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Azentio Software to Acquire Software Assets from Path Solutions

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Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax, has signed a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics), a leading provider of core banking software.

The transaction is contingent on obtaining relevant regulatory approvals and subject to customary closing conditions. This acquisition will strengthen Azentio’s banking portfolio by adding complimentary core banking software capabilities and a full spectrum of next generation solutions focused on Islamic banks and financial institutions.

Founded in 1992, Path Solutions offers a comprehensive range of core banking, retail banking, transaction banking, lending, treasury, digital banking and analytics solutions to banks and financial institutions through its flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics.

These software products help Islamic banks with digital transformation, deliver frictionless customer experience and drive long term sustainable growth. Path Solutions has an extensive footprint of over 100 Islamic banks and financial institutions in over 40 countries across the world.

Path Solutions’ team of domain and technical specialists will further augment Azentio’s capabilities as it aims to become the leading BFSI software company across the Asia Pacific (APAC), the Middle East and Africa (MEA).

Path Solutions will be supported by Azentio with increased investments in R&D and sales and customer service to deliver enhanced value to its customers.

Together with Azentio’s banking portfolio, comprising of lending, treasury, trade finance and anti-money laundering solutions, this acquisition will provide an end-to-end integrated solution to banks in the region.

Tony Kinnear, CEO, Azentio, commented: The acquisition has great significance for us, as it adds scale and depth to Azentio’s Islamic and core banking offerings and further reinforces our vision and resolve to be a regional leader in the BFSI software space across APAC, MEA and emerging markets.

iMAL™’s industry-leading digital Islamic core banking platform has been recognized by industry analysts for its broad and deep Islamic functionality, flexibility and operational performance.

I am extremely happy to welcome Mohammed Kateeb and the Path Solutions team, clients and partners to Azentio. We complement each other well, with both organizations focused on making a real difference to our clients.

Mohammed Kateeb, Group Chairman and CEO, Path Solutions, said: Path Solutions has been a leader in the segment providing feature-rich core banking software specialized for Islamic banks and financial institutions.

Today, the Islamic financial industry needs to urgently transform to meet its new digital objectives. Joining with Azentio now puts wind beneath our wings to accelerate our journey and deliver at a greater scale and speed to meet industry demands.

This will also provide our people and partners the opportunity for growth and to our clients the surety of technologically rich, innovative, high-impact products that will help them grow and provide best-in-class service to their end customers.


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E-Business

FG to Train 5, 000 Data Protection Officers

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Federal government has granted the Institute of Information Management permission to conduct examinations and certify data protection specialists on a local level.

FG to Train 5, 000 Data Protection Officers

As the demand for data management grows throughout Africa, Nigeria’s Federal Ministry of Youth Development has signed a Memorandum of Understanding (MoU) with the Nigeria Data Protection Commission (NDPC) to train 5,000 Nigerian youths to become data protection specialists.

The agreement is part of the NDPC’s ambition to create 10,123 data management related jobs in Nigeria.

Dr. Vincent Olatunji, CEO of the NDPC, stressed the growing demand for data protection officers in Nigeria during the signing event.

He stated that there are a large number of data controllers in the country, each of which must have at least one data protection officer.

According to the government, young people can now pursue data management careers and fill expected new roles in the ecosystem.

Olatunji also stated that the NDPC has granted the Institute of Information Management permission to conduct examinations and certify data protection specialists on a local level.

He stated that the goal of this move is to improve local knowledge while also reducing the foreign exchange expenses connected with international training.

“In addition, the certification provided by our in-country body will carry global recognition, ensuring our professionals are competitive on the international stage,” he explained.


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Kaspersky Warns that Scammers Hide Phishing Links behind Images

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At the end of August, Kaspersky experts discovered a phishing campaign with an unusual attack vector – through an image. This scam targeted organisations in the fields of online retail, distribution, transportation, and logistics. The cyber attackers aimed to steal corporate email credentials from potential victims.

Within the phishing scheme, the cyber attackers send emails in English, allegedly on behalf of a South Korean company. Pretending to be employees of this organisation, the cybercriminals email about sending instructions to their bank for transferring a payment.

They ask potential victims to check the details in the scanned document, which is added to the body of the letter. According to the legend, this must be done quickly in order to receive payment as soon as possible.

“The image in these phishing emails is poorly visible – this is what the attackers are counting on. Even if a person does not expect an email, he may be interested in looking at the details. However, in reality, the image hides a phishing link.

If the users click on the scan, they will be redirected to a fake resource that mimics a file sharing service from Adobe. There, they will be asked to enter the credentials for a corporate email account to gain access to the document.

However, this should never be done, otherwise this information will go to the cybercriminals,” comments Roman Dedenok, a cybersecurity expert at Kaspersky.

To avoid becoming a victim of such phishing attacks, Kaspersky recommends that users do not trust emails from unknown mailboxes, especially when it comes to confidential data, financial transactions and suspicious attachments, even if it visually looks like the email came from an organisation with a good reputation.

Kaspersky also recommends that companies install a reliable security solution that will automatically send such emails to spam, such as Kaspersky Secure Mail Gateway, and also regularly conduct cybersecurity training for employees, teaching them how to recognise social engineering techniques, for example, using the Kaspersky Automated Security Awareness Platform.

 


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Fake or Cloned Websites are Tricking Shoppers into Making Expensive Mistakes

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By Georgina Crouth

If you’re shopping online, best you have your wits about you because distractions or multitasking could be your undoing.

Fake or Cloned Websites are Tricking Shoppers into Making Expensive Mistakes

Research into online scams in Africa has blamed a lack of vigilance as the most common factor contributing to people falling victim.

And fraudsters, ahead of the curve, are capitalising on that inattention by cloning retail websites, using similar branding and URLs, to trick shoppers of legitimate outlets.

Daily deals website, One Day Only, and Cape Union Mart have both warned that their sites have previously been cloned, advising shoppers to be extra vigilant.

Website cloning has a damaging effect on consumer trust in e-commerce, which is why retailers are educating customers and working with social media platforms and Google to remove cloned accounts.

One Day Only brand and campaign manager Jonathan Spencer says the problem has become out of hand, exacerbated in recent months by the ease of creating clones using AI, which enables anyone to create a new website within minutes.

“It’s quite worrying that it’s so easily done.

“Anyone can put prompts into an AI generator to clone a website, including the artwork. Within minutes, it just pops up.”

While branding and logos are mirrored, the URL is often the dead giveaway: in the case of One Day Only, which ends with .co.za, the URL would end with a .cn, .org or similar.

One Day Only has been targeted on several occasions.

To the unknowing — distracted people or the elderly — the site looks the same, which is why so many are falling victim to it.

Spencer says across the retail landscape, online fraud and phishing attacks have become rife.

“Many other retailers have had a problem with it before, which is why they warn customers to be on the lookout.”

Social media is a cesspit for scams: on Facebook, some clothing “retailers”, often with “Cape Town”, “Jozi” or “South Africa” suffixed to their name for SEO purposes, are catching unobservant shoppers — and racking up thousands of complaints.

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The sites advertise gorgeous products (using stolen images) at reasonable prices, with “free shipping” within SA.

They may, or may not, be run by local online dropshipping stores but they take no responsibility for inferior quality or wrong orders.

Those sites may have .co.za in the URL but usually are linked to scammers operating from China.

Many customers are reporting that they received items that were vastly different from the photos, were poor quality, or had incorrect sizing. Refunds are refused and customers are required to return items, at their own expense, to China.

Instagram is another challenge: One Day Only has been forced to report numerous Instagram accounts cloning their website.

The Cape Union Mart Group says it has recently become the target of an international scam. Group spokesperson Patuvuyo Mtiya said both Cape Union Mart and Poetry stores’ digital platforms were targeted by fraudsters who used fabricated social media adverts to direct traffic to fake websites, tricking customers into purchasing items from the bogus sites.

“These fraudulent digital platforms are offering products at discounted prices, significantly lower than our standard rates. Despite our best efforts to combat this activity, these scams continue to pose a threat to our valued customers and the integrity of our proudly South African brands.”

Mtiya says while they were not the only company experiencing the fraud, they believe it is crucial to alert the public and take steps to protect consumers from falling victim to these scams.

“We encourage all consumers to exercise caution and take necessary precautions when shopping online,” Mtiya said.

“The Cape Union Mart Group is committed to maintaining the highest standards of security and trust for our customers and will continue to work diligently to combat these fraudulent activities.”

Spencer adds that consumers can protect themselves from spoofing (fake websites), and angler phishing (impersonating trusted sources on social media), by using free online tools like WHOIS to check a website’s age, and Google’s safe browsing function to determine its trustworthiness.

Do your homework before buying online: Reverse search images, read Hello Peter and Google reviews, and click to check on the followers.

The problem of phishing attacks is now so pervasive that in the second quarter of 2024, one in 10 South Africans fell victim to them, according to a recent report by security awareness training platform KnowBe4.

 

Its survey of 800 people from eight African countries, including South Africa, Nigeria, Kenya, Botswana, Ghana, Egypt, and Mauritius, identified prevalent patterns in online scam susceptibility. The participants, primarily working adults aged 25-44, highlighted external and internal factors that influence their vulnerability to scams.

Nearly 40% of respondents said they had fallen for an online scam in the past year — 43% of victims were distracted and multi-tasking when they fell for the scam. The percentage of distracted or multi-tasking victims was higher in Nigeria and South Africa, at 53% and 46%, respectively.

More than half (53%) of the respondents felt a significant or very significant impact on their lives. Most respondents said it took several months to recover after falling for an online scam.

When asked how much money they had lost in the scam, 40% of the victims said they lost the equivalent of $100 (R1,761), 30% lost between$100 and$1,000, and nearly 9% lost more than $1,000. DM

Credit: www.dailymaverick.co.za

 

Georgina Crouth

Georgina Crouth is an associate editor for Business Maverick, covering retail, food, alcohol, travel, motoring, education and tech. She has 20 years’ experience, having also worked for eNCA/e.tv, Independent Media and Caxton. A past member of the Western Cape Rental Housing Tribunal, she has also worked as a consumer journalist since 2015.


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