E-Financial
Kaspersky Reports Intensified Scamming Activity Surrounding the New Popular Social Network
Just one week after its launch on July 5, Threads, the new microblogging app from Meta, has already amassed an impressive 100 million sign-ups. However, as is often the case with popular trends, scammers have wasted no time in capitalising on its popularity. Kaspersky experts have discovered several deceptive tactics being used by scammers to exploit the app’s user base.
This involves primarily masquerading as the Threads app to trick users, possibly gaining unauthorised access to their accounts, personal data, and even their finances.
Fraudsters have developed phishing pages that mimic a non-existent web version of Threads. Users are deceived into entering their login credentials, accidentally divulging their private information to scammers.
Since Threads is linked to other Meta services, users may also face the risk of losing access to various social media accounts, such as Instagram and Facebook. Not only does this pose privacy concerns like identity theft and doxing but more worryingly it carries financial risks.
Personal banking information or even corporate finances, as businesses use these accounts for creating ad campaigns, may end up in the wrong hands.
Another scam also involves a fictitious service called Threads Coin, which claims to offer enhanced possibilities by bridging the gap between the physical and digital worlds, specifically within the Metaverse. Users are tempted to purchase this coin using Ethereum. However, the only outcome users would experience is financial loss.
Another scheme presents users with the opportunity to gain new followers on the new social network for free. They can opt for 10,000, 25,000, or 50,000 followers. Once the desired option is selected, the user is prompted to undergo a verification process.
This involves selecting one of the available options, which may include sending a text message and potentially winning a special prize. However, to claim the prize, the user may be required to make a payment.
Unfortunately, the user ends up losing money and never receives the promised prize. Furthermore, the scheme encourages users to share the scheme via text messages, unknowingly becoming unwitting tools for spreading the scam.
“Scammers have mastered the art of capitalising on trending topics, emphasising the importance of maintaining constant vigilance. The prevalence of scams surrounding the popular Threads app serves as a stark reminder of the risks we face in the digital realm. From deceptive schemes to data collection tactics, these fraudsters spare no effort in compromising your personal and financial security.
“To safeguard ourselves, we must adopt a skeptical mindset, scrutinise suspicious activities, and prioritise cybersecurity measures. By staying cautious amidst the allure of trending topics, we can fortify our defenses and navigate the digital landscape with confidence,” comments Olga Svistunova, security expert at Kaspersky.
The exchange rate stabilised in the FX market as the Central Bank of Nigeria (CBN), defended the local currency with $360 million, stemming a negative tide from increased demand for the US dollar.
Olayemi Cardoso, Governor, Central Bank of Nigeria
According to Market Forces Africa, for most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week.
This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved.
On Friday, the naira rebounded against the dominant foreign currency, the US dollar, in last-minute transactions supported by a relatively higher liquidity supply by the monetary authority.
The exchange rate appreciated by about 2% to settle at N1,517.93 in the official market on Friday after persistent negative volatile.
Spot FX data from the regulator showed that the naira gained N29.89 on the day following FX sales to banks.
The market liquidity was also supported by additional inflows from foreign sources and reduced demand for foreign payments.
FX interventions and inflows from offshore clients and local corporations boosted volume of US dollar in the official window, AIICO Capital Limited dropped the hint in an investors note.
In the market, demand pressure persisted, leading to fluctuations in the US dollar to naira exchange rate for most of the week.
The CBN sold $188.10 million to banks, the last auction offered at the range of N1,532.00 to N1,540.00, bringing the total FX sales for the week to $360.00 million, according to investment banking firm TrustBanc Financial Group Limited.
Despite these interventions, demand outpaced supply, causing the naira to depreciate. By the end of the week, the market recorded improved liquidity, with trades ranging between N1,480 and N1,548.
Data from the CBN revealed that Nigeria’s external reserves increased by USD12.06 million to USD38.36 billion after 9 consecutive weeks of decline. In the forwards market, the naira rates decreased by 0.6% for a one-month contract to N1, 577.80.
The Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited, and suspended Centurion Registrars, following their failure to comply with regulatory directives.
The commission made the disclosure through circulars which were released at the weekend. The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.
“This cancellation order is made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
“The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”
SEC directed that the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all capital market trade associations to discontinue capital market-related dealings with the company.
In the same vein, the SEC announced the suspension of Centurion Registrars Limited, its directors and sponsored individuals from capital market activities with immediate effect.
The SEC said the suspension order was made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
It explained that its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.
“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers,” the circular stated.
The commission also disclosed that in furtherance of the commission’s unwavering commitment to the maintenance of zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed that henceforth, the names of capital market operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.
“The publication would be in addition to the sanctions/penalties for the respective infractions prescribed in the ISA 2007 and the SEC Rules and Regulations.
“This enforcement strategy underscores the Commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations.
“Stakeholders and CMOs are advised to be guided accordingly” the commission added.
FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”
According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.
FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.
The bank said it has reported the matter to law enforcement authorities for further investigation.
Officials noted that suspects have already provided statements to investigators.
FirstBank also declined to provide additional details, citing the ongoing court proceedings.
“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.
The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.
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