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ATM Security Relatively Low Concern for FIs – Report

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Banks show surprisingly low levels of concern regarding the threat of financial loss due to attacks on ATMs, despite high vulnerability to such attacks, according to Kaspersky Lab.

Only 19 percent of banks are concerned with attacks on ATM and cash withdrawal machines, despite the growing rate of malware targeting the channel, according to the cybersecurity firm’s 2016 threats review. Kaspersky reported 20 percent growth in ATM malware in 2016 compared with 2015.

Kaspersky Lab research also underscores the important role financial customers play in highlighting security incidents, the cybersecurity firm said. In a report from the firm’s Financial Institutions Security Risks survey, nearly one-quarter (24 percent) of financial institutions reported that some of the threats they faced in 2016 were identified and reported to them by a customer.

For the survey, Kaspersky Lab and B2B International surveyed 841 business representatives from financial services businesses across 15 countries, and found that FIs are under considerable pressure to ramp up security with the adoption of mobile banking.

The report highlights mobile banking as a trend that can expose banks to new cyberthreats. Forty-two percent of banks predict, that within three years, mobile banking will be the main form of customer interaction for servicing accounts. More than half (61 percent) saw improving the security of customer-facing apps and websites as a main security priorities, closely followed, at 52 percent, by the implementation of more complex authentication and verification of log-in details.

Sixty-four percent of banks said that they will invest in improving their IT security regardless of the return on investment, in order to meet the growing demands of government regulators, top management and even their customers.

“Combatting the constantly changing threats targeting their own IT infrastructure and customer accounts is an everyday challenge for financial institutions,” said Veniamin Levtsov, Kaspersky Lab vice president of enterprise business, in a release.

“To put an effective response in place that protects all points of vulnerability requires the financial services industry to have several key components: Build a highly integrated antitargeted attacks protection; embrace multichannel antifraud security; and get actionable intelligence on evolving threats.”


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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