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History as Fintrak Software Unwraps Africa’s First AI-Powered Credit Management Software

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Fintrak Software Limited, a financial technology (Fintech) firm headquartered in Lagos, has set a new benchmark in the African financial landscape with its introduction of AI-powered “Fintrak Credit 360”.

History as Fintrak Software Unwraps Africa’s First AI-Powered Credit Management Software

This cutting-edge credit management software, laced with the power of Artificial Intelligence and Machine Learning, is poised to revolutionise credit processes within banks and allied institutions across the continent.

Bimbo Abioye, group managing director, said the software’s transformative impact on the credit lifecycle. Unlike conventional banking solutions, Fintrak Credit Risk 360 comprehensively captures every stage of credit management, from origination and appraisal to customer approval, loan approval, and even rescheduling.

In a recent international webinar engagement spanning multiple African countries, from Kenya to Tanzania, Gambia, and Uganda, Fintrak Software showcased its innovative software to a gathering of prominent industry players and bankers.

The infusion of Artificial Intelligence (AI) ensures a flawless execution of these processes, eradicating the possibility of human error.

Abioye noted that the software’s ability to automate credit transactions, including intricate processes like payday loans, end to end.

Through strategic integration with credit bureaus and regulatory bodies like the Central Bank of Nigeria, Fintrak Credit Risk 360 emerges as a holistic solution for any bank, empowering them to manage various loan types effectively.

In the words of Omar Mboob, a seasoned banker from Gambia, “Fintrak’s software has streamlined its operations, introducing meticulous underwriting and enhancing client oversight.” The automation features have instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), significantly boosting efficiency and productivity.

The system further extends its functionality to accommodate various approval levels, from bank officers to credit committees and board committees.

It provides mobile loan approval capabilities, ensuring flexibility and accessibility for stakeholders involved in the approval process.

Through its digital lending capabilities, the platform transforms the lending experience, making it more efficient, transparent, and secure for both financial institutions and borrowers.

Kenneth Uzoegwu, a financial analyst, added that Fintrak’s Credit Risk software is impactful for its swift decision-making capabilities, facilitated by AI and machine learning components.

Christopher Sualeze, head of Commercial Banking SBU, FinTrak Software, highlighted the software’s open architecture, making seamless integration with other credit software possible. He also said that its prowess in anomaly detection and behavioural analysis of customers is facilitated by a dynamic product rack.

Fintrak Credit Risk 360 incorporates a comprehensive array of core components essential for managing credit risk effectively. This robust system encompasses features such as loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring.

Furthermore, the system integrates an embedded document management system, utilizing cutting-edge artificial intelligence and machine learning technologies for efficient data analysis and decision-making processes.

It also streamlines credit documentation processes, including Credit Approval Memos (CAM) and Credit Approval Forms (CAF). Additionally, the platform facilitates rigorous credit appraisal through in-depth financial analysis and risk rating methodologies.

 

 

 


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Cybercriminals Using “Joker: Folie à Deux” Release to Scam Fans

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Kaspersky has uncovered cybercriminals exploiting the hype surrounding “Joker: Folie à Deux” ahead of its worldwide cinema premiere, for online phishing scams. Fans eager to watch the new movie online are at risk of being duped into giving away their sensitive data and money.

Kaspersky experts have identified phishing scams related to the new movie. The first example involves a fake offer to subscribe to watch the film for free.

On the fake website, users are asked to enter their credit card information to sign up, while the promised film is never accessible. The scammers gain access to the victim’s card details and can use them for fraudulent transactions or to sell on the dark web.

The second type of scam exploits the Joker movie brand to lure victims into fraudulent investment schemes, giveaways, or similar traps. Cybercriminals create phishing websites claiming to offer free access to the movie.

When users attempt to play the video, they are redirected to other pages – often promoting quick, easy money-making schemes, offering the chance to participate in a giveaway, or possibly other profits.

In the cases uncovered by Kaspersky, users are prompted to provide either personal information – so perpetrators can contact them with faux investment opportunities – or credit card details, for example, to pay for the delivery of the giveaway prize.

“As the premiere approaches, more people are looking for more ways to gain early access to the film and, as such, the risk of falling for such scams increases. We strongly recommend users carefully verify where they enter sensitive information and install reliable antivirus software that can warn against suspicious or malicious websites,” says Olga Svistunova, a security expert at Kaspersky.

To protect themselves from phishing-related risks, Joker movie fans should take precautions when navigating online content related to the premiere. Kaspersky experts recommend the following:

Be cautious. Beware of suspicious emails, messages, or websites offering exclusive deals or freebies. Always verify the source before sharing personal or financial information.

Safeguard personal data. Be mindful when providing sensitive information online, such as your address, phone number, or financial details, and only use secure platforms.

Verify website security. Ensure websites have secure connections by looking for “https://” in the URL and a padlock symbol in the address bar.

Use security solutions. Rely on trusted security solutions like award-winning Kaspersky Premium, that identifies malicious and phishing sites.

Trust reliable sources. Stick to official websites, authorised retailers, and reputable sources for any content to avoid scams.

 


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NDPC Extends Deadline for DCPMIS Registration, Warns Against Engaging Unregistered Data Processors

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Dr. Vincent Olatunji, CEO/ National Commissioner of Nigeria Data Protection Commission has approved the extension of deadline for the registration of Data Controllers and Data Processors of Major Importance (DCPMIs).

The commission in a statement issued on Friday by Babatunde Bamigboye, Head, Legal, Enforcement & Regulations, said that the new deadline for registration without penalty is the 31st of October, 2024.

The statement reads, “In order to ensure accountability and in line with sections 24(3), 29(1)(a) and 44 of the Nigeria Data Protection Act, 2024 (NDP Act), DCPMIs shall only engage agents and contractors who are duly registered with the Commission (as at 15th October, 2024) for the processing of personal data”.

For ease of reference, section 29(1)(a) of the NDP Act provides: “Where a data controller engages the services of a data processor, or a data processor engages the services of another data processor, the data controller or data processor engaging another shall ensure that the engaged data processor —

(a) complies with the principles and obligations set out in this Act as applicable to the data controller;

“Furthermore, Section 65 of the NDP Act defines a data processor “as an individual, private entity, public authority, or any other body, who processes personal data on behalf of or at the direction of a data controller or another data processor.”

The Commission enjoins data controllers and data processors of major importance to immediately ensure that those who process personal data on their behalf fulfill the obligation to register as required by law. Engaging an agent or contractor who does not comply with the principles and obligations (set out in the NDP Act) that are applicable to the data controller is a contravention of the NDP Act.


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Kaspersky Reveals Half of Dark Web Exploit Listings Target Zero-day Vulnerabilities

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Between January 2023 and September 2024, Kaspersky Digital Footprint Intelligence experts identified 547 listings to buy and sell exploits targeting software vulnerabilities.

These advertisements are posted on various dark web forums and shadow Telegram channels, with half involving zero-day and one-day vulnerabilities.

However, it is difficult to confirm whether these exploits are functional, as the dark market is rife with scams. Additionally, Kaspersky found that, on average, the cost of exploits for remote code execution vulnerabilities amounted to $100,000.

Exploits are tools used by cybercriminals to take advantage of vulnerabilities in various software programs, like those from Microsoft, to commit illegal activities, such as gaining unauthorised access or stealing data.

More than half of the dark web posts (51%) offered or sought to purchase exploits for zero-day or one-day vulnerabilities. Zero-day exploits target undiscovered vulnerabilities that software vendors have not identified and patched yet, while one-day exploits focus on systems that do not have the patch installed.

“Exploits can target any program, but the most desirable and expensive ones often focus on enterprise-level software. These tools enable cybercriminals to carry out attacks, which equate to substantial gains for them, such as stealing corporate information or spying on an organisation undetected.

However, some exploit offers on the dark web may be fake or incomplete, meaning they don’t function as advertised. Additionally, a significant portion of transactions are likely to occur in private.

These two factors complicate the assessment of the actual market volume for functional exploits,” explains Anna Pavlovskaya, Senior Analyst at Kaspersky Digital Footprint Intelligence.

The dark web market offers a wide array of different types of exploits. Two of the most widespread are those for RCE (Remote Code Execution) and LPE (Local Privilege Escalation) vulnerabilities.

According to an analysis of over 20 listings, the average price for RCE exploits is around $100,000, while LPE exploits typically cost about $60,000. RCE vulnerabilities are considered more dangerous, as they allow attackers to take control of a system or its components, or confidential data.

Dark web listings for buying and selling exploits, 2023-2024, where some offers can be repetitive. Source: Kaspersky Digital Footprint Intelligence

This year, the peak level in exploit sales and purchases occurred in May, with 50 relevant posts, compared to an average of about 26 per month in the period surrounding the surge. “Peaks in the exploit market’s activity are unpredictable and hard to link to specific events.

“Interestingly, in May, the dark web witnessed the sale of one of the most expensive exploits during the analysed period – allegedly, for a Microsoft Outlook zero-day vulnerability priced at nearly two million US dollars,” elaborates Anna Pavlovskaya.

“Overall, the exploit market remains stable; while activity fluctuates, the threat is always present. This highlights the need for cybersecurity hygiene practices, such as the regular patching and monitoring of digital assets on the dark web.”

 


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