E-payments: Cybercrime casts shadow over growth

Latest data released by the Nigeria Deposit Insurance Corporation (NDIC), showing a sharp increase in the amount banks lost to cyber crime and fraud in 2018 compared with the previous year, threatens to overshadow the rapid progress of electronic payments in the country. Tony Chukwunyem writes     Despite efforts by the Central Bank of Nigeria (CBN) to curb banking fraud menace, the Nigeria Deposit Insurance Corporation’s (NDIC) 2018 Annual Report, released last Wednesday, clearly shows that the problem is getting worse. NDIC report According to the NDIC, the Nigerian…

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NITDA to Nigerians: Be watchful online

The government is taking awareness as a critical step in addressing the scourge of cybercrime in the country and preventing losses. Disturbed by the increasing rate of frauds and attacks being perpetrated on the internet, the National Information Technology Development Agency (NITDA) has warned Nigerians to be more sensitive and on the alert while using the internet. This warning, the agency said became imperative as there has been a tremendous increase in the number of incidences where Nigerians have lost money and data through vulnerabilities arising from lack of knowledge…

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Two Nigerians, six others arrested for allegedly stealing $15 million from U.S. firms

Authorities said eight people have been arrested for their alleged roles in an Africa-based cyber conspiracy that U.S. law enforcement officials say defrauded companies and citizens of millions of dollars. Five of the defendants – a Mexican, two Americans, a Ghanaian and a Nigerian – were arrested in the U.S., the Justice Department said. The other three – two Ghanaians and a Nigerian – were arrested outside the U.S. and were being held pending extradition. The arrests were made as part of the department’s efforts to fight schemes to intercept…

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Cybercrime: Customs agents in dilemma over cargo losses

Customs agents are at the mercy of hackers, who hack their passwords to clear containers at Tincan Island Port, culminating in suspension of 80 licences over illegal release of cargoes. BAYO AKOMOLAFE reports The Federal Government has lost revenues running into billions of naira at the ports due to activities of cyber criminals. The loss was visible in 2011 when the Nigeria Customs Service (NCS)’s Automated System for Customs Data (ASYCUDA) was severally hacked several times and hundreds of containers cleared by fraudsters without payment of appropriate fees and duties.…

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Cybercrime: Underwriters mull N127bn yearly losses cover

Local underwriters have restricted themselves to conventional risks over the years due mainly to financial inadequacy Following an upsurge in predicate offences and other criminal activities, Nigerian underwriters are targeting 2018 to design products for potential victims of such vices, including cybercrime. Cybercrime, which has cost Nigeria its reputation in the international community, has led to annual losses of over N127 billion as revealed recently by the Minister of Communications, Mr. Adebayo Shittu. The underwriters’ inroad into the new policy initiative, according to findings, is, however, subject to commensurate capital…

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Tightening noose on cybercrime perpetrators

Industry stakeholders have advocated continuous training, effective implementation of cybercrime laws and increased awareness as the tripod towards curbing the growing wave of cybercriminal activities in Nigeria. KUNLE AZEEZ and JOSEPH AGUMAGU report. One of the major socioeconomic wars that would be fought by any nation willing to be part of the current global digital economy is cyber warfare with Internet being at the heart of this global threat. Speaking on “Building a resilient digital future” at the International Telecommunications Union’s Telecom World 2017 held in Busan, Secretary-General of Commonwealth…

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X-raying telecoms consumers’ worries

With telecoms regulator declaring 2017 as Year of Telecomms Consumer, mobile subscribers across networks have listed their current challenges regarding quality of service (QoS), which they want the Nigerian Communications Commission (NCC) to focus on. KUNLE AZEEZ reports     Over the last 16 years of telecoms deregulation, the number of mobile subscribers on various telecoms networks has grown significantly. From a paltry 500,000 mobile lines in 2001, the industry has grown to over 230 million connected lines with over 154.1 million of them active on their respective networks and…

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Winners emerge in Pan-African Re/Insurance Journalism Awards

The 2017 Pan-African Reinsurance Journalism Awards winners were announced at a gala dinner in Dakar, Senegal, shining a spotlight on the excellent work of African media in the industry. In its second year, the Pan- African Re/Insurance Journalism Awards according to a statement, received entries from French and English speaking journalists from 13 countries across Africa. According to a statement by the organisers, Mr Gareth Stokes of Commercial Risk Africa (South Africa) was awarded the Pan-African Reinsurance Journalist of the Year Award for his article “Botswana in search of growth.”…

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