Telecom
Fraud Trends Every CFO Should Know
PwC’s Global Economic Crime and Fraud Survey 2022 revealed that 46% of organisations have experienced fraud, corruption, or other economic crimes in the last 24 months. Ryan Mer, CEO of eftsure Africa, a Know Your Payee™ (KYP) platform provider, gives a rundown of what to look out for.
- Fraud protection is no longer optional
It’s hard to believe today, but just a few years ago, even large organisations didn’t have payment fraud protection in place. One of our clients, a listed company, had an ongoing issue with payment fraud totalling over R3 million in losses in the year prior to adopting eftsure. They haven’t lost a cent to payment fraud since.
Businesses are taking the threat of payment fraud a lot more seriously than they did even two years ago. They’re acknowledging that the payment fraud risk is there and that it’s ubiquitous – not only large corporations and banks are being targeted anymore. They know they have to be protected in some way or another.
- It’s easier to hack people than to hack machines
Business email compromise (BEC) is a massive problem, even with protection in place. As threat protection becomes more sophisticated, fraudsters are targeting people to circumvent these digital security measures. There are numerous examples of bad actors manipulating various levels of staff. Although it may be tempting to believe only gullible individuals fall for scams, but criminals are often professional, persuasive and are well-trained in using human weakness, as well as individual and company information to their advantage.
Here’s a likely scenario: A client writes an online review of your company. A fraudster sees this and now knows this person or company is your client and that you would expect emails from them. They create a similar-looking fake email address, paste the client’s logo in their email, attach a malicious document, and send it to your company asking for clarification on the ‘attached invoice’. It takes one person on your team to open that attachment without double checking the sender’s details, and your company is compromised. This happens so easily when financial teams are under tremendous time pressure.
Email security really does help, but personnel training is crucial. Otherwise, it’s like having the best security at your house, from beams to alarms to fencing, and letting someone through the gate without checking their credentials.
- Manual processes are dangerous
The surprising result of increased digital fraud and BEC is that many companies opt to solve this problem by introducing more manual processes. They’re adding another person as a point of contact or another manager to oversee crucial checks. The problem is that it’s still a manual process, reliant on a person that can be manipulated, whether unwittingly or not. It’s a case of rearranging the deck chairs on the Titanic. Digital threats must instead be fought with digital solutions.
Another common mistake is to automate some processes but keep certain steps in that process manual. And ‘manual’ doesn’t necessarily mean physical documents but can involve adding extra steps to a process that could easily be automated. Onboarding new suppliers or clients is a great example: Many businesses have a platform for this, but then request certain documents via email. That’s an invitation for an interception, impersonation or malicious attachment. Or they’ll take data from the platform and manually perform processes and procedures on it, adding in a human element and the potential for mistakes. That’s not only counter-productive from a security perspective, but also a business perspective.
Luckily, we’re seeing the pendulum start to swing in the other direction. CFOs and CEOs, the executives responsible for processes, controls, operations and systems in the organisation, are starting to pay more attention to digitisation and automation. There’s a better understanding of these risks and benefits in general. After all, there is a lot of responsibility that sits on the shoulders of those responsible for outgoing payments in an organisation.
Onboarding, for example, is one of the first experiences someone will have with your company and should be as seamless and simple as possible. By using a platform that can digitise and automate the process, you can speed up the onboarding journey and collect all documents upfront, saving time for all parties involved. A digitised and controlled internal approval process that is automatically part of internal procedures increases business efficiencies and reduces wastage of productive time and energy that should be used to further the company, as manual labour is greatly reduced.
- Don’t just upgrade; integrate
The next step is to not only automate, but to integrate. Though our solution can be used as a standalone system, we’re seeing more clients integrating it into their existing systems.
A Software as a Service (SaaS) provider like eftsure can help enhance processes and limit payment fraud risks by providing an integrated onboarding, verified master data management and payment screening solution that cross-references the payments an organisation is about to release with a database of verified bank account details. This can be integrated into anything from ERP and accounting systems to sales and customer relationship management systems. The platform alerts you to any potentially compromised payment details, at point of payment, allowing you to deal with the problem before the flow of funds has occurred.
The CFOs who are ahead of the digitisation curve, or further along in the process, are now looking for more integrated solutions. This cuts down on the number of steps in each process, and the time spent on each step – improving security while improving the bottom line. Even if they’re making these decisions for the sake of efficiency rather than security, it’s still a win on both fronts and at the end of the day, which stakeholder, with that huge responsibility of releasing payments on behalf of a company wouldn’t want peace of mind before releasing payments?
Telecom
Airtel Laments 300 Percent Increase in OPEX. Backs Tariff Review
Airtel Nigeria has said the telecom operators could not go on without tariff adjustment as the cost of operation has gone up by 300 percent.
According to Dinesh Balsingh, chief executive officer of the company, the call for the upward review of tariffs in the telecom sector has to be honoured of the operator must do their business in the country without many problems.
Balsingh, who stated this in an op-ed, said the adjustments are critical for maintaining high-quality services and enabling further advancements in Nigeria’s digital transformation journey.
“For over a decade, tariffs have remained static despite the dramatic increase in operating expenses, which have surged by over 300% in the last 18 to 24 months alone.
“To continue providing high-quality services and meeting the growing demand for digital connectivity, it has become essential to realign our pricing structure with economic realities,” Balsingh said.
The Airtel CEO also underscored the significant investments required to maintain and expand telecom infrastructure, which is pivotal to supporting Nigeria’s digital economy.
“The increasing demand for digital services across sectors such as education, banking, and healthcare requires us to continually upgrade our networks to deliver more capacity and improve service quality.
“These investments come at a cost, one that must be shared proportionally to guarantee long-term viability,” he said.
Telecom
Telecom Consumers to Gain from Tariff Update as Airtel Nigeria Prioritizes Enhanced Services
As conversations intensify around tariff adjustments in Nigeria’s telecommunications sector, Airtel Nigeria CEO Dinesh Balsingh has reaffirmed the telecom giant’s commitment to delivering superior connectivity and fostering digital inclusion.
In response to the economic realities of rising operational and capital costs, Balsingh noted that the proposed tariff adjustments aim to ensure the long-term sustainability of the sector while unlocking significant benefits for Nigerian consumers.
In an op-ed authored by Balsingh in which he contextualized the necessity of the tariff adjustments, he explained that “For over a decade, tariffs have remained static despite the dramatic increase in operating expenses, which have surged by over 300% in the last 18 to 24 months alone.
“To continue providing high-quality services and meeting the growing demand for digital connectivity, it has become essential to realign our pricing structure with economic realities.”
Balsingh further highlighted the substantial investments required to maintain and expand telecommunications infrastructure. “The increasing demand for digital services across sectors such as education, banking, and healthcare requires us to continually upgrade our networks to deliver more capacity and improve service quality. These investments come at a cost, one that must be shared proportionally to guarantee long-term viability,” he observed.
The proposed tariff adjustments will not only ensure the sector’s sustainability but also bring significant improvements to service delivery, adding: “By enabling us to expand coverage, strengthen network security, and introduce cutting-edge technologies, the adjustments will directly enhance the quality of connectivity for Nigerians.
“Our priority is to ensure that no one is left behind in the country’s digital transformation journey.”
Balsingh emphasized that these adjustments will be implemented with affordability in mind, ensuring minimal impact on consumers. The company remains steadfast in its commitment to supporting Nigeria’s vision of becoming a digital economy leader in Africa, empowering businesses, driving innovation, and fostering inclusive growth.
“Our commitment to quality service remains unwavering,” said Balsingh. “While significant tariff adjustments have become necessary, we understand the importance of gradual implementation to support our customers’ financial positions.
“This step will enable us to invest in capacity, expand coverage, and enhance service delivery, ensuring Nigeria remains competitive in the global digital landscape.”
Telecom
Firm Highlights Skills Development to Drive Data Center Expertise and Sustainability
The integration of modern technologies has introduced both challenges and opportunities for the data center workforce. Over the past 15 years, the evolution from finance-focused IT applications to edge computing on the cloud has transformed the industry, steering data centers toward a more distributed IT model.
Today, the emphasis is on sustainability, and selecting the right certifications is pivotal for career development in various roles, ranging from data center design to networking and security.
Ben Selier, Vice President of Secure Power for Anglophone Africa at Schneider Electric, emphasizes the need for strategic skills development, noting that, “Training and certifications in data centers have traditionally focused on IT-related and non-IT-related roles. With the industry shifting towards sustainability and smart technologies, the need for relevant certifications has never been greater.”
The shift to the Internet of Things (IoT), artificial intelligence (AI), and smart applications has fueled the digital economy but has not been matched by the growth of a skilled workforce. Specialized IT professionals, previously experts in fields like finance software, face the challenge of rapidly outdated skills.
“The adoption rate of technologies like AI—reaching 1,000 million users in just two months compared to the World Wide Web’s seven years—highlights the pressing skills gap in areas such as cooling and power specialization,” Selier explains. Companies are struggling to train or hire fast enough to meet the demand, exacerbating operational issues within data centers.
Modern technologies offer significant competitive advantages, but Selier warns of the challenges: “Attracting and recruiting skilled technicians, engineers, and operators has become a critical priority for the industry. Without proper investment in training, the shortage of qualified staff could hinder growth and innovation.”
Certifications remain a cornerstone for building expertise in the rapidly changing data center landscape. Schneider Electric has been proactive in addressing this need through its Schneider Electric University and comprehensive training services. “Our programs are designed to bridge the knowledge gap, enabling professionals to gain the latest competencies quickly,” Selier notes.
Flexible training plans have also been introduced to meet immediate demands, allowing companies to collaborate with data center partners for temporary solutions while their teams undergo certification. The EcoXpert™ Partner Program, which initially focused on IT solutions, has been expanded to include sustainability certifications for roles such as cooling specialists and systems integrators.
“The program reflects the growing need for sustainability-specific training, empowering partners to adopt innovative technologies in data center design and operations,” Selier explains. The initiative is designed to educate and create opportunities for collaboration across industry.
The rise of AI, cloud, edge computing, and IoT has disrupted traditional data center operations, making advanced certifications essential for career growth. Certified EcoXpert partners gain expertise in areas such as power distribution, grid management, and new energy landscapes.
“Acquiring skills in emerging technologies not only breaks traditional constraints but also propels the career trajectory of data center professionals,” Selier asserts. The expanded EcoXpert program is tailored to meet the evolving needs of individuals and organizations, fostering collaboration and innovation in critical infrastructure.
He concludes with the statement, “The future of the data center industry depends on our ability to develop talent, embrace sustainability, and invest in skills that meet the demands of a rapidly evolving landscape.”
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