Connect with us

E-Business

Kaspersky says SIM Swap Fraud is Targeting Africa’s Financial, Online Services

Published

on

Kindly share this post

Kaspersky Lab experts at its annual Cyber Security Weekend discussed the wide spread growth of mobile payments across the globe and the many cyber risks that surround such technology, especially the recent SIM swap fraud wave which have become very common in Africa and the wider region.

A SIM swap fraud happens when someone convinces your carrier to switch your phone number over to a SIM card that a criminal possesses.

In some cases, there are carrier’s employees working together with criminals. By diverting your incoming SMS messages, scammers can easily complete the text-based two-factor authentication checks that protect your most sensitive accounts in financial services, social networks, webmail services and instant messengers.

Many African countries are suited to mobile payment methods. In fact, research notes that at the end of 2017, there were 135 live mobile money services across the Sub-Saharan African region, with 122 million active accounts.

While payment methods through mobiles offer a convenience that is hard to debate, Kaspersky Lab research shows that mobile payments and the banking system are suffering a wave of attack – mostly powered by SIM swap fraud – and people are losing their money as a result.

This type of attack is used to not only steal credentials and capture one-time passwords (OTPs) sent via an SMS, but also to cause financial damage to victims, resetting the accounts on financial services, allowing to the fraudsters access to currency accounts not only in banks but also in fintechs and credit unions.

Fraudsters are also using it as way to steal money using WhatsApp, loading the messages in a new phone, contacting the victim’s contacts asking for money, simulating an emergency situation.

“Despite financial inclusion services prospering, the flip side to this is that it opens up a world of opportunities to cybercriminals and fraudsters who are using the convenience a mobile phone offers to exploit and poke holes in a two-factor authentication processes. Frauds using SIM swap are becoming common in Africa and Middle East, affecting countries like South Africa, Turkey and UAE.

Countries like Mozambique have experienced this firsthand. The implemented solution, by banks and mobile operators in Mozambique, as a result, is something I believe we must learn from and encourage other regions to investigate and apply, among other aspects, to mobile payment methods of the future – as a way to ensure that mobile phones do not become an enemy in our pockets,” said Fabio Assolini, Senior Security Researcher of Kaspersky Lab.

The total money lost in the attacks varies by country: there are extreme cases, such as one in the United Arab Emirates, where one victim lost $ 1 million, while in South Africa one victim reported losing $ 20,000.

“In average fraudsters can steal $2,500 to $3,000 per victim, while the cost to perform the SIM swap starts with $10 to $40,” conclude Assolini.

In order to protect the growing mobile digital life and payment methods, Kaspersky Lab recommends the following key considerations: Voice and SMS methods avoided as authentication methods for payments – OTPs in mobile apps like Google Authenticator or the use of physical tokens should be used.

Biometrics – there is no better authentication than that of a physical characteristic. Voice authentication is an option that can be investigated further.

An automated ‘Your number will be deactivated’ message – to be shared upon SIM swap request. This will support the user to report the activity, if it is not legitimate, faster.

Activate 2FA on WhatsApp – in an attempt to minimize WhatsApp hijacking, activating Two-factor authentication using a six-digit PIN on your device is critical. This supports the user in having an additional layer of security on the device.


Kindly share this post

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

E-Business

Kaspersky, SMEDAN to Support SMEs in Nigeria with Cybersecurity Knowledge

Published

on

Kindly share this post

Kaspersky, a global cybersecurity company, and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a memorandum of understanding (MoU) to assist small and medium businesses in the country to become more cyber-aware and less vulnerable to developing cyber threats.

The MoU reflects a shared view that SMEs, being the backbone of economy, require strong cybersecurity measures. Kaspersky and SMEDAN will work together on information sharing, training programmes, and other practical steps to raise awareness of digital threats and cybersecurity measures.

“Small and medium business owners are juggling a dozen things – accounting, promotion, legal issues. They are not cybersecurity experts. But they are being targeted by cybercriminals through malware, phishing, and online schemes using social engineering tactics that make them look realistic.

“Our aim is to provide these organisations with some best practice tools and inform about measures that will help them stay safer online,” says Chris Norton, General Manager for Sub-Saharan Africa at Kaspersky.

The cooperation will feed into SMEDAN’s wider SME development efforts, with Kaspersky contributing cybersecurity knowledge and joining forces on awareness campaigns. The idea is to bring cybersecurity-focused guidance into existing business support channels, and to do it in a way that actually makes sense to entrepreneurs who may not have technical teams behind them.

Charles Odii, DG/CEO of SMEDAN, comments: “Since the COVID-19 pandemic, digital adoption among business owners has accelerated significantly. Many now operate WhatsApp shops, use online banking, and send invoices via email, which has increased their exposure to cyber risks.

Together with Kaspersky, we intend to strengthen cybersecurity awareness and practices across Nigeria, helping SMEs protect their businesses as they embrace the digital economy.”

SMEDAN has long been a government agency that has consistently shown up for small business owners in Nigeria. Its work cuts across industries, regions, and stages of growth from traders and artisans to early-stage tech startups trying to get formalised. This partnership gives it another tool to help those businesses operate more securely in a digital world. For Kaspersky, the collaboration is part of a wider push across the continent to support under-resourced sectors that are quietly being targeted online.

 


Kindly share this post
Continue Reading

E-Business

NITDA Advocates AI, Security Integration for Sustainable Development

Published

on

Kindly share this post

Kashifu Inuwa, CCIE, the Director General of the National Information Technology Development Agency (NITDA), has emphasised that integrating intelligence, security, and sustainability is critical to driving Nigeria’s digital transformation and global competitiveness.

Inuwa made the remarks on Tuesday in Kano while delivering a goodwill message at the opening of the 19th International Conference (CONNOVATE 2025) of the Nigerian Computer Society (NCS), themed “Intelligent, Secure, and Sustainable Innovations for a Connected World.”

Represented by Engr. Salisu Kaka, Director of E-Government and Digital Economy Development, Inuwa said the three elements were now indispensable drivers of national progress. He highlighted the need for their convergence to unlock new opportunities in Nigeria’s technology sector, citing Estonia’s X-Road platform — which enables 99% of government services online — as a global model.

“In Nigeria, trust is the ultimate currency in our high-stakes digital environment, where scams and cybercrime are prevalent. Security builds and protects this trust,” Abdullahi said.

He stressed that while security provides the foundation, intelligence builds the structure, pointing to Artificial Intelligence (AI), Machine Learning (ML), and data analytics as tools for addressing Nigeria’s complex challenges. Warning that “innovation without security is unsustainable,” he likened it to “a high-performance race car without brakes.”

The DG urged the next wave of Nigerian startups to go beyond digitising existing processes to creating new value, citing AI-powered wealth management and ML-driven remote diagnostics as examples.

He further highlighted the various Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) initiatives supporting this vision, including the National Centre for Artificial Intelligence and Robotics (NCAIR), the Computer Emergency Readiness and Response Team (CERRT), the Nigeria Data Protection Act (NDPA) 2023, the national digital identity programme, interoperable payments, and human capital initiatives such as the 3 Million Technical Talent (3MTT) and Digital Literacy for All (DL4ALL) programmes.

Inuwa cited example with International Federation for Information Processing (IFIP) President, Antony Wong, that called for stronger protection and strategic use of data in the Global South to safeguard indigenous knowledge. He stressed the importance of legal clarity on data ownership as Nigeria’s cultural heritage in medicine, ecology, and art is digitised and incorporated into AI systems. Wong praised Nigeria’s role in the recent World Intellectual Property Organization (WIPO) treaty protecting genetic resources and traditional knowledge.

Delivering his welcome address, the NCS President, Dr. Muhammad Sirajo, said the conference would serve as a platform for IT professionals to address critical issues, including intelligent systems, fintech, sustainable energy, and innovations in agriculture, health, education, and national planning.

“This conference will provide an interdisciplinary platform for researchers, practitioners, and educators to present and discuss recent innovations, trends, and solutions for improving technological systems,” Sirajo said.

The week-long event includes plenary sessions, a doctoral consortium, a youth and entrepreneurship forum, the Fellows Forum, the Annual General Meeting, an IT quiz competition for students, and an induction ceremony for new members. It will conclude with the election of new national executives, a dinner, and an awards night honouring contributions to the ICT sector.

 


Kindly share this post
Continue Reading

E-Business

AfDB Adopts AI to Fast-track Africa’s Development Blueprint

Published

on

Kindly share this post

The African Development Bank (AfDB) is betting big on Artificial Intelligence (AI) as a catalyst for delivering Africa’s ambitious Agenda 2063.

With hands-on training in tools like ChatGPT and Google Gemini, the Bank believes the results could redefine how the continent plans, measures, and delivers its development goals.

Through its Joint Secretariat Support Office, the AfDB has provided technical and financial support to the 5th annual training workshop for African Union member states, focusing on the use of AI to track and implement the second ten-year plan (2024–2033) of Agenda 2063.

The five-day workshop, held in Lusaka, Zambia, was co-organised by the African Union Commission and the African Capacity Building Foundation.

Participants from across the continent rolled up their sleeves for hands-on training with emerging AI platforms like Ailyse, Google AI Studio, and Perplexity.

The goal of Africa’s multilateral development finance institution is to turn complex development data into actionable insights that can drive smarter decisions, faster interventions, and more accountable governance.

AbibuTamu, lead programme co-ordinator at the AfDB, said AI was now an indispensable tool for Africa’s future.

“These tools are not only revolutionizing how data is collected, analysed, and reported, they are also enabling more targeted policy interventions and efficient resource allocation,” Tamu told delegates.

Agenda 2063, dubbed “The Africa We Want,” is the African Union’s 50-year blueprint for inclusive growth and sustainable development. The second 10-year plan prioritises industrialisation, digital transformation, and sustainable livelihoods.

With AI now in the mix, African policymakers can track progress in real-time, spot bottlenecks before they choke projects, and reallocate resources where they are needed most.

The AfDB’s backing underscores a broader strategy of boosting both human and institutional capacity that propels African states to harness the digital revolution.

Beyond technical skills, the Lusaka workshop doubled as a peer-learning platform, with countries sharing real-world success stories on integrating AI into national planning and reporting.

“If Agenda 2063 is Africa’s long-term roadmap, this AI training is about upgrading the continent’s GPS that ensures leaders not only know the destination, but also have the intelligence to navigate every twist and turn on the way,” said Tamu.


Kindly share this post
Continue Reading

Trending