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Nigerian Banks Lose N199Bn to e-Fraud

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Nigerian banks have lost a total of N199 billion to e-fraud between 2,000 and 2014, mostly due to inappropriate and reckless management of customers’ data, according to a report by the Leadership Newspaper.

Security assessment of Nigerian banks’ websites in the last two weeks carried out by Easy Solutions Ltd, a global e-fraud protection firm, indicated that electronic fraudsters had invaded Nigerian banking environment, deploying over 185 fake mobile applications on the websites of 15 out of 17 deposit money banks with which they are extracting customers’ personal and financial information with intent to steal billions of naira from bank accounts.

According to Leadership, the latest study showed that Nigerian banks in the past four weeks faced defacement attacks on their websites. Other attacks include email spamming targeting both banks’ websites and customers’ emails with intent to slow the websites and steal customer financial data.

Easy Solutions, which presented these findings at a one-day e-payment anti-fraud forum organised by Winigroup Ltd in Lagos last Wednesday for chief information officers (CIOs) of banks and CBN officials, also showed that the banks are under constant cyber defacement attacks.

Mr Dipo Fatokun, director, Banking and Payments System, CBN, noted that the new development was a threat to the stability of the banking industry and said that to battle the upsurge of e-fraud, CBN would work with relevant stakeholders to establish an industry security operations centre and a risk information centre in order to reduce e-payments frauds and enhance trust in the payments system.

In February this year, Deloitte said phishing and insider threats will con-tinue to be biggest cyber threat sources in Nigeria, especially as crude oil prices continue to fall.

In May, the Nigerian Interbank Settlement System (NIBSS) ePayment Fraud Landscape Report stated that there was 85 per cent success in fraud attempts. It also noted that automated teller machines (ATMs) had most fraudulent transactions while Internet banking fraud loss was put at N3.2 billion within the last one year.

Mr Jeremy Boorer, International director, Easy Solutions, said: “We looked at 17 Nigerian banks 10 days ago for signs of fake mobile apps. In 15 of them, we found the following: The first to 10th banks checked were found with 13, 10, 17, eight, 11, eight, nine, 13, seven and 20 fake mo-bile apps respectively. The 11th to 15th banks were also found with 11, 14, 13, 16 and 15 fake mobile apps.’

Internet-broadbandHe warned bank customers that app stores were full of fake apps claiming to come from banks, saying once a customer downloads and enters finan-cial information, including credit/debit cards details and personal identity numbers (PIN), his/her money is gone as the fraudster will clone the cards or transfer the money through online banking immediately.

“In the last four weeks, we discovered that hundreds of defacement at-tacks are going on Nigerian banks by hackers. It highlights the fact that the websites are not totally secure. Email is still the primary attack chan-nel. They pretend to be customers of the banks to contact the bank. E-fraud is initiated through account takeover, new account and true per-son/mule.”

Boorer said all channel fraud happens in one of the above fraud types through malware, phishing, social engineering, account opening process gaps (KYC/CIP).

According to him, “Social media seems to be a concern as banks create social media accounts and ask prospective customers to open bank ac-counts on social media.

“Fake banks are springing up on the social media and the data that are used to open such accounts, you don’t know where it ends. There are fi-nancial motivations to trick people to create social media accounts to steal financial/credit information which are sold in the dark internet mar-ket for as low as $10 by competing dark internet hacker sites.”

But Fatokun, who was represented by Mrs Margaret Ogundana, head, Banking and Payment System, CBN, said the apex bank was not just advocating e-payments but doing all it could to ensure that users’ funds are well protected as they embrace e-payment.

“CBN has, therefore, been a champion for the fight against e-fraud in Ni-geria. Several initiatives, directives and fora of this nature had been at the forefront of our activities at CBN,” he said, noting that the apex bank in 2010 introduced EMV cards policy which reduced the card fraud to the barest minimum.

“Then, upward increase in fraud incidences became alarming in 2014. Reports from Nigeria Inter-Bank Settlement System Plc (NIBSS) indicat-ed that 1,461 cases of electronic fraud were recorded in that year, which was a significant increase from the previous year’s figure.


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E-Financial

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

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The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

 L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

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Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”

Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.


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Hydrogen, CCHub Partner to Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


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