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Mastercard, CEBIH Partner to Drive Cybersecurity in Nigeria

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Mastercard hosts a first-of-its-kind Fraud and Cyber Security Forum in Lagos, Nigeria in partnership with the Committee of E-Banking Industry Heads for Nigeria (CeBIH). The forum which aims to overcome fraud and cybersecurity threats will hold annually in Nigeria.

The event covered the regional threat landscape based on Mastercard’s strategic threat intelligence data – a crucial move at a time when cybersecurity and fraud within Nigeria remain high.

The Nigeria Inter-Bank Settlement System (NIBSS) found that 91% of fraudulent attacks were successful in 2020-2021, and the Anti-Corruption Agencies of Nigeria found that almost $18 billion is lost annually to illicit financial crimes.

The risks associated with digital payments and services remains on an upward trajectory and organizations are increasingly exposed to security threats that are pervasive, sophisticated and intelligent. It is essential that companies understand and manage this risk to ensure that they safeguard their customers and business operations.

In addition to fraud and financial crime, the sector is facing a rising tide of identity theft, ransomware and phishing attacks that require ongoing vigilance and a comprehensive security strategy.

“We are excited to host this ground-breaking Fraud and Cyber Security Forum in Nigeria,” said Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard. “Cyber risk is one of the top risks faced by organizations today. With the increased adoption of digital services, new payment flows, and connected supply chains, it’s important that this risk is well understood and managed by organizations to protect themselves and their customers.”

The forum covered common attack methods used by cyber criminals, their motivations, and the assets they target. Attendees gained valuable insights into the regional cyber threat landscape, with a particular focus on the financial services sector, which has been one of the most heavily targeted industries in recent years.

They also showcased the latest fraud prevention techniques and tools, including Mastercard’s strategic threat intelligence data, which uses advanced analytics to identify potential threats in real-time.

This cutting-edge fraud detection solution includes the Decision Intelligence solution and provides rapid detection and prevention of fraudulent activities, reducing risk and enhancing customer service and account protection.

The Chairman, Committee of e-Business Industry Heads (CeBIH), Celestina Appeal called for collaboration among the payment ecosystem stakeholders for an effective fight against cyber-attacks.

She said: ‘’the subject of cyber-attacks deserves the utmost attention that the industry can muster, given the aggressiveness and non-relenting activities of perpetrators of cybercrimes who have become negatively innovative in the different ways and manners in which they deploy their schemes. We would like to call for concerted efforts to prevent continuous cybersecurity attacks.’’

The forum aligns with Mastercard’s goal of creating a secure and seamless payments environment and is aimed at empowering customers with the latest knowledge and tools to safeguard their businesses against cyber threats.

As part of its commitment to combating fraud, Mastercard is proud to sponsor the CeBIH Quarterly sessions, which will bring together industry experts to discuss the latest trends in fraud prevention and share best practices for protecting customers while promoting cyber security across Nigeria and beyond.


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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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TikTok, Instagram Blamed in US Youth Suicide Lawsuit

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Major social media giants Meta Platforms, TikTok and Alphabet’s YouTube will face a landmark jury trial this week in Los Angeles County Superior Court over allegations that their addictive designs have fuelled a youth mental health crisis, marking the first such case to reach this stage.

TikTok, Instagram Blamed in US Youth Suicide Lawsuit

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The pivotal personal injury lawsuit centres on a 19-year-old Californian woman identified as K.G.M., who claims her childhood immersion in Instagram, Facebook, YouTube and TikTok—engineered with endless scrolls, autoplay videos, notifications and algorithms—sparked severe anxiety, depression and suicidal thoughts.

Dozens of similar suits have surged since 2022 from families, schools and states, accusing the firms of burying internal research on teen harms while prioritising ad revenue through youth-targeted engagement hooks, despite Section 230 protections for user content.

Plaintiffs seek damages and design overhauls, arguing platforms bypassed parents and preyed on vulnerable kids; defendants counter there’s no clinical “social media addiction” diagnosis, no proven causation—kids with issues often use less—and they’ve added safeguards like parental controls and time limits.

Echoing Australia’s under-16 bans, the trial will scrutinise thousands of internal documents, expert testimonies and K.G.M.’s story, potentially expanding tech liability amid debates where studies show complex links, not direct causation, between screen time and disorders like eating issues or self-harm.

A win could mandate warning labels, age gates or algorithm tweaks, reshaping global platforms as U.S. Surgeon General advisories and global scrutiny intensify pressure on Big Tech to prioritise child safety over profits.


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Meta Tests Paid Subscriptions Across Instagram, Facebook, WhatsApp

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Meta is gearing up to trial paid subscription services on Instagram, Facebook, and WhatsApp, aiming to diversify revenue streams beyond advertising while maintaining free core access for all users.

Meta Tests Paid Subscriptions Across Instagram, Facebook, WhatsApp

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The subscriptions will offer enhanced tools tailored for everyday users, creators, and businesses, including advanced content creation, sharing, and workflow features distinct from the existing Meta Verified verification program. Unlike a uniform rollout, Meta plans varied testing formats per app to match diverse audiences, experimenting with feature bundles based on user feedback to refine the model.

A key element involves integrating Manus, the autonomous agent firm Meta acquired for $2 billion in December, into these apps alongside its enterprise sales. Manus enables complex task automation with minimal input, with early signs like Instagram shortcuts already spotted by reverse engineer Alessandro Paluzzi.

Video tools feature prominently: Meta’s Vibes short-form video generator in the Meta AI app shifts to freemium, where paid tiers unlock higher monthly creation limits beyond the free baseline. On Instagram, subscriptions could enable unlimited audience lists, non-follower tracking, and anonymous Story views, though specifics for Facebook and WhatsApp remain under wraps.

Drawing from Meta Verified’s 2023 launch—which provides badges, support, and protection mainly for creators—these broader plans target wider appeal amid industry shifts. Ad growth slows against TikTok competition, while Snapchat+ boasts 16 million subscribers at $3.99 monthly, proving demand for value-driven paid perks despite subscription fatigue risks from streaming and storage fees.

Meta will phase tests gradually, prioritizing feedback to shape long-term viability without alienating free users.


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New Investment Fund Targets Acceleration of Emerging Technology in Nigeria

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The International Rescue Committee (IRC) has announced the formation of Airbel Ventures, a new humanitarian impact investing fund aimed at accelerating the introduction and scaling of breakthrough technologies in crisis-affected communities.

The fund will invest in companies whose ideas have the potential to change humanitarian response, including digital infrastructure for frontline health systems and climate-resilient agriculture.

The launch of Airbel Ventures follows a period of rapid innovation at the IRC, despite the humanitarian sector facing record funding cuts.

In the past year, the IRC’s Airbel Impact Lab has advanced more than twenty Artificial Intelligence (AI) and technology initiatives—from anticipatory action tools powered by climate and vulnerability data, to frontline service delivery using safe, orchestrated AI systems, to breakthrough diagnostic tools for emerging diseases.

Airbel Ventures’ first impact investment is in Signalytic, a company delivering solar-powered computing devices that ensure reliable electricity and connectivity for remote health facilities.

Following the investment, the IRC will pilot Signalytic’s technology with its Nigeria Health team, demonstrating the viability of next-generation digital infrastructure in humanitarian settings.

“We know breakthrough solutions already exist—what’s missing is the path to scale in humanitarian contexts,” said Dr. Jeannie Annan, Senior Vice President for Research & Innovation at the IRC and head of the Airbel Impact Lab.

 


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