E-Business
Online Transaction Fraud to Hit $25Bn by 2020 – Juniper Research

A new study from Juniper Research has found that the value of online fraudulent transactions is expected to reach $25.6 billion by 2020, up from $10.7 billion last year.
This means that by the end of the decade, $4 in every $1,000 of online payments will be fraudulent.
The study, ‘Online Payment Fraud: Key Vertical Strategies & Management 2016-2020’, found that the implementation of CHIP and PIN services at POS (Point of Sale) locations in the US is likely to be a key factor driving activity in the online fraud space.
It argued that the greater security afforded by CHIP and PIN would persuade fraudsters to switch their attention from the in-store environment to the CNP (Card Not Present) space.
eRetail Tops the List for Online Fraud
The new study identified 3 hot areas for online fraud:
eRetail (65% of fraud by value in 2020 – $16.6 billion)
Banking (27% – $6.9 billion)
Airline ticketing (6% – $1.5 billion)
The study also claimed that eRetail would be particularly susceptible to online fraud, with the value of fraud in this sector increasing at twice that of banking and seven times that of airline ticketing. The research highlighted two key areas for fraud within eRetail:
‘buy-online, pay in-store’ and,
Electronic gift cards.
It argued that the continuing migration to online and mobile shopping, of both digital and physical goods [reaching over $1.7 trillion in 2015] will provide a further incentive for fraudsters to focus their attention on these channels.
Countermeasures “Provide only Temporary Respite”
Meanwhile, the research claimed that although banks are able to counter online banking fraud by deploying new technologies such as 3D-Secure and device fingerprinting , these measures often only provide temporary respite as fraudsters quickly find new ways to defraud.
Similarly, while extensive efforts by the airline industry to deploy sophisticated Fraud Detection and Prevention (FDP) systems has reduced fraud significantly for some major airlines, this industry has also seen fraudsters shift their focus to other perceived weak spots in the system.
“A few larger airlines claim that they have reduced eTicket sales fraud to less than 0.1% or 10 basis points of revenues” said research author Gareth Owen. “When thwarted, however, fraudsters quickly move on to easier pickings such as frequent flyer fraud, for example.”
The whitepaper, ’Managing the Risk of Fraud’, is available to download from the Juniper website together with further details of the full research and the attendant Interactive Forecast Excel (IFxl).
Juniper Research is acknowledged as the leading analyst house in the digital commerce and FinTech sector, delivering pioneering research into payments, banking and financial services for more than a decade.
E-Business
NITDA Expands iHATCH Initiative to Drive Job Creation, Economic Diversification

By Oluwole Alao
In total alignment with the presidential priority area of Reforming the Economy for Sustained Inclusive Growth and Accelerating Diversification through Industrialisation and Digitisation, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has announced the nationwide expansion of the Hub Managers training programme in harnessing technological innovation to improve the lives of Nigerians, create jobs and foster economic diversification.
The DG made this known at the iHatch Cohort 4 -Onsite Training for Hub Managers, which was organised by the agency in partnership with the Japan International Cooperation Agency (JICA) and Office for Nigerian Digital Innovation (ONDI) at the Hotel De Horizon, Wuse 2, Abuja.
The on-site training programme, which had 37 hub managers from the 36 states of the federation, including the FCT, will empower hubs to build robust incubation systems to support startups locally, develop strong regional ecosystems through partnerships and engagement, enhance their operational and mentorship capacity and provide access to international exchange programmes towards the adoption of best global practices.
While emphasising the current administration’s commitment to reforming the economy for sustained and inclusive growth, Inuwa highlighted that the key to achieving this goal lies in leveraging digital technology at the grassroots level to solve local problems across various sectors, including agriculture and small-scale trade.
“We don’t want technological innovation to be concentrated only in Lagos and Abuja. We want to take it to the grassroots and use it to solve real-life problems. That is why we designed the iHatch initiative,” he noted.
Inuwa disclosed that the pilot phase of the iHatch, which was conducted in Abuja, successfully trained 50 startups, which led to the creation of 179 direct jobs and over 1,500 indirect jobs, Inuwa stated that the expansion of the initiative to accommodate all the 37 states will create 740 direct jobs and 7,400 indirect jobs before the end of the year.
He said, “this initiative will domesticate innovation in states and enable start-ups solve real-life problems in areas of agriculture, healthcare, transportation and other sectors, that are peculiar to their different states”.
While stressing that innovation thrives in clusters where critical stakeholders can exchange ideas and incubate solutions, the NITDA DG underscored the importance of collaboration, networking and ecosystem development in driving innovation.
“To sustain this initiative, we must build a strong community where startups, entrepreneurs, and stakeholders can continuously share ideas and collaborate. We don’t want startups to just pass through the programme; we want them to remain within the iHatch ecosystem because we want this initiative to expand to all the 774 local governments of the country.” Inuwa explained.
He noted that in addition to job creation and ecosystem building, the initiative aligns with the Nigeria Startup Act, which aims to provide legal backing and incentives for startups.
Inuwa therefore urged the participants in the iHatch programme to act as champions in their respective states, spreading awareness about the Act and encouraging other startups to register and benefit from its provisions.
“In line with the president’s mandate, our ultimate goal is to see every Nigerian digitally literate, using technology to access government and private sector services. We also want our market women to leverage technology to expand their businesses,” he added.
He stated that the iHatch model ensures investment in local capacity where national potentials can be unleashed, he said “we at NITDA are proud to walk this journey with you. Let’s keep building, let’s keep innovating, and let’s continue to shape the future of Nigeria, one innovation at a time.”
E-Business
MyLagos App Unavailable despite Launch with Fanfare

“MyLagos App,” which was launched with fanfare by the Lagos State Government in collaboration with MTN Nigeria has remained unavailable for download on app stores, raising questions about its immediate accessibility.
Hours after its official introduction on March 13, a search on Google PlayStore for the app returned the message, “No results for MyLagos App.”
Similarly, attempts to locate it on the Apple Store yielded no results, prompting concerns over the rollout’s status.
The digital platform was introduced as a comprehensive solution to enhance city navigation and improve the overall experience for Lagos residents.
It was touted to provide essential features, including real-time traffic updates, personalized navigation, emergency services, utility payments, business listings, and tourism information.
This reporter’s attempt to download the app proved unsuccessful. Furthermore, tests by Lagos-based individuals mirrored these findings, suggesting the app may not yet be publicly accessible.
The absence of the app has sparked speculation: could it be a work in progress, or was its availability restricted post-launch for undisclosed reasons?
Dr. Obafemi Hamzat, Lagos State Deputy Governor, described the app as a revolutionary tool aimed at improving governance and service delivery.
“Technology has evolved from being a luxury to a necessity. In our fast-paced world, effectively utilising technology can significantly enhance governance, improve service delivery, and simplify the lives of every resident in this vibrant state.
“With the launch of the MyLagos App, Lagos State is poised to remain at the forefront of digital transformation, not just in Nigeria but across Africa,” he said.
Abdulhakeem Giwa, manager of Digital Channel Management, MTN Nigeria, echoed this sentiment, highlighting the app’s potential to transform urban living and enhance navigation for residents.
While the app’s unavailability casts doubt on its immediate implementation, stakeholders remain optimistic about its promised benefits once fully operational. Whether technical challenges or strategic decisions have delayed its rollout remains unclear.
E-Business
Millions of Nigerians @ Risk as NASIMS Leaks over 23m FG Records

National Social Investment Management System (NASIMS) has leaked millions of federal government records in a major system oversight which could be exploited by cyber criminals.
NASIMS is the central management platform for the administration and coordination of Social Investment Programmes under the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development
The major leak exposed everything from home addresses to work backgrounds of tens of millions of Nigerians
According to the Cybernews research team, the exposed AWS S3 bucket stored over 23 million files, including passports, birth certificates, educational certificates, and N-Power-submitted applications.
N-Power is a social welfare scheme to combat youth unemployment. N-Power applicants use the NASIMS platform to apply to take part in the program.
“The implications of exposing 23 million application-related documents of N-Power candidates could be severe for the affected individuals. Identity theft, fraud, and targeted phishing attacks are the most likely risks for the leaks’ victims,” Cybernews research team said.
According to Cybernews research team, “Worryingly, the instance remains open to the public, even after multiple attempts to reach NASIMS administrators and relevant authorities in Nigeria. We have also reached out to the ministry behind NASIMS for a comment and will update the article once we receive a reply”
What data leaked, and why is it dangerous?
Documents stored on the exposed instance include different sets of citizens’ data. However, the team surmised that the leak revealed:
Full names
Dates of birth
Places of birth
National Identification Number (NIN)
Email addresses
Phone numbers
Home addresses
Work background
Education background
Exposing sensitive and personal data poses numerous threats to the individuals involved.
Most pressingly, attackers might utilize the information for identity theft and various fraud schemes. For one, malicious actors could try opening fraudulent bank accounts or use stolen identities for illicit activities, masking their own IDs.
“Another way attackers can exploit similar data sets is by exploiting the identities to access financial services or execute unauthorized transactions, potentially causing long-term financial damage to the victims,” Cybernews research team said.
Cybercrooks could also exploit the leak to carry out targeted phishing and social engineering attacks.
For example, malicious actors could attempt to masquerade as legitimate organizations in order to deceive individuals into providing even more sensitive data – such as login credentials – or downloading malware.
“The implications of exposing 23 million application-related documents of N-Power candidates could be severe for the affected individuals. Identity theft, fraud, and targeted phishing attacks are the most likely risks for the leaks’ victims.”
The leaks’ nature empowers attackers to craft spear-phishing attacks custom-made for each individual or group of individuals. Such attacks are hard to distinguish, as they often include targets’ personal details and other data points meant to lure in unsuspecting victims.
“Criminals could use the exposed data to offer fake job opportunities or promise assistance with the N-Power application process in exchange for payments or additional personal information, exploiting the candidates’ vulnerabilities,” the team explained.
Additional attack vectors involve risks to victims’ physical safety. For example, criminals could exploit leaked data to locate and target victims for various malicious purposes, such as stalking, harassment, or even burglary.
To avoid similar leaks in the future, Cybernews research team advised:
Change the access controls to restrict public access and secure the bucket. Update permissions to ensure that only authorized users or services have the necessary access.
Monitor retrospectively access logs to assess whether the bucket has been accessed by unauthorized actors.
Enable server-side encryption to protect data at rest.
Use AWS Key Management Service (KMS) to manage encryption keys securely.
Implement SSL/TLS for data in transit to ensure secure communication.
Consider implementing security’s best practices, such as regular audits, automated security checks, and employee training.
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