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E-Business

Fighting Fraud Related Issues in Financial Ecosystem Requires Collaboration – Moniepoint Boss

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L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos.
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Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in Q1 2023 and the challenges posed by bad faith actors who exploit gaps in the payment systems even as Nigerian financial institutions have reported ₦159 billion ($201.5 million) lost to fraud since 2020.

L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos.

There is a need for all players in the financial services sector to come together in tackling these challenges.

Tosin Eniolorunda, Group CEO, Moniepoint Inc., during a courtesy visit to the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe in Lagos.

Onyeali-Ikpe, who welcomed the Moniepoint boss, used the opportunity to reaffirm her bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimization which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow.

It will be recalled that Fidelity Bank had recently announced to its customers and the general public, the resumption of interbank transfers to all licensed financial institutions in the country.

This was following speculative reports from various media publications that the bank had imposed transaction restrictions on some neo banks operating in the country.

During conversations around the growth of the digital payments segment and contributions of the financial services to Nigeria’s socio-economic development, Eniolorunda used the occasion to stress the point that Moniepoint as a responsible and compliant organization takes customer KYC very seriously. “KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards.

All accounts created on our platform have BVN verification and in addition to this we perform a liveliness check at the point of onboarding. This is a comparison of the account holder’s life picture and the BVN image as a way to reduce impersonation,” Eniolorunda maintained.

He continued, “we have zero tolerance for fraud and typically go all out to ensure that we track fraudsters and fraudulent transactions on our platforms.

“We have deployed and utilize robust fraud detection systems and technologies that can analyze patterns, identify anomalies, and detect suspicious activities in the system.

“As such we are better empowered to identify potential fraud incidents and trigger alerts for further investigations and remedial actions.”

As partners in deepening the CBN’s mandate of ensuring provision of adequate and convenient financial services to consumers and guaranteeing their protection as well as the various undercurrents in the financial services industry, Moniepoint and Fidelity agreed to work closely together to develop a tightly knit mechanism to stem the menace of fraudulent transactions and collaboratively push through in addressing payment challenges in the country.

L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos. 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Massive Cyberattack on X Sparks Worldwide Service Disruptions

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Elon Musk, owner of X
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X, formerly known as Twitter, experienced a massive cyberattack on Monday and Tuesday, leading to widespread service disruptions across multiple countries, including the United States, Canada, and the United Kingdom.

Massive Cyberattack on X Sparks Worldwide Service Disruptions

The incident, which saw two major spikes in user complaints, left many unable to access the platform, with reports of outages particularly concentrated on the U.S. coasts.

Elon Musk, owner of X, described the incident as a “massive cyberattack” and hinted at the possibility of foreign involvement, suggesting the attack may have originated from Ukraine.

However, cybersecurity experts have advised caution in drawing conclusions, as initial investigations indicate that the attack was carried out using a variant of the Mirai botnet, a tool often used in large-scale distributed denial-of-service (DDoS) attacks. This botnet employs compromised devices worldwide, making attribution difficult.

The cyberattack comes amid growing concerns over the security of major social media platforms and follows a series of challenges for Musk.

His leadership at X has faced scrutiny over policy changes, while his other ventures, such as Tesla, have recently struggled with declining sales and public backlash over aggressive cost-cutting measures.

The disruption at X has also led to increased conversations on rival social media platforms like BlueSky, where users expressed frustration over the outage.

While Musk has not provided technical details on the scale of the attack, cybersecurity analysts suggest that this incident underscores the vulnerabilities of major online platforms and the complexities in tracing the source of such sophisticated cyber threats.

Authorities and cybersecurity firms are expected to conduct further investigations to determine the true origin and intent behind the attack.

 

 


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Kaspersky Uncovers Sophisticated Deception Campaign using DeepSeek AI as Bait

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Security researchers at Kaspersky have revealed how cybercriminals used geofencing, compromised business accounts and coordinated bot networks to distribute malware disguised as DeepSeek AI software, generating over 1.2 million views on X.

Kaspersky’s Threat Research and AI Technology Research have jointly identified a sophisticated deception campaign exploiting the rapid growth and public interest surrounding DeepSeek AI — a popular generative AI chatbot — in order to distribute malware through fraudulent websites.

In their investigation, Kaspersky researchers revealed that cybercriminals established deceptive replicas of the official DeepSeek website, using domain names like “deepseek-pc-ai[.]com” and “deepseek-ai-soft[.]com.”

A distinctive feature of this campaign was its use of geofencing technology, where malicious websites examine each visitor’s IP address and dynamically alter content presentation based on geographic location, enabling attackers to fine-tune their approach and reduce detection risks.

“This campaign demonstrates notable sophistication beyond typical social engineering attacks,” explained Vasily Kolesnikov, senior malware analyst at Kaspersky Threat Research.

“Attackers exploited the current hype around generative AI technology, skillfully combining targeted geofencing, compromised business accounts and orchestrated bot amplification to reach a substantial audience while carefully evading cybersecurity defenses.”

According to Kaspersky’s analysis, the campaign’s primary distribution channel was the social media platform X. Attackers strategically compromised the social media account of a legitimate Australian company to widely disseminate fraudulent links. This single malicious post drew significant attention, reaching approximately 1.2 million impressions and generating hundreds of reposts.

Researchers determined that these reposts largely originated from coordinated bot accounts — evident due to their similar naming conventions and profile characteristics — indicating a deliberate amplification of the malicious content.

Visitors lured to the fraudulent websites were directed to download a fabricated DeepSeek client application. Instead of the authentic software, these sites delivered malicious installers using the Inno Setup installation platform.

Once executed, these compromised installers attempted to contact remote command-and-control servers to retrieve Base64-encoded PowerShell scripts. These scripts subsequently activated Windows’ built-in SSH service, reconfigured it with attacker-controlled keys and enabled full remote unauthorised access to compromised systems.

All malware payloads connected to this campaign are proactively identified and blocked by Kaspersky security products such as Trojan-Downloader.Win32.TookPS.* variants.


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GBB to Train Over 300 Civil Servants on Govmail

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Galaxy Backbone (GBB), the nation’s foremost digital infrastructure and services provider, is set to train over 300 civil servants, including Email Administrators and Heads of ICT, on the adoption, management, and administration of Govmail—the secure official email platform for Nigeria’s public sector.

The training, which will be conducted in batches throughout the month of March 2025, aims to ensure maximum impact and effective knowledge transfer.

This initiative is in alignment with the Federal Government’s digitalisation agenda, which prioritizes secure, efficient, and technology-driven governance. By equipping civil servants with the necessary expertise to optimize Govmail, the government is ensuring seamless communication across Ministries, Departments, and Agencies (MDAs) while strengthening data security and operational efficiency.

Prof. Ibrahim Adeyanju, the Managing Director/CEO of Galaxy Backbone, reaffirmed the organisation’s commitment to driving Nigeria’s digital transformation through innovative and secure technology solutions.

“As the nation’s leading provider of digital infrastructure, GBB is playing a pivotal role in ensuring that government communications are secured, professional, and aligned with global best practices. This training will enhance civil servants’ ability to effectively utilize Govmail in carrying out their official responsibilities,” he stated.

The training is being conducted in collaboration with the Office of the Head of the Civil Service of the Federation (OHCSF), who has sent out a Circular to all MDAs informing them of this specialized training aimed at providing hands on experience with GOVMAIl features and ensure uniform adoption of and compliance with government approved digital communications standards. This further reinforces the government’s commitment to a digitally-driven public service.

It would be recalled that the Head of the Civil Service of the Federation recently described Govmail as a ‘game changer’ for government communication. This underscores the significance of the platform in enhancing inter-agency collaboration, data sovereignty, and information security across all MDAs.

Through this capacity-building initiative, GBB is reinforcing its role as a key enabler of Nigeria’s digital transformation journey, ensuring that public sector professionals are well-equipped to harness the full potential of digital tools in their daily operations.


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