Artificial Intelligence (AI) is fuelling the sophistication of attacks across the electronic commerce or ecommerce ecosystem with the use of deepfakes to defeat verification systems being a key threat, according to findings by Juniper Research, the foremost experts in financial technology (fintech) and payment markets.

Juniper Research said that this threat, combined with rising levels of ‘friendly fraud’, where fraud is committed by the customer themselves, such as refund fraud, is increasingly threatening merchant profitability.

The report estimates that the value of ecommerce fraud will rise from $44.3 billion in 2024 to $107 billion in 2029, a growth of 141 per cent.

An extract from the new report, Global Merchant Fraud Prevention Market 2024-2029, said AI is enabling fraudsters to remain ahead of security measures and commit sophisticated attacks on a greater scale.

By creating credible messages and a large number of synthetic identities, AI is facilitating higher quality attacks with an unprecedented frequency. These technologies are also highly scalable; empowering fraudsters to heavily automate their attacks and overwhelm rules-based prevention systems.

“Ecommerce merchants must seek to integrate fraud prevention systems that offer AI capabilities to quickly identify emerging tactics. This will prove especially important in developed markets, where larger merchants are at higher risk of being targeted for fraud, such as testing stolen credit cards,” report author Thomas Wilson said.

Merchants are employing these same technologies to recognise emerging fraud patterns and react in real-time.

Merchants must work to incorporate biometric identification into checkout processes to further secure transactions.

By using methods such as liveness detection, merchants will be able to protect their business and customers from increasingly sophisticated AI deepfake fraud attempts.

The new market research suite offers the most comprehensive assessment of the merchant fraud prevention market to date; providing analysis and forecasts of over 25,000 data points across 60 countries over five years.

It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.

Juniper Research has for two decades provided market intelligence and advisory services to the global financial sector, and is retained by many of the world’s leading banks, intermediaries and providers.

Zinox Technologies, Nigeria’s premier technology company, founded by Forbes Best of Africa’s Leading Tech Icon Leo Stan Ekeh, marked its 23rd anniversary.

Established in 2001, Zinox has been at the forefront of providing advanced technology solutions in the country and across the continent. Zinox was created to fill a significant void in Nigeria’s ICT sector, offering the nation a digital identity and leading as the first indigenous ICT powerhouse to design and manufacture internationally certified computers from Nigeria.

Ekeh, a visionary entrepreneur, has been instrumental in driving Zinox’s success. Recognized for his leadership and contributions to the tech industry, he was awarded the Icon of Hope and Model to the Youth by former Nigerian President Olusegun Obasanjo in 2001.

Over the years, Zinox has achieved numerous pioneering accomplishments, becoming the first Original Equipment Manufacturer (OEM) in Sub-Saharan Africa to receive Microsoft Windows Hardware Quality Lab Certification (WHQL) on computing and devices. The company spearheaded the rollout of the largest single e-education, e-health, and campus-wide network on the continent, establishing itself as a leader in advancing digital infrastructure.

Zinox’s innovative approach led to its distinction as the first Microsoft Prime Production Online Automation Partner in Sub-Saharan Africa with the OA Version 3.0 and the first Intel Premium Partner in the region.

Notably, Zinox is also the first OEM in West Africa to attain the ISO 9001-2015 Certification and the first to acquire the Google Mobile Application Distribution Agreement (MADA) in West Africa. The company’s impressive achievements include being the first OEM in Nigeria to introduce renewable energy and lifestyle products and becoming an Intel Platinum Partner in Sub-Saharan Africa.

Under the auspices of Mr Ekeh, Zinox’s impact on technology and society has garnered widespread recognition. The company was named Pioneer ICT Company of the Year in 2021 by the National Information Technology Merit Awards, and it has consistently received accolades for innovation and excellence. The Foxconn IT Global Platinum Award for the Zinox Zpad in 2014, the Intel Global Award for Mobile Computing in Africa and the Middle East in 2012, and the ICT Excellence Award by the Nigerian Computer Society in 2013 are just a few of the numerous honours bestowed upon the company.

Over its 23-year history, Zinox has also made significant contributions to Africa. The company has played a crucial role in redefining the democratic process in Nigeria, The Gambia, and Guinea-Bissau. Through its innovative products and solutions, Zinox has transformed these countries from analog to digital governance.

The company delivered Africa’s largest single ICT election rollout, introducing Direct Data Capture machines to the electoral process. Zinox was the official computer provider for the 17th Africa Union Summit held in Gambia in 2006, further solidifying its commitment to driving technological progress on the continent.

Zinox’s commitment to integrity and digital transparency has earned it the trust of its customers and partners. The company was exclusively selected to provide the IT tools needed for the yet-to-be-conducted 2023 census in Nigeria, showcasing its expertise and reliability.

As Zinox celebrates its 23rd anniversary, it continues to diversify its product lineup, positively disrupting new industries and meeting the needs of millions across Africa. Beyond laptops, desktops, and tablets, Zinox’s innovative offerings now include alternative power solutions such as inverters, solar panels, batteries, and other energy-efficient technologies. In addition, the company offers home and kitchen essentials like smart TVs, microwaves, and fans, all designed to provide convenience and peace of mind to customers.

Zinox’s extensive range of solutions includes AI and Robotics, Fibre Optics Broadband and Satellite Networks, Cloud Computing, Renewable Energy, Advanced Biometrics and e-voting systems, E-Libraries, and E-Health systems. Each of these solutions represents Zinox’s dedication to transforming lives and fostering sustainable development across Africa.

The success of the tech company can be credited to the visionary leadership of its founder, the dedicated board of directors, and Mrs. Kelechi Okonta, the Managing Director, whose efforts have led to the creation of other international brands.

As Zinox looks toward the future, its commitment to tech innovation and excellence remains steadfast. With a legacy of breaking new ground and setting industry standards, Zinox continues to uphold its mission to provide Nigerians and the African continent with world-class technological solutions.

As part of its unwavering commitment to elevating Nigeria to premier status in the global digital economy by harnessing the potential of digital innovation to drive national prosperity and inclusivity, the National Information Technology Development Agency (NITDA) has reiterated its strategic foresight and agility towards the sustainability of digital growth and inclusiveness in the country.

This was made known by the Director General of NITDA, Kashifu Inuwa CCIE at the 3rd edition of the TeXcellence Conference themed, Revealing Tomorrow, at the Federal Palace Hotel, Victoria Island, Lagos State.

The conference, which is hosted by CWG Plc, a Pan-African systems solutions company that specializes in an array of wide IT services is a platform for technology experts, business leaders, and innovators to share insights on the latest trends, developments and solutions in the tech space.

In his address, the DG who was represented by the agency’s Director of the Stakeholder Management and Partnerships department, Dr Aristotle Onumo, outlined the agency’s efforts and its digital roadmap encapsulated in the Strategic Roadmap and Action Plan (SRAP) 2.0 2024-2027.

The focus of his address which was Policy to Implementation: Collaborative Approach to National Digital Growth, emphasised that NITDA has a digital social contract with the community which is structured around 8 strategic pillars.

“What we have been doing at the agency is to have a digital social contract with the community which is encapsulated in a document we call the Strategic Roadmap and Action Plan 2.0 which was developed based on the needs of the society to empower Nigerians and to foster economic development,” he mentioned.

Inuwa disclosed that the agency’s vision is to make Nigeria a digitally empowered nation, fostering inclusive economic growth through technological innovation and it has realigned its structure, recalibrated its systems and relaunched its strategy to better align with the federal government’s vision and goals of its supervising ministry.

“Our approach is grounded in the principles of clarity, collective responsibility, and a commitment to challenging the status quo. This will help us achieve our goal of transforming Nigeria’s digital landscape,” he added.

He gave deep insights into the 8 strategic pillars of the document while emphasising the opportunities they bring, their strategic importance, implementation focus and their success indicators.

While speaking on the implementation of SRAP 2.0, Inuwa stressed the importance of adapting to the rapidly evolving global digital landscape which has shaped economies worldwide and opined that NITDA is positioning Nigeria to be at the forefront of digital transformation.

“Our strategy is grounded in legislative and policy frameworks, addresses socio-economic disparities, and confronts cybersecurity challenges, and our goal is to establish Nigeria as a leader in digital literacy and tech talent, ensuring Nigerians are well-equipped for the digital era,” he said.

Noting that bridging digital gaps, gender imbalance and accommodating people living with special needs as critical cornerstones in all the agency’s initiatives towards building inclusiveness, Inuwa sought collaborations and partnerships in supporting 6 indigenous tech events in the country to global relevance.

“Collaboration and partnership is a gateway to economic prosperity and a foundational element to maximise impact, digital innovation ecosystem is our frame of play, our 8 pillars represent our wins, our leadership is resolute, strong, agile and dynamic and our strategy is creating digital value for the future through regulatory insight so I implore you all to join us to create a new digital future for Nigeria,” he concluded.