Broadcasting
Understanding the Risks of Insecure Payment Processing

By Gideon Ayogu
Businesses across the world are losing customers and huge sums due to a rise in payment fraud in the last few years. A recent report highlights an alarming 88% global increase in payment fraud between December 2021 and March 2023. In an ever-evolving digital world, payment processing is at the heart of every business transaction. However, each transaction carries significant risks that must be effectively managed and mitigated. Consequently, ensuring robust security in payment processing has never been more critical.

With the increasing sophistication of payment fraud, many businesses are becoming targets for hackers and cybercriminals who exploit insecure payment processing systems. These attacks can lead to severe consequences, including financial losses, reputational damage, legal repercussions and a significant loss of customer trust.
This SeerBit blog post highlights the potential risks and consequences of neglecting security in payment systems and emphasises the importance of partnering with a trusted payment solutions provider to effectively mitigate these risks.
Potential Consequences Of Insecure Payment Systems
There are numerous consequences that your business will suffer if you become a victim of fraud due to insecure payment systems. Some of these are discussed below:
- Financial Losses
The lack of strong security measures in your payment systems can leave your business vulnerable to a wide range of fraud, including unauthorised transactions, identity theft, and credit/debit card fraud. These threats often lead to significant financial losses for businesses. A 2023 report by IBM revealed that the average global cost of a data breach has risen to $4.45 million, covering both direct expenses like fines and legal fees, as well as indirect costs such as customer attrition and lost business opportunities.
In 2023, three Nigerian fintech companies lost more than N5 billion to hacking incidents between Q1 and Q3 of the year, while another lost N800 in just one week, according to media reports. These alarming incidents highlight significant vulnerabilities within the security architecture of payment systems.
The rise in security breaches and fraud cases in recent years, along with businesses being compromised through their connections to insecure platforms, underscores the critical importance of secure payment processing. This highlights the need for businesses to partner with a trusted payment solutions provider.
- Reputational Damage
Reputational damage from a data breach or fraud often has a longer-lasting impact than the immediate financial losses. Today’s customers are more aware and concerned about the security of their personal and financial information than ever before.
A single breach can severely undermine customer trust, leading to decreased sales and long-term brand damage. Regaining this trust can be extremely challenging, if not impossible, for many businesses. This loss of customers and revenue underscores why secure payment systems are crucial for business survival and growth.
- Legal Repercussions
Businesses that experience a security breach or fall victim to fraud may face significant legal repercussions, many of which could be avoidable. In cases of payment fraud, affected stakeholders might sue the business, or the business may need to engage in expensive legal proceedings against those responsible.
Additionally, a security breach could indicate non-compliance with industry best practices or current security standards, such as PCI DSS (Payment Card Industry Data Security Standards), potentially resulting in substantial fines and other legal consequences.
How To Secure Your Payment Process And Protect Your Business Against Fraud
The operational disruption that a fraudulent activity or a breach of your security system can cause will lead to a loss of productivity and efficiency, alongside other consequences already discussed in this post. Hence, you should place a premium on securing your payment process and protecting your business against fraud. One of the best ways to achieve this is by relying on a secure payment gateway.
A payment gateway is a technology that captures and transfers payment data from the customer to the acquiring bank. It acts as an intermediary between your business website and the financial institution, ensuring the secure transfer of sensitive payment information. Payment gateways authorise payments for e-transactions, enabling businesses to securely accept credit card payments, digital wallets, and other forms of online payment.
Key Security Features of Payment Gateways
Below are some of the key security features a payment gateway must incorporate to ensure secure transactions:
- Encryption and SSL: Encryption converts data into a secure code to prevent unauthorised access. Secure Socket Layer (SSL) certificates ensure that data transferred between the customer and the merchant is encrypted and secure.
- Tokenization: Tokenization replaces sensitive payment information with a unique identifier or token. This token is used during transactions, keeping the actual payment data secure and reducing the risk of data breaches.
- PCI DSS Compliance: The Payment Card Industry Data Security Standard (PCI DSS) sets security standards for organisations handling credit card information. Compliance with PCI DSS ensures that payment gateways adhere to stringent security measures to protect cardholder data.
- Fraud Detection and Prevention Tools: Advanced tools such as CVV verification, address verification, and AI-based fraud detection systems help identify and prevent fraudulent transactions, safeguarding both businesses and customers.
- Trustworthiness: Ensure that the payment gateway has a proven track record and industry certifications to back up its claims of security and reliability.
When selecting a payment gateway for your business, it is crucial to prioritise these key features before trusting them to process your transactions. A secure payment gateway ensures that your payment systems and processing are secure and insulates your business from fraud and hacking attacks.
Payment gateways lacking these essential features should not be considered for your business.
Benefits of Secure Payment Gateways for Businesses
A secure payment gateway such as SeerBit offers numerous benefits for businesses:
- Enhanced Customer Trust and Satisfaction: A secure payment gateway builds customer confidence, encouraging repeat purchases and fostering loyalty.
- Reduced Fraud and Chargebacks: By minimising fraud-related losses and reducing chargebacks, businesses can protect their revenue and maintain financial stability.
- Regulatory Compliance: Secure payment gateways ensure compliance with legal and regulatory standards, helping businesses avoid penalties and legal issues.
- Competitive Advantage: Prioritising security can serve as a unique selling point, setting businesses apart from competitors and attracting security-conscious customers.
Conclusion
In today’s digital economy, the impact of a security breach or payment fraud can be devastating for businesses. As the digital landscape evolves, so do the risks associated with it, making it crucial for businesses to choose secure payment systems proactively. Secure payment gateways are vital for maintaining both the success and credibility of any business in the modern digital age. By prioritising robust security measures, businesses can safeguard themselves and their customers, build trust, and ensure seamless transactions.
At SeerBit, we are committed to providing top-tier security to protect your business and customer data, while also delivering a smooth and efficient payment experience.
Discover how we can enhance your payment processes today!
Broadcasting
NCC Blocks Piracy Sites as Nollywood Faces Rising Digital Theft

Nigerian Copyright Commission (NCC) has called for urgent adoption of advanced digital protections after blocking seven piracy sites amid escalating online threats to Nollywood content.

The call was made during a webinar hosted by Greychapel Legal titled “Clicks, Streams, and Copyright: Who Owns Nollywood’s Digital Future?”, which brought together filmmakers, regulators, entertainment lawyers and media strategists to examine how content ownership and copyright enforcement are being reshaped by the digital age.
Lynda Alphaeus, director and head of the NCC Lagos Office, said the Commission has intensified its efforts to combat piracy across digital channels and is upgrading its operations to meet emerging threats.
According to her, Nigeria’s new Copyright Act was deliberately updated to strengthen creators’ rights amid the explosion of online distribution.
“NCC has worked, and is still working tirelessly to adapt Nigeria’s legal framework to cope with digital distribution challenges. We now have the power to block networks publishing illegal content, and we have already blocked seven websites distributing pirated Nigerian works,” Alphaeus said.
She revealed that the Commission has established a special taskforce known as the STOP Unit to coordinate anti-piracy operations online, alongside new awareness campaigns targeting local markets and schools to educate content creators and the public on copyright obligations.
Alphaeus urged filmmakers and producers to take ownership of their digital safety by deploying available technological protections to safeguard their intellectual property.
She explained that tools such as encryption help prevent unauthorised copying, blockchain technology offers immutable proof of ownership, digital watermarking allows creators to trace illegal uploads, while cloud security and regular offline backups protect creative files before they reach the market.
While noting that copyright in Nigeria does not legally require registration, she stressed that registering one’s work strengthens protection and provides legal presumptions that can be vital in enforcement.
“Whatever you register is presumed to be yours until proven otherwise,” she said, urging creators to invest in copyright knowledge as part of their business strategy.
Other speakers at the webinar reinforced the urgency of protecting Nollywood’s digital assets.
James Omokwe, film director, noted that while streaming platforms have created unprecedented opportunities for visibility and monetisation, they have also opened new vectors for intellectual property theft and unauthorised redistribution.
Solafunmi Laelle, media strategist, added that audience data, which streaming platforms rely heavily on, will increasingly determine leverage and value in film licensing negotiations.
According to her, creators who lose control of their intellectual property, whether through piracy or unfavourable contracts, also lose access to valuable data that could shape their long-term earnings.
Nky Ofeimun, entertainment lawyer, emphasised the need for creators to understand the contractual implications of ownership, platform exclusivity, and reversion rights.
She noted that many filmmakers still underestimate how quickly digital copies can be illegally duplicated or uploaded once control is lost.
The panelists agreed that as Nollywood deepens its digital footprint, piracy will continue to evolve and become more sophisticated.
They stressed that the industry must respond with equally sophisticated tools, stronger contract negotiation, and improved education around copyright.
Broadcasting
Four Must-Watch African Films Debut Free on Glo TV

Globacom, just introduced four brand new movies on its premium entertainment platform, Glo TV, and they are completely free for all subscribers. The company says the release marks another major step in its mission to enrich digital entertainment for millions of viewers across the country.

In a statement from Lagos on Wednesday, Globacom explained that the new titles feature some of Africa’s most celebrated actors and filmmakers, offering a colorful mix of romance, comedy, drama, culture, and emotional storytelling. The lineup includes Johnny Just Come (JJC), Eko Vibes, Bound, and Shifting Desire.
“Each of these movies was chosen to spotlight diverse African stories while delivering world class entertainment unavailable in cinemas, on YouTube, or on any other streaming service. Viewers do not need any subscription or extra payment. Access is completely free,” the company said.
Leading the pack is Shifting Desire, featuring Lilian Afegbai and veteran actor Majid Michel. The film is a gripping romantic drama that dives into marriage, intimacy, betrayal, healing, and the emotional journey of a couple using therapy to rebuild trust. Shifting Desire premiered on Glo TV on December 2 and is already streaming for free.
Johnny Just Come (JJC), starring Patience Ozokwor and Nancy Isime, delivers a hilarious cultural crossover story about an American man trying to navigate love and marriage in an African household. The movie explores themes of identity, family, culture, and coexistence in a warm and relatable way.
The third title, Bound, starring Rita Dominic and Eyinna Nwigwe, is a thought-provoking family drama that follows a successful career woman confronting long hidden personal struggles and the impact on her relationship. The film showcases powerful performances from some of Nollywood’s finest.
Rounding out the collection is Eko Vibes, featuring Broda Shaggi, Josh2Funny, and Nkechi Blessing. The movie captures the energy and hustle of Lagos youth culture, spotlighting ambition, humor, and the vibrant spirit of young people chasing success in the city.
Globacom noted that the new releases reinforce its commitment to delivering original African content at the highest quality. “With these exclusive titles, Glo TV is redefining digital entertainment in Nigeria by offering fresh, premium movies not available anywhere else. We remain committed to growing our catalog with rich African stories that celebrate creativity at its best,” the company added.
Broadcasting
Young Africans Hit Hardest by Online Gender Violence, Paradigm Initiative Reports

A new study, conducted by pan-African organisation, Paradigm Initiative (PIN), warns of an alarming surge in the prevalence of Technology-Facilitated Gender-Based violence, with 67 percent of respondents being victims of at least one or multiple forms of digital violence.

Online
Released on International Human Rights Day, the research exposes deep systemic failures, weak accountability, and unsafe online spaces driving a rapidly escalating epidemic across Cameroon, Kenya, Nigeria, Senegal, Zambia, and Zimbabwe.
PIN recognises that this gap limits both the understanding of TFGBV and the development of effective solutions. In response, this study adopts a survivor-centred approach that reframes how TFGBV is researched, discussed, and addressed. By prioritising survivors’ perspectives, the research uncovers the emotional, social, and systemic dimensions of digital violence that formal reports and statistics often obscure. It also interrogates how survivors navigate reporting systems, access justice, and play an informed role in digital spaces that are frequently hostile or unsafe.
A key finding of the study is that young people are disproportionately affected, with those aged 18–34 constituting the vast majority of survivors. Most incidents of TFGBV occurred on Facebook, WhatsApp, and X (formerly Twitter), underscoring how mainstream social media platforms continue to function as structurally unsafe spaces for many users—particularly women, activists, and advocates.
“Victims’ experiences range from sexual harassment, threats, and misogynistic attacks to severe violations such as stalking, non-consensual image sharing, hacking, sextortion, and identity-based harassment,” the report notes. “Personal testimonies reveal profound emotional, psychological, and reputational harm.”
The study also highlights that formal systems such as the police, employers, and public institutions, remain underutilised, largely due to fear, mistrust, or an expectation of inaction. While the findings expose wide-ranging gaps across platforms, institutions, and legal frameworks, they also highlight survivors’ resilience and their continued efforts to seek safer digital environments.
In light of these findings, PIN calls for urgent action to make online spaces safer for everyone, in line with this year’s Human Rights Day theme, “Human Rights, our everyday essentials.” Addressing these systemic gaps is critical to advancing democratic engagement, promoting media pluralism, fostering digital inclusion, and achieving gender equality across Africa.
Telecom3 days agoAirtel Africa Foundation Opens Undergraduate Scholarship Portal in Nigeria
E-Financial3 days agoEcobank Nigeria to Fully Repay $300m Eurobond Ahead of Schedule
Broadcasting3 days agoCKay’s “Love Nwantiti” Crosses Billion-Stream Mark on Spotify
Telecom3 days agoYouTube Nigeria Unveils 2025’s Top Lists and Launches New YouTube Recap Feature
E-Financial3 days agoReps Give Banks Four-Day Ultimatum on Tax Deductions, Charges
General News3 days agoPalmPay MD Seeks Deeper Financial Inclusion @ CeBIH Annual Conference 2025
Telecom2 days agoMTN Nigeria Launches Unlimited 5G Broadband Plans to Boost Digital Inclusion
News2 days agoFRC, ICPC Seal Anti-corruption Alliance



















