E-Business
BBBS, Barac Partner on Enterprise Fraud & Cybersecurity Solutions
In a bid to provide real time monitoring and detecting of enterprise fraud and cyber-attacks, Best of Breed Business Solutions (BBBS) has partnered Barac in providing Barac solution to Nigerian Banks and telcos.
Omar Yaacoubi, chief executive officer and co-founder, Barac, said at an event to unveil the solution to Nigerian banks in Lagos that Barac is real time feasibility solution that helps organisations detect threats, fraud and cyber-attacks in real time and with high accuracy across different channels.
“What is unique is that we have seen worldwide that fraud and cybersecurity have become more convergence, where more people in an organisations are stealing data from their organisations to commit fraud, so, cybersecurity, fraud, internal threat, internal monitoring of attacks, internal threat are becoming more and more common.
“At Barac we help solve both problems because fraud is used by cyber attackers or by people inside to get the data, so both of them are very important and both of them need to be covered by one solution.
“Our solution uses artificial intelligent or machine learning and behavioural analytics. Machine learning is going to the data base to understand how the fraud is and how the problem behaves and how do we get to this fraud amount, the date and different information around that.
“This is combine with behavioural analytic which is more about the person, how do this person behave on different channels how do the user or customer behave so you can understand and detect any abnormal behaviour of the user or customer. That is where we are unique in combining both approaches to give very high accuracy,” he added.
He identified some of the existing challenges that Nigerian Banks are facing in tackling fraud and cyber-attacks which is slow adapting solutions to changes in the behaviour of hackers.
“There are a number of things banks need to do, first is innovative solutions that can adapt to hackers behaviour, sometimes they change their behaviour so the solutions the banks use needs to change their behaviour as well.
“With the current solutions that they have especially with the rule base solutions, banks will not be able to do that because it takes up to six to nine months to change the rules where you have to modify rules, it is very complex this is where solutions with behavioural analytic and machine learning will help to solve the problem.
“Secondly, is opening those silos that the banks have where the transactions system works alone, CRM system works alone, core banking solution will work alone, all those system are unique and will work alone on their own, so, that is where they need solution that communicate.
“They need solution that have holistic view, the solution that can detect attacks across the whole channels that they have, especially as they move into cloud and adding new capabilities and opening their networks to new features like USSD, Fintech companies that have access to the banking data,” he said.
According to Ethelbert Mbama, chief executive officer, Best of Breed Business Solution, “We understand the challenges in Nigeria today with Digital Transformations, engagement in multi channels, opening up platforms with Third Parties and Partners, Reactive mode instead of Proactive mode, Preventive instead of Reactive, Data explosion and most importantly, the changing patterns of Fraudsters as well as the role of Internal employees in conjunction with external fraudsters.
“We have x-rayed major patterns and use cases Fraudsters have been using, like Sim Card Swap, opening multiple accounts in Banks with same picture, linking of debit cards to accounts, disabling of internal applications settings of customers and tampering with internal applications.
We understand the issue of Data quality which generates thousands of false positives that is time wasting in investigations. We equally understand the high cost associated with investments in Fraud and Cyber Security in organizations especially around Infrastructure and multiple Security solutions to handle different kinds of security issues.
“We understand the silo nature of multiple solutions that do not talk to each other, none availability of 360 degrees view of the entire security monitoring and analysis, and huge cost associated in Annual maintenance, upgrades, etc of different applications used to secure the organization.”
Ozi (www.ozionline.com), a pioneer community-driven delivery app, launches, offering users a new way to send packages and earn extra cash.
L-r: Co-Founders of Ozionline.com: Ikenna Ani (CEO), Azubike Augustine (COO) and Engr. Christian Chime (CTO)
By connecting people traveling with those needing package delivery, Ozi turns everyday trips into profitable opportunities, aiming to disrupt the global parcel delivery industry, also known as the Courier, Express, and Parcel (CEP) market, currently valued at around $460 billion.
Imagine this scenario – You’re traveling to Abuja from Lagos and have empty space in your car. With Ozi, that unused capacity can earn you extra cash by delivering a package along the way. Or maybe you’re a small business owner who needs to send a package to another state but balk at the high cost of courier services.
With Ozi, you can find a verified traveler heading in the right direction to handle your delivery, Engr. Christian Chime, Ozi’s co-founder and CEO, said during the startup launch held at Four Point by Sheraton, Victoria Island, Lagos.
“Why travel empty when you can earn?” asks Engr. Chime said. “Ozi allows travelers to make the most of their journeys while helping others get their packages delivered with ease.”
“This simple yet powerful idea leverages the daily movements of millions of Nigerians to create a logistics network that is fast, affordable, and efficient.
“Ozi’s unique approach leverages the everyday movement of travelers to bridge this gap, creating a system where everyone benefits”.
He said that the choice of Nigeria as the first launch-location for Ozi was due the potential the country holds in the parcel delivery sub-sector.
“Actually, we had the opportunity to launch OZI in another country outside Nigeria but for our thrust in the Nigerian dream and its potentials made us choose the country as the first to witness Ozi’s innovation”, Engr. Chime said.
“Travelers can now monetize their journeys by delivering packages along their routes, while senders gain access to an affordable and convenient alternative to traditional courier services”.
Ozi combines convenience, innovation, and community to deliver a win-win solution for Nigerians. From quick intra-city deliveries to long-distance trips, Ozi offers an affordable, efficient solution for all.
Whether you’re a traveler looking to earn on your trips or a sender seeking a reliable delivery option, Ozi offers a solution that works for everyone.
In the words of Azubuike Augustine, the co-founder and Chief Technology Officer of Ozi, “Ozi’s mission goes beyond simplifying package delivery. The app represents a broader effort to create shared value for all stakeholders in the logistics process.
“By connecting senders and travelers, Ozi creates a win-win scenario where costs are reduced, trust is built, and income opportunities are created”.
“Ozi prioritizes safety and transparency. Every user, whether sender or traveler, undergoes a comprehensive verification process that includes ID checks and phone number authentication. This ensures that all participants in the system are trustworthy and accountable”.
To enhance security further, the CTO said that Ozi offers real-time tracking for all transactions. Senders can monitor their packages throughout the delivery process, ensuring peace of mind. For high-value items, optional insurance coverage provides an added layer of protection, reinforcing Ozi’s commitment to reliability.
“At Ozi, we understand that trust is critical in logistics,” the Azubuike added. “That’s why we’ve built a platform where every step is designed to safeguard both the traveler and the sender.”
“Ozi is more than an app; it’s a community where everyone wins,” said Ikenna Ani, co-founder/COO of Ozi.
“From today, travelers across the globe can sign up through www.ozionline.com and start making every trip count”, he said. “We have put measures in place to ensure only genuine and verified travelers or senders use the platform. Security is primary for us”.
Ikenna added that the app will be released on Google Play Store and Apple (iOS) on January 1, 2025. Ozi Live on Instagram | Facebook.
Temu is set to enchant the holiday season with its unique blend of green magic, bringing a touch of festive wonder to Christmas celebrations. The initiative, themed “Ride the ‘Wicked’ Wave,” promises to deliver an unforgettable experience, combining technology, entertainment, and commerce to create a magical holiday atmosphere.
Temu’s green magic initiative aims to captivate audiences with a variety of festive offerings, from fashion to home decor, handmade crafts, beauty items, chic clothes, shoes, and more.
The platform’s innovative approach ensures that customers can enjoy a seamless shopping experience, with free shipping on all orders1.
As part of the celebration, Temu has also introduced a magical winter Christmas backdrop, perfect for creating a festive ambiance at home.
This backdrop, made from high-quality polyester, is designed to bring the spirit of the season to life, making it an ideal addition to any holiday decor.
With its commitment to providing exceptional products and services, Temu continues to set new standards in the e-commerce industry, ensuring that customers can enjoy the magic of Christmas in style
With the holiday season here, it’s not only a time for magic and celebration but also a prime opportunity for fraudsters to exploit the festive rush for gifts and bargains.
Amid the sparkle of year-end celebrations, cybersecurity experts at Kaspersky have identified several prominent scams targeting consumers across various regions and languages.
Fake holiday shops
Deceptive online stores mimic the look and feel of legitimate e-commerce sites, offering seasonal items such as decorations, gifts, and even trees at steep discounts.
These sites often appear highly localised, adapting their language and currency based on the user’s geographic location, leveraging data extracted from browsers.
Victims typically encounter these stores by following links in ads or pop-ups.
These sites aim to steal funds. Often, these fraudulent stores exist only for a short period, as they get flagged by the vendors of goods.
Free mobile data offer
This scam plays on the allure of free services, claiming to provide free mobile data valid across all major telecom providers.
In order to receive the free data, victims are required to share the promotion link with 10–15 contacts via WhatsApp, ensuring the scam spreads exponentially.
After sharing, victims are prompted to enter their personal details — name, phone number, and email — into a form.
The collected data is then sold on the Dark Web or used in other fraudulent activities.
In some cases, victims unknowingly download malware that compromises their devices, leading to further exploitation.
Holiday payments on behalf of government agencies
Fraudsters impersonate government authorities, promising fictitious payments in celebration of the holidays.
This scam has been reported in several African countries, including Kenya and Nigeria.
To receive payment, victims are directed to fill out a survey which requires personal details like name and phone number.
Once the survey is completed the user is asked to share the link to the announcement with their connections via WhatsApp.
These details are collected and added to fraudulent databases, then sold to third parties or used for phishing attacks and identity theft.
This scam exploits trust in government systems and the festive spirit of giving.
Christmas recipe scam
This scam begins with a seemingly harmless email promoting a holiday cake recipe.
Victims are encouraged to pay a small fee to access the recipe.
Once payment is made, the victim’s credit card information is stolen. The fraudsters also collect other personal information essential for accessing banking services.
“Holiday scams are not a new phenomenon, but they have evolved to become increasingly sophisticated, leveraging regional traditions and technology to exploit unsuspecting victims.
The rush of the holidays makes people more vulnerable — they’re distracted, eager to grab a deal, or trust promotions that align with festive themes. Cybercriminals are not just stealing money — they’re building massive databases of personal information that fuel future fraudulent schemes.
The holiday season is a time for joy and giving, but users need to remain vigilant to ensure they’re not unknowingly giving fraudsters the tools to exploit them further,” said Olga Svistunova, Senior Web Content Analyst at Kaspersky.
FG Gives Banks, Telcos Six-Month Deadline to Resolve N250Bn USSD Debt
NCC Launches Initiative to Combat Fraud, Spam Messaging
SEC Restates Commitment to Transparency in Fintech Regulation
Egueke, Former Bank Manager Jailed for $46,900 Fraud
Ecobank Warns against Fraud during Yuletide
UBA Group Sets Foot in France with Full Banking Services
FG Begins N50 Electronic Levy Deductions from Moniepoint, Other Digital Banks
Report Reveals Most Organisations Fear AI-driven Cyberattacks but Lack Key Defences
Nigeria Risks Missing out on $1.2 Trillion AI Opportunity- NigComSat
Firm Sues NIMC, Others On Digital Rights Breach Allegations
Telecom2 days agoFrom Niche App to Global Giant: TikTok’s Controversial Journey
Telecom2 days agoGroup Advocates for Digital Rights at 2024 Internet Governance Forum
Broadcasting2 days agoAero Contractors Celebrates Long-Serving Employees at Award Ceremony
E-Financial2 days agoCBN Permits BDC Operators to Buy FX from NAFEM During Festive Season
Telecom2 days agoPatricia Technologies Begins Repayments to Customers Affected by 2022 Security Breach
Broadcasting21 hours agoAfrica Magic Announces Call for Entries for 11th AMVCA
E-Business21 hours agoOzi Launches to Redefine $460Bn Global Package Delivery Market
Telecom21 hours agoHow Artificial Intelligence is Revolutionizing Business Plans for Entrepreneurs