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Tips against SIM Swap Scammers as Nigerians Lose Billions

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Some Nigerians using mobile money transfer service have fallen victims to a recent scam involving mysterious swapping of SIM cards.

 

SIM swapping is a sophisticated form of fraud and falls under social engineering. Fraudsters will distribute phishing emails, trying to ascertain as much personal information from victims as possible.

 

After swapping sim cards, fraudsters then withdraw any money saved in the mobile cash account and can even apply for quick loans, leaving the owner counting losses by the time they regain control of their SIMs.

 

How it works

Your phone network will momentarily go blind without signal or Zero Bars and after a while a call will come through.

Sim-Cards.jpg

The person on the other side will tell you that he is calling from Airtel, MTN, 9mobile or Glo depending on your network and that there is a problem in your mobile network.

 

He will instruct you to Please press 1 on your phone to get the network back.

 

If you press 1, the network will appear suddenly and almost immediately go blind again (Zero Bars) and by that action, your phone is #HACKED.It will appear as though your line is without network; meanwhile your SIM has been SWAPPED.

 

It is increasing by the day. Within a second they will empty your bank account and cause you enough damage. The danger here is that; you will not get any alert of any transaction.

 

 

Safeguarding your information and device

For the scam to be successful, hackers need access to personal information. According to the National Fraud and Cybercrime Reporting Centre, this is usually achieved through purchasing a victim’s details from organised crime networks, which harvest your information via Trojan malware, and by scraping it from the public domain (social media). Your best defence is, therefore, to defend these potential access routes through:

 

  • Ensuring that all your devices have adequate firewall/anti-virus protection. There are a number of efficient, free options.
  • Only downloading programmes, apps and information from known and trusted sources. Hackers will attempt to trick you into downloading their phishing software.
  • Before entering your bank details ensure that the site is what it says it is. Scammers will create duplicate sites to steal your information. A site’s details are usually accessed via the padlock on the browser bar.
  • Keeping personal information, which may be used to answer security questions off social media (e.g. birth date, first pet, first school).
  • Using strong passwords. A strong password is around 12 characters and need not be a string of letters and numbers.

So, while you might have a whole host of defences guarding your computer, don’t neglect to protect your mobile as well. If you’ve got personal data on your phone then it’s just another opportunity for hackers to break in and swipe your data, especially as they know it’s something people often overlook. Take the same precautions you would with any other electric device that holds personal information and keep an eye out for any suspicious activity.

 

NCC/ Expert Angle

Tony Ojobo, director, Public affairs, Nigerian Communications Commission (NCC), acknowledged the existence of SIM Swap fraud and explained that it is a criminal act which is the responsibility of law enforcement agencies.

 

“SIM swap fraud is a criminal matter. What NCC investigate and sanction are issues around regulatory breaches and issues that contravenes terms of operators’ license. Just as if banks identify any of their staff that collude with fraudsters to perpetrate fund such persons are arrested and handed over to the police to prosecute and punish,” he said.

Responding to this Oluseyi Akindeinde, chief technical officer, Digital Encode, said that SIM swap is not new. “A lot of the perpetrators have insiders in the telecommunications operator that allow them to do this. Nothing really can be done to check it unless they checkmate the guys inside the telcos,” he said.

 

William Makatiani, managing director, Serianu, said that SIM swap has become a lucrative enterprise in Africa particularly because of the increased adoption of mobile money services and mobile based authentication.

 

“Attackers gather enough information on a target such as ID details; Phone numbers etc through social engineering and create a false identity. Using this information, the attackers can contact the service provider and request for SIM card replacement and thereafter start transacting using your phone.

 

 


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Telecom

Airtel Nigeria Leads Telecom Market Surge

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In a recent revelation from the Nigerian Communications Commission (NCC), Airtel Nigeria has emerged as a standout performer in the country’s telecommunications sector, marking significant gains in market share over the past year.

According to the NCC data, by the end of March 2024, Airtel Nigeria has grown its market share over the last year into a remarkable 29%, solidifying its position as a leading telecom provider in the region.

In stark contrast, other mobile network operators such as MTN and 9mobile have faced considerable setbacks, with MTN witnessing a notable 3.19% decline in market share and 9mobile experiencing a 0.5% decrease.

Even Glo, a prominent player in the market, saw a decline, albeit less pronounced, with a 0.58% drop in its share of internet subscribers.

Airtel Nigeria’s success story goes beyond market share gains. The company has also witnessed a substantial surge in its share of internet subscribers, boasting an impressive 165% basis points increase.

This surge correlates with the launch of Airtel 5G, which the company began rolling out in June 2023 and underscores the telco’s continued push to grow its customer base nationwide.

Airtel Nigeria’s ascendancy in the telecom market comes at a pivotal moment when mobile network operators face challenges of rising operations cost and exchange rates volatility. The company’s recent results solidify its position as a frontrunner in Nigeria’s telecom landscape.

 


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Airtel Boosts NIPR Public Relations Week with Onsite Unlimited Data Connection

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Telecommunications service provider, Airtel Nigeria has collaborated with the Nigeria Institute of Public Relations (NIPR) to provide with unlimited internet access at the institute’s inaugural edition of the Nigeria Public Relations Week.

The trailblazing event themed ‘Leveraging Public Relations as a Critical Asset for Nigeria’s Economic and Reputation Renaissance’ is set to run from Monday, April 22nd to Friday, April 26th, 2024, and will welcome thousands of delegates across Nigeria to the prestigious June 12 Cultural Centre, nestled in the heart of Abeokuta, the Ogun State capital.

Speaking on the strategic collaboration, Femi Adeniran, Director, Corporate Communications and CSR, Airtel Nigeria, expressed enthusiasm about the partnership, stating, “Airtel is proud to support the Nigeria Institute of Public Relations in its endeavor to advance the field of public relations.

“The relevance of public relations practice in Nigeria cannot be overstated, as it plays a vital role in shaping perceptions, managing reputations, and influencing public opinion. Hence, our support is a demonstration of our commitment to empowering individuals and organizations with innovative solutions that drive progress and create an enabling society.”

According to NIPR, through the PRWeek Organizing \Committee Chairman, Mr Yomi Badejo Okusanya, the NPRW will gather over 2,000 experts in the fields of economics, PR, and nation-building to discuss strategies for effectively communicating government policies and initiatives to the public.

Other activities at the NPRW will include conferences, the annual general meeting, workshops, induction of new members, breakout sessions with students as well as traditional rulers and a tour of some legacy projects in Ogun state.

With Airtel’s provision of onsite unlimited data connection, attendees and participants can enjoy unparalleled access to online resources, real-time updates, and interactive engagements throughout the duration of the event. This will significantly support the exchange of ideas, foster networking opportunities, and elevate the overall experience for all stakeholders involved.

Airtel Nigeria remains committed to offering unwavering support for initiatives aimed at driving innovation, collaboration, and nation-building.


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World Earth Day: Kuda Partners with Wecyclers to Clean up Communities in Lagos

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In a landmark partnership aimed at promoting sustainable waste management practices, Kuda Microfinance Bank and Wecyclers collaborated to commemorate World Earth Day on April 22, 2024. The collaboration featured a series of impactful activities designed to raise awareness and foster environmental stewardship.

The activities on the day included a webinar session facilitated by renowned expert in environmental management and head of ESG at Wecyclers, Omobolanle Olowu, during which she shared startling data on plastic pollution in Nigeria. She also discussed the importance of proper waste management and its significance in preserving the planet for future generations, providing valuable insights and practical tips on reducing, reusing, and recycling waste.

In a published study on plastic pollution in Nigeria, the country ranked ninth globally for plastic pollution with an estimated 2.5 million tons of plastic waste generated annually and less than 12% of those waste materials recycled.

Also on the day, Kuda staff volunteered for an environmental cleanup exercise, during which they took to parts of Apapa Road, Ebute Metta to empty gutters and collect plastics and other recyclable materials for recycling.

In addition, volunteers from Kuda gained firsthand knowledge of innovative waste management solutions during a guided tour of Wecyclers’ facility in Ebute Metta. The tour showcased Wecyclers’ pioneering efforts in recycling and waste upcycling, demonstrating how technology can be leveraged to address environmental challenges effectively.

Speaking about the collaboration, Emmanuel Femi-Adejobi, Senior Brand Manager at Kuda, expressed enthusiasm for the partnership’s potential to drive positive change. “We [Kuda] are committed to promoting sustainability and environmental consciousness. We also believe that our responsibility is not only to our customers and other stakeholders but also the environment that we all share. Partnering with Wecyclers allows us to inspire communities to adopt eco-friendly practices,” he said.

“Our initiatives towards achieving a sustainable environment and achieving a green earth goes beyond just recycling. We aim to inspire a broader commitment to waste minimization, reusing materials and proper sustainable waste management. As we commemorate World Earth Day, we encourage our staff, customers and general public as a whole to embrace actions that promote a green, safe earth for all,” he added.

Likewise, Esther Chibueyin Fagbo, Head, Human Resources and Partnerships at Wecyclers, emphasised the importance of collective action in addressing environmental issues. “It is very important for organisations to collaborate on initiatives that help save the environment. We are excited about this partnership because such partnerships are crucial to creating awareness and educating people about the impact of plastic waste on the planet and how they can contribute to a change that we all deserve.”

Kuda’s collaboration with Wecyclers emphasises its commitment to sustainability and championing proactive efforts through education, engagement and action to create an environmentally conscious population and a sustainable tomorrow.


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