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Mobile Banking Malware is on the Rise- Report

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Banking malware, aimed at stealing personal banking credentials and credit card information, is surging as attackers target the rising popularity of mobile banking on smartphones.

This was revealed in Nokia’s latest Threat Intelligence Report, which is based on data aggregated from network traffic monitored on more than 200 million devices globally where Nokia’s NetGuard Endpoint Security product is deployed.

The report highlighted an 80%, year-on-year increase in the first half of the year in the number of new banking trojans, which also try to steal SMS messages containing one-time passwords.

This type of threat employs a range of tricks to steal data, including keyloggers, phishing, taking screen snapshots, and even accessing Google Authenticator codes, the report says.

To date, banking malware has been aimed at Android phones for the most part, due to the ubiquity and openness of the platform, the report added.

Most banking applications enable users to add a multi-factor authentication feature to their accounts to make it more difficult for bad actors to get their hands on personal information.

The report advises users to avoid mobile banking from easily accessible public WiFi access points; and to use both multi-factor authentication when available and strong passwords.

Kevin McNamee, director of Nokia’s Threat Intelligence Center, says threats continually evolve and look for new opportunities.

Banking trojans have dramatically increased over the last year as digital banking has become more widespread, a trend Nokia sees continuing into the future which reinforces the need for better online practices and having robust endpoint security in place.

According to the report, IOT botnets are responsible for 32% of the malware incidents detected by Nokia’s NetGuard Endpoint Security.

Essentially a network of devices connected by malware, these bots continue to grown in size and sophistication, due to the rising use of IOT devices, such as smart refrigerators and video surveillance cameras.

One bot called Mozi, which uses a peer-to-peer command and control protocol, has been used to create botnets consisting of around half a million individual devices. Mozi actively scans the network and uses a suite of known vulnerabilities to exploit additional IOT devices.


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E-Business

Nigeria inflation rate hits 34.19%

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Nigeria’s annual inflation rate increased for the fifth consecutive month to 34.19 per cent as Nigerians battle with high living crisis.

According to the National Bureau of Statistics (NBS), released on Monday, the June figure is 0.24 per cent higher than the 33.95 per cent recorded in May. The lowest figure in 2024 was 29.90 per cent, recorded in January.

On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the rate recorded in June 2023, which was 22.79 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023),” the NBS said.

NBS said on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent) meaning that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024.

According to the NBS, the food inflation rate in June 2024 rose 40.87 per cent on a year-on-year basis, which was 15.62 per cent points higher compared to the rate recorded in June 2023 (25.25 per cent).


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Konga, CeraVe Ink MoU for Exclusive Launch of L’Oreal Product in Nigeria

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At long last, relief is here for the skincare enthusiasts in Nigeria! Konga Health, Nigeria’s premier digital healthcare distribution company, has sealed an exclusive partnership with CeraVe, a leading global skincare brand under the L’Oréal umbrella, to launch its product in the country. L’Oréal is the world leader in beauty: makeup, cosmetics, haircare and perfume in terms of quality, efficacy and safety.

Konga Health

Through Konga Health, a technology-driven healthcare solutions company focused on revolutionizing the healthcare value chain and a member of the Konga Group, this exclusive collaboration will debut with the renowned CeraVe line, offering unbeatable prices and free delivery to some locations Nationwide.

This enhanced partnership empowers Konga Health to onboard pharmacists, physicians, and other healthcare providers Nationwide to support the distribution of CeraVe’s product line. This initiative includes opportunities for recruitment, partnerships, and collaboration to ensure that high-quality skincare solutions are accessible to all nationwide.

This strategic alliance ensures that genuine CeraVe products reach Nigerian consumers swiftly and conveniently, leveraging Konga’s extensive e-commerce infrastructure. Concerns about counterfeit items that often plague the beauty and skincare market are now a thing of the past, as Konga becomes CeraVe’s official distributor in Nigeria.

CeraVe now boasts a dedicated official shop-in-shop (SIS) on Konga.com, serving as a one-stop destination for all authentic CeraVe products. Shoppers can directly access top-tier skincare solutions identical to those available globally.

Starting Monday, July 15th, CeraVe’s flagship products, such as the Cerave’s Hydrating Cleanser, Foaming Cleanser, SA Smoothing Cleanser, Fragrance-Free Moisturizer with 3 Essential Ceramides & Hyaluronic Acid, Barrier-Reinforcing Moisturizing Cream, Night Cream with Niacinamide, Exfoliating Salicylic Acid Foot Cream, Retinol Serum, Eye Repair Cream, Facial Moisturizers, Hyaluronic, and Vitamin C Serums, will be readily available on the Konga Health and Konga.com platforms, offering customers a seamless and convenient shopping experience.

Nnenna Emenyonu, Senior Vice President of Konga Health, expressed her excitement about the partnership, stating, “We are thrilled to partner with CeraVe, a brand synonymous with quality and scientific excellence in skincare. This collaboration allows our customers access to top-tier skincare products that are dermatologically tested and proven effective.”

Rabah Deroueche, LID LDB SSA and Business Development Director at L’Oreal, shared similar sentiments, noting, “Our partnership with Konga marks a significant milestone for CeraVe in Nigeria. By leveraging our commitment to quality skincare products and Konga’s platform, CeraVe can reach a wider audience and address the skincare needs of Nigerian consumers. This collaboration ensures Nigerian consumers can easily access our products and experience the benefits of our dermatologist-developed formulations.”

CeraVe has earned its stellar reputation globally through scientifically backed formulations. Developed in close collaboration with dermatologists, CeraVe products meet the highest standards of skincare and are celebrated for using essential ingredients that ensure optimal skin health.

The partnership between Konga and L’Oreal establishes Konga’s standing as a trusted e-commerce platform offering only high-quality products. As the official distributor of CeraVe, Konga is dedicated to maintaining the brand’s integrity by providing shoppers with authentic products that meet their skincare needs.


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TD Africa Partners CISCO on Tech-Skills Development in Africa

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In its continuous drive to bridge the widening skills gap in Africa’s technology sector, TD Africa, Africa’s largest technology distribution company, has partnered with Cisco on its month-long inaugural training program.

TD-CISCO

The program, the first of its kind in the TD Academy training series, was aimed at empowering young minds with technical skills and professional exposure.

The initiative, titled “Introduction to Cisco Networking Solutions and Workplace Professional Skills,” exemplifies TD Africa’s comprehensive and futuristic approach to technology education and professional development, empowering individuals and businesses to thrive in the digital age.

This innovative series of pooled training aims to equip the participants with the foundational knowledge of Cisco networking solutions, which is critical for building and managing robust IT infrastructure and workplace professional skills, recognizing the importance of soft skills in today’s dynamic work environment.

This combined focus on technical competence and professional development aligns with TD Africa’s robust approach towards impacting appropriate skills set into young people.

Cisco’s extensive portfolio for this first leg of TD Academy encompasses carefully curated programs in cybersecurity, data analysis, and Artificial Intelligence (AI) to address the most sought-after skills in the African technology market.

For Mrs. Chioma Ekeh, CEO of TD Africa, the company’s dedication to bridging the skills gap is not a one-off training program nor limited to knowledge transfer.

Her words: “We understand the critical need for a skilled workforce to propel Africa’s digital transformation. Through our collaborative training programs with industry leaders like Cisco, we are committed to equipping individuals with the right tools and knowledge to succeed in this exciting field.”

Amblessed Ubong, one of the beneficiaries of the training program, said, “I recently completed a four-week training at the TD Academy; it was enriching and transformative.

“The sessions were thought-provoking, the trainers were passionate, and the environment was highly supportive. Collaborative projects enhanced my teamwork skills and made learning enjoyable.

“I left the TD Academy with a wealth of knowledge and a renewed enthusiasm for my career.”

Impressed by the exceptional talent emerging from the program, Africa’s number one tech distribution company immediately recruited some of the top graduates who participated in the training program.

This commitment to recognizing and nurturing talent further strengthens the technology ecosystem in Africa, creating a pipeline of skilled professionals for the future.

By empowering individuals and businesses with the necessary skills and knowledge, TD Africa is further stamping its foot in the sand of time, playing a pivotal role in Africa’s digital renaissance.


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