June 12 Cultural Centre, nestled in the heart of Abeokuta, the Ogun State capital.
Speaking on the strategic collaboration, Femi Adeniran, Director, Corporate Communications and CSR, Airtel Nigeria, expressed enthusiasm about the partnership, stating, “Airtel is proud to support the Nigeria Institute of Public Relations in its endeavor to advance the field of public relations.
“The relevance of public relations practice in Nigeria cannot be overstated, as it plays a vital role in shaping perceptions, managing reputations, and influencing public opinion. Hence, our support is a demonstration of our commitment to empowering individuals and organizations with innovative solutions that drive progress and create an enabling society.”
According to NIPR, through the PRWeek Organizing \Committee Chairman, Mr Yomi Badejo Okusanya, the NPRW will gather over 2,000 experts in the fields of economics, PR, and nation-building to discuss strategies for effectively communicating government policies and initiatives to the public.
Other activities at the NPRW will include conferences, the annual general meeting, workshops, induction of new members, breakout sessions with students as well as traditional rulers and a tour of some legacy projects in Ogun state.
With Airtel’s provision of onsite unlimited data connection, attendees and participants can enjoy unparalleled access to online resources, real-time updates, and interactive engagements throughout the duration of the event. This will significantly support the exchange of ideas, foster networking opportunities, and elevate the overall experience for all stakeholders involved.
Airtel Nigeria remains committed to offering unwavering support for initiatives aimed at driving innovation, collaboration, and nation-building.
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