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Visa Warns against Cyberattacks

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Visa, a digital payment company has stated that online transactions, despite its benefits, comes with its attendant risks, which it said must be guarded against.

Visa Warns against Cyberattacks

Aribidesi Lawal, risk manager, Visa West Africa, who highlighted the online risks, said: “Consumers have fully embraced digital payments in the COVID-19 era. In fact, a staggering 78 per cent of consumers have now completely adapted their payment methods due to safety concerns and 48 per cent will no longer shop at a store which doesn’t offer contactless payment. While this new consumer behavior presents enormous opportunity for digital-first retailers, these new behaviors are not without risks.”

According to Lawal, with consumer’s shift online, fraudsters have sought opportunities to exploit changes in how people pay for goods and services. Global businesses reported an average of 4,000 cyberattacks on average per day since COVID-19, representing a 400 per cent increase from what was reported pre-pandemic. In turn, we were seeing organisations adopting new security procedures to ensure transactions remain trusted and secure.

Addressing how COVID-19 presents fraudsters with new opportunities, Lawal said the new era of fraud was marked by more sophisticated attempts to trick people into sharing sensitive information.

“For example, across Central Europe, Middle East and Africa, we have seen an increase in social engineering attacks, including phishing, where fraudsters are exploiting the gaps which existed pre-pandemic and have intensified during the crisis. Phishing, specifically, has grown much more complex throughout the pandemic, and now includes a number of variants, such as spear phishing – attacks targeting a specific victim with personalised communication and vishing, which includes voice phishing scams, as well as spoofed websites.”

In the likelihood of implementation, Lawal said: “Friendly fraud is another type of attack on the rise, where individuals’ card and passcodes are used without permission by friends, family or other close associates.

“For merchants it can be a cost of doing business because it’s difficult to track, and most of time refunds are issued without investigating the matter further. Friendly fraud is said to reduce legitimate sales by 1 per cent and profits by 20 per cent.

He, however, said that despite this, the commerce ecosystem has recognised the challenges and responded well, taking a technology-led approach to address emerging threats.

While most businesses were already investing in technology-led security systems, the pandemic kicked this into overdrive, as businesses fought to better combat fraudsters and navigate the new, digital world. As businesses accelerated the use of secure technologies, including tokenisation, contactless and EMV ‘smart card’ chips, the secure nature and performance of digital transactions also improved.

Speaking about security in the post-COVID world, Lawal said with COVID-driven uncertainty set to remain in the near future, the next 12 to 18 months may bring even more disruption and transformation. “However, I believe that the dramatic shift we have seen towards digital payment will continue as consumers and merchants show increasing preference for eCommerce and contactless payments,” Lawal added.

As fraudsters become increasingly sophisticated in a digital world, organisations must innovate and invest in technology to, not only meet evolving demands, but to ensure the safety and security of digital transactions for customers. Investing in new, innovative ways of onboarding customers and new ways to pay, such as online, in-app, contactless, and IoT, will make or break a business in a post-COVID-19 world, Lawal further said.


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Inuwa Seeks Collaborative Effort in Combating Cybercrime in the Country

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As part of efforts towards the transformative journey of strengthening National Security with total commitment to robust cybersecurity measures and digital trust, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE has urged the public and private sectors to invest more in the training of cybersecurity professionals, citing that the benefits of securing organisations and processes, far outweighs the cyber-attacks.

The DG made this plea as a Guest Speaker while presenting a paper titled “Alternative to Cybercrime” at the National Cybercrimes Summit 2024, organised by the Economic and Financial Crimes Commission at the Banquet Hall of the Presidential Villa.

The summit, with the theme; Alternate to Cybercrime: Optimising Cyber Skills for National Development,” is a platform that brought together captains of industries, heads of security agencies, traditional and religious leaders to share ideas, expertise and experiences with a focus on enhancing digital skills as strategy to combat cybercrime.

Inuwa emphasised the urgent need to address the growing menace of cybercrime in Nigeria, while proposing alternative paths for Nigeria’s youth and strategies to fortify national cyber resilience.

He detailed the complexities of cybercrime, noting that it is no longer restricted to laptops and desktops but extends to mobile devices, smart TVs, cars, and more, as everything becomes interconnected through technology.

Inuwa outlined five major categories of cybercrime identified by research which are; technical products or services attacks, attacks and extortion, data or identity theft, Scam and Cashing Out or Money Laundering and stated that the financial sector remains the most vulnerable in Africa, with over 3,300 cyber-attacks reported weekly.

While stressing that cybercrime is a global issue that affects every facet of the digital economy, particularly in Nigeria, he said “We are confronted with an urgent reality, Nigeria, a nation with a rich culture, talent and limitless potential is unfortunately grappling with the global menace of cybercrime but today, we are going to look at alternatives to cybercrime.”

Enumerating the underlying factors that trigger cybercrimes such as unemployment, financial incentives and lack of awareness of the legal and moral implications, Inuwa called for a more holistic approach to combating cybercrime, not only through law enforcement but also by offering viable alternatives to those tempted by illegal online activities.

“We need to look at alternatives to cybercrime and the government must focus on digital literacy, skills development, and job creation to steer young Nigerians away from cybercriminality,” he averred.

Inuwa reiterated the importance of providing positive alternatives for Nigerian youth and stressed the potential of the digital economy to create millions of jobs and contribute significantly to Nigeria’s GDP.

The highlight of the event witnessed the first lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu, unveiling and launching the EFCC Rapid Response Centre, a response desk against cybercrime that can be accessed at any time of the day.

Other dignitaries present at the event were the Chairman of the Nigeria Governor’s Forum and Kwara State Governor, AbdulRahman AbdulRazaq, the Katsina State Governor, Dikko Umar Radda, Zamfara State Governor, Dauda Lawal, Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar, Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, the Ooni of Ile Ife who was represented by the Alara of Ilara, Oba Olufolarin Olukayode Ogunsanwo, the President, Christian Association of Nigeria, Dr Daniel Okoh and many others.


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World Bank Plans Internet Access for 300m Women by 2030

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Ajay Banga, the World Bank President, has unveiled plans to connect 300 million women to internet access by 2030. This initiative is part of the World Bank’s broader strategy to tackle gender inequality and spur economic development, ensuring that women are not excluded from the global digital revolutions.

Speaking on Thursday during a panel discussion at the 2024 Annual Meetings in Washington, DC, Banga highlighted the critical role of broadband in empowering women.

The panel also included Nigeria’s Minister of Finance, Wale Edun; the UK’s Minister for Development and Women and Equalities, Anneliese Dodda; and Togo’s General Secretary at the Presidency, Sandra Johnson.

“Our world is driven by data and technology. If women are locked out of broadband, it presents a significant barrier to their empowerment. We aim to connect 300 million women to broadband by 2030, particularly in regions where infrastructure is most lacking,”Banga said.

The programme will prioritise areas where women face the greatest challenges, including 15 African countries, and will combine digital connectivity with skills development and access to financial services.

“We’re not just building infrastructure; we’re equipping women with the tools to derive real value from it—through skills training, education, and financial access,” Banga explained.

In addition to broadband access, the World Bank plans to provide 250 million women with direct social benefits via digital registers. These platforms will enhance transparency, ensuring that women receive financial aid without interference.

“Our goal is to empower women not just financially but through digital education and skills, enabling them to engage in more sustainable economic activities,” Banga said.

Another key aspect of the initiative is to connect 80 million women to financial services, giving them the capital needed to start or expand their businesses.

“When women start businesses, they often employ other women, creating a multiplier effect that can significantly impact communities,” Banga noted.

The initiative will be executed in collaboration with governments, fintech companies, private equity firms, and financial institutions. Plans also include the introduction of “gender bonds” to raise funds specifically for empowering women.

Banga highlighted Nigeria as one of the 25 countries where the World Bank is working on regulatory reforms aimed at improving women’s access to financial services.

 


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Kashifu Inuwa: Championing Nigeria’s Digital Renaissance

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By Mubarak Umar

In the rapidly evolving global digital landscape, nations must constantly adapt, innovate, and secure their technological ecosystems. Nigeria’s IT ecosystem, under the stewardship of the Chief Information Technology Officer and Director General Kashifu Inuwa of the National Information Technology Development Agency (NITDA), is emerging as a beacon of digital transformation.

Through strategic international and local stakeholder engagements, Inuwa is steering Nigeria’s digital sector toward unprecedented growth, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Recently, Inuwa’s international engagements reflect his commitment to positioning Nigeria as a global digital leader. During GITEX Global 2024, one of the world’s premier technology events, he delivered a keynote address on “Securing Africa’s Digital Future: Nigeria’s Cybersecurity Roadmap.” In this address, he meticulously outlined Nigeria’s cybersecurity framework, a cornerstone of the nation’s ambition to foster a secure and resilient digital ecosystem.

Emphasising the critical role of digital innovation in economic diversification, Inuwa mapped out five foundational pillars: digital fluency, cybersecurity skills, robust policy frameworks, technological innovation, and cybersecurity innovation roadmaps.

He left no stone unturned in highlighting Nigeria’s commitment to closing the cybersecurity skills gap, securing data systems, and developing a national cybersecurity architecture aligned with global standards.

In addition to cybersecurity, Inuwa has shown a remarkable capacity to engage with international stakeholders, fostering collaborations that promise to boost Nigeria’s digital ecosystem. His meetings with executives of the Dubai World Trade Centre (DWTC) at GITEX 2024 exemplify this.

He engaged (DWTC) towards organising GITEX Nigeria 2025 to chart ways for inclusive stakeholder participation in the event, positioning Nigeria as a prime destination for global investors. He rightly argued that Africa’s largest economy, brimming with a vibrant youth population and a burgeoning tech startup scene, is ripe for value-driven investments.

In line with President Tinubu’s Renewed Hope Agenda, which seeks to transform Nigeria’s agricultural sector through innovation, Inuwa has spearheaded collaborative efforts between NITDA and the National Agricultural Development Fund (NADF). This strategic partnership aims to harness cutting-edge technology to address the myriad challenges plaguing the agricultural sector, from resource optimisation to improving productivity.

The signing of a Memorandum of Understanding (MoU) between the two entities marks a watershed moment in Nigeria’s quest for food security. The goal is to integrate technology into agriculture, drive innovation, and ultimately enhance national food security efforts of the present administration.

Inuwa’s local engagements are equally impressive. His keynote address at the Nigeria Govtech Conference and Awards touched the role of digital innovation in fostering economic growth and empowering citizens. He emphasised the importance of a comprehensive agenda focused on human capital development, digital literacy, and skills training, particularly in both formal and informal sectors. This vision aligns seamlessly with President Tinubu’s commitment to leveraging technology to build strong institutions that enhance governance and improve the quality of life for Nigerians.

On a broader continental stage, Inuwa’s participation in the 3rd Moonshot Annual Tech Conference in Lagos, alongside tech leaders from across Africa, further solidified his status as a digital economy visionary.

In his panel discussion on “Building Digital Economies for the World,” Inuwa articulated the need for governments to collaborate with the tech ecosystem in developing robust regulations that support cross-border data exchange within the continent.

He advocated for building Digital Public Infrastructures (DPI) to unlock the full potential of Africa’s digital economy, positioning Nigeria as a leader in the Fourth Industrial Revolution.

Inuwa’s leadership in promoting Digital Public Infrastructure (DPI) was also front and center at the 17th International Conference on Theory and Practice of Electronic Governance (ICEGOV 2024) in Pretoria, South Africa.

Representing the Honourable Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, Inuwa reiterated the need for scalable, inclusive, and secure DPI that builds trust between governments and citizens. He also introduced the African DPI Community, a platform for collaboration aimed at accelerating digital transformation across the continent.

His efforts in advocating for digital identity systems, payment platforms, and data exchange infrastructures have placed Nigeria at the forefront of DPI innovation in Africa.

Additionally, Inuwa’s active role in the global DPI discourse was further demonstrated by his participation in the United Nations General Assembly, where he contributed to the launch of the Universal DPI Safeguards Framework.

This initiative sets new standards for the design and implementation of digital infrastructures, prioritising public interest and promoting safe, inclusive, and interoperable systems.

Inuwa’s insights on Nigeria’s journey toward building a resilient DPI showcased the country’s commitment to harnessing technology for sustainable development, reinforcing the Federal Government’s dedication to supporting research and technological innovation.

In every sphere of his engagement, both local and international, Inuwa’s efforts are emblematic of a leader committed to digital transformation. His work is in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda; and it is shaping the very future of Nigeria’s digital ecosystem, ensuring that Nigeria’s digital future is both secure and prosperous, setting the stage for the nation to lead in the global digital economy.


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