Artificial Intelligence (AI) is fuelling the sophistication of attacks across the electronic commerce or ecommerce ecosystem with the use of deepfakes to defeat verification systems being a key threat, according to findings by Juniper Research, the foremost experts in financial technology (fintech) and payment markets.

Juniper Research said that this threat, combined with rising levels of ‘friendly fraud’, where fraud is committed by the customer themselves, such as refund fraud, is increasingly threatening merchant profitability.

The report estimates that the value of ecommerce fraud will rise from $44.3 billion in 2024 to $107 billion in 2029, a growth of 141 per cent.

An extract from the new report, Global Merchant Fraud Prevention Market 2024-2029, said AI is enabling fraudsters to remain ahead of security measures and commit sophisticated attacks on a greater scale.

By creating credible messages and a large number of synthetic identities, AI is facilitating higher quality attacks with an unprecedented frequency. These technologies are also highly scalable; empowering fraudsters to heavily automate their attacks and overwhelm rules-based prevention systems.

“Ecommerce merchants must seek to integrate fraud prevention systems that offer AI capabilities to quickly identify emerging tactics. This will prove especially important in developed markets, where larger merchants are at higher risk of being targeted for fraud, such as testing stolen credit cards,” report author Thomas Wilson said.

Merchants are employing these same technologies to recognise emerging fraud patterns and react in real-time.

Merchants must work to incorporate biometric identification into checkout processes to further secure transactions.

By using methods such as liveness detection, merchants will be able to protect their business and customers from increasingly sophisticated AI deepfake fraud attempts.

The new market research suite offers the most comprehensive assessment of the merchant fraud prevention market to date; providing analysis and forecasts of over 25,000 data points across 60 countries over five years.

It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.

Juniper Research has for two decades provided market intelligence and advisory services to the global financial sector, and is retained by many of the world’s leading banks, intermediaries and providers.

Stakeholders in Nigeria’s Blockchain sector under the auspices of Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) have begun the process of sanitizing the sector by weeding out bad eggs who brings the sector to disrepute.

The association in a statement released by its President, Obinna Iwuno, said the move became necessary in line with its mandate to promoting and safeguarding the integrity, transparency, and ethical standards of the blockchain industry in Nigeria.

According to the statement, “As part of our mandate, we strive to ensure that our members adhere to the highest ethical and professional standards, particularly in protecting consumers and investors within the blockchain and cryptocurrency space”.

The statement added that investigations and reviews carried out by the association found out that many individuals have flouted its Code of Conduct contrary to the associations mandate and policy.

The statement further read, “following thorough investigations and reviews, several individuals have been found to be in violation of SiBAN’s Code of Conduct, which every registered member is bound to uphold.

“Consequently, these individuals have been expelled from SiBAN, while others have been disassociated due to their unregistered status and unauthorised activities that contravene the association’s objectives and policies.

“SiBAN’s decision to expel and disassociate ourself from these individuals stems from various documented activities that have undermined the association’s credibility, caused confusion among stakeholders, and misled the public”.

The statement listed the reasons for expulsion and disassociation as follows:

Creation of a Parallel Organisation: Some of the individuals involved have attempted to create or promote a parallel organisation purporting to represent SiBAN’s interests. This has led to confusion within the blockchain community, as well as with regulators, investors, and the public.

Misrepresentation of SiBAN: It has come to our attention that certain expelled and disassociated individuals have falsely represented themselves as officials or representatives of SiBAN without proper authorisation.

Illegal Parading as SiBAN Officials: In addition to unauthorised misrepresentation, some individuals have taken further steps to parade themselves as elected officials of SiBAN, even though they hold no such positions within the association.

Violation of SiBAN’s Code of Conduct: SiBAN has a strict Code of Conduct that requires members to comply with ethical standards and regulatory frameworks, including those set by the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), and other government bodies overseeing financial and technological industries.

As a result of these infractions, the association said that the following individuals have been expelled from SiBAN, or in cases where they were never registered members, we disassociate ourself from them:

• Emmanuel Babalola
• Chris Ani
• Senator Ihenyen
• Tony Emeka Nwabishop
• Paul Ezeafulukwe
• Toritseju Kaka
• Jude Ozinegbe
• Stanley Golomo
• Asemota Igiogbe
• Ifeoma Ben
• Iliasu Yakubu
• Others involved in similar activities

“It is important to clarify that while these individuals were either registered members of the association at one time or associated with SiBAN, their actions are not representative of the association’s values or goals”.

It further called on the general public and stakeholder in the industry to beware of this notice and refrain from dealing with these individuals on behalf of SiBAN.

“Given the situation, SiBAN strongly advises all members of the public, businesses, and regulatory bodies, including the Securities and Exchange Commission (SEC), National Information Technology Development Agency (NITDA), Nigeria Financial Intelligence Unit (NFIU), Central Bank of Nigeria (CBN), and other relevant government agencies, to refrain from engaging in any dealings with the aforementioned individuals on behalf of SiBAN.

“These individuals are not authorised to represent SiBAN in any capacity, and any claims to the contrary are false and misleading.

“Any dealings with them under the impression that they are acting on behalf of SiBAN should be considered illegal and should be reported to the association”.

Commitment to Ethical Standards and Consumer Protection, SiBAN reaffirmed its unwavering commitment to ensuring that the blockchain industry in Nigeria operates transparently, ethically, and in full compliance with national regulations.

“As the leading association for blockchain stakeholders in Nigeria, we will continue to uphold the highest standards in all our activities, including the enforcement of our Code of Conduct and the promotion of safe and fair practices in the industry”.

Moving forward the association encourages stakeholders, both in Nigeria and internationally, to engage with SiBAN directly through our official communication channels for any inquiries, confirmations, or reports of misrepresentation.

SiBAN will remain vigilant in addressing any further attempts to mislead the public or operate outside of our established ethical framework.

Zinox Technologies, Nigeria’s premier technology company, founded by Forbes Best of Africa’s Leading Tech Icon Leo Stan Ekeh, marked its 23rd anniversary.

Established in 2001, Zinox has been at the forefront of providing advanced technology solutions in the country and across the continent. Zinox was created to fill a significant void in Nigeria’s ICT sector, offering the nation a digital identity and leading as the first indigenous ICT powerhouse to design and manufacture internationally certified computers from Nigeria.

Ekeh, a visionary entrepreneur, has been instrumental in driving Zinox’s success. Recognized for his leadership and contributions to the tech industry, he was awarded the Icon of Hope and Model to the Youth by former Nigerian President Olusegun Obasanjo in 2001.

Over the years, Zinox has achieved numerous pioneering accomplishments, becoming the first Original Equipment Manufacturer (OEM) in Sub-Saharan Africa to receive Microsoft Windows Hardware Quality Lab Certification (WHQL) on computing and devices. The company spearheaded the rollout of the largest single e-education, e-health, and campus-wide network on the continent, establishing itself as a leader in advancing digital infrastructure.

Zinox’s innovative approach led to its distinction as the first Microsoft Prime Production Online Automation Partner in Sub-Saharan Africa with the OA Version 3.0 and the first Intel Premium Partner in the region.

Notably, Zinox is also the first OEM in West Africa to attain the ISO 9001-2015 Certification and the first to acquire the Google Mobile Application Distribution Agreement (MADA) in West Africa. The company’s impressive achievements include being the first OEM in Nigeria to introduce renewable energy and lifestyle products and becoming an Intel Platinum Partner in Sub-Saharan Africa.

Under the auspices of Mr Ekeh, Zinox’s impact on technology and society has garnered widespread recognition. The company was named Pioneer ICT Company of the Year in 2021 by the National Information Technology Merit Awards, and it has consistently received accolades for innovation and excellence. The Foxconn IT Global Platinum Award for the Zinox Zpad in 2014, the Intel Global Award for Mobile Computing in Africa and the Middle East in 2012, and the ICT Excellence Award by the Nigerian Computer Society in 2013 are just a few of the numerous honours bestowed upon the company.

Over its 23-year history, Zinox has also made significant contributions to Africa. The company has played a crucial role in redefining the democratic process in Nigeria, The Gambia, and Guinea-Bissau. Through its innovative products and solutions, Zinox has transformed these countries from analog to digital governance.

The company delivered Africa’s largest single ICT election rollout, introducing Direct Data Capture machines to the electoral process. Zinox was the official computer provider for the 17th Africa Union Summit held in Gambia in 2006, further solidifying its commitment to driving technological progress on the continent.

Zinox’s commitment to integrity and digital transparency has earned it the trust of its customers and partners. The company was exclusively selected to provide the IT tools needed for the yet-to-be-conducted 2023 census in Nigeria, showcasing its expertise and reliability.

As Zinox celebrates its 23rd anniversary, it continues to diversify its product lineup, positively disrupting new industries and meeting the needs of millions across Africa. Beyond laptops, desktops, and tablets, Zinox’s innovative offerings now include alternative power solutions such as inverters, solar panels, batteries, and other energy-efficient technologies. In addition, the company offers home and kitchen essentials like smart TVs, microwaves, and fans, all designed to provide convenience and peace of mind to customers.

Zinox’s extensive range of solutions includes AI and Robotics, Fibre Optics Broadband and Satellite Networks, Cloud Computing, Renewable Energy, Advanced Biometrics and e-voting systems, E-Libraries, and E-Health systems. Each of these solutions represents Zinox’s dedication to transforming lives and fostering sustainable development across Africa.

The success of the tech company can be credited to the visionary leadership of its founder, the dedicated board of directors, and Mrs. Kelechi Okonta, the Managing Director, whose efforts have led to the creation of other international brands.

As Zinox looks toward the future, its commitment to tech innovation and excellence remains steadfast. With a legacy of breaking new ground and setting industry standards, Zinox continues to uphold its mission to provide Nigerians and the African continent with world-class technological solutions.