Broadcasting
Understanding the Risks of Insecure Payment Processing
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2024/08/Benefits-of-Secure-Payment-Gateway-2.jpg)
By Gideon Ayogu
Businesses across the world are losing customers and huge sums due to a rise in payment fraud in the last few years. A recent report highlights an alarming 88% global increase in payment fraud between December 2021 and March 2023. In an ever-evolving digital world, payment processing is at the heart of every business transaction. However, each transaction carries significant risks that must be effectively managed and mitigated. Consequently, ensuring robust security in payment processing has never been more critical.
With the increasing sophistication of payment fraud, many businesses are becoming targets for hackers and cybercriminals who exploit insecure payment processing systems. These attacks can lead to severe consequences, including financial losses, reputational damage, legal repercussions and a significant loss of customer trust.
This SeerBit blog post highlights the potential risks and consequences of neglecting security in payment systems and emphasises the importance of partnering with a trusted payment solutions provider to effectively mitigate these risks.
Potential Consequences Of Insecure Payment Systems
There are numerous consequences that your business will suffer if you become a victim of fraud due to insecure payment systems. Some of these are discussed below:
- Financial Losses
The lack of strong security measures in your payment systems can leave your business vulnerable to a wide range of fraud, including unauthorised transactions, identity theft, and credit/debit card fraud. These threats often lead to significant financial losses for businesses. A 2023 report by IBM revealed that the average global cost of a data breach has risen to $4.45 million, covering both direct expenses like fines and legal fees, as well as indirect costs such as customer attrition and lost business opportunities.
In 2023, three Nigerian fintech companies lost more than N5 billion to hacking incidents between Q1 and Q3 of the year, while another lost N800 in just one week, according to media reports. These alarming incidents highlight significant vulnerabilities within the security architecture of payment systems.
The rise in security breaches and fraud cases in recent years, along with businesses being compromised through their connections to insecure platforms, underscores the critical importance of secure payment processing. This highlights the need for businesses to partner with a trusted payment solutions provider.
- Reputational Damage
Reputational damage from a data breach or fraud often has a longer-lasting impact than the immediate financial losses. Today’s customers are more aware and concerned about the security of their personal and financial information than ever before.
A single breach can severely undermine customer trust, leading to decreased sales and long-term brand damage. Regaining this trust can be extremely challenging, if not impossible, for many businesses. This loss of customers and revenue underscores why secure payment systems are crucial for business survival and growth.
- Legal Repercussions
Businesses that experience a security breach or fall victim to fraud may face significant legal repercussions, many of which could be avoidable. In cases of payment fraud, affected stakeholders might sue the business, or the business may need to engage in expensive legal proceedings against those responsible.
Additionally, a security breach could indicate non-compliance with industry best practices or current security standards, such as PCI DSS (Payment Card Industry Data Security Standards), potentially resulting in substantial fines and other legal consequences.
How To Secure Your Payment Process And Protect Your Business Against Fraud
The operational disruption that a fraudulent activity or a breach of your security system can cause will lead to a loss of productivity and efficiency, alongside other consequences already discussed in this post. Hence, you should place a premium on securing your payment process and protecting your business against fraud. One of the best ways to achieve this is by relying on a secure payment gateway.
A payment gateway is a technology that captures and transfers payment data from the customer to the acquiring bank. It acts as an intermediary between your business website and the financial institution, ensuring the secure transfer of sensitive payment information. Payment gateways authorise payments for e-transactions, enabling businesses to securely accept credit card payments, digital wallets, and other forms of online payment.
Key Security Features of Payment Gateways
Below are some of the key security features a payment gateway must incorporate to ensure secure transactions:
- Encryption and SSL: Encryption converts data into a secure code to prevent unauthorised access. Secure Socket Layer (SSL) certificates ensure that data transferred between the customer and the merchant is encrypted and secure.
- Tokenization: Tokenization replaces sensitive payment information with a unique identifier or token. This token is used during transactions, keeping the actual payment data secure and reducing the risk of data breaches.
- PCI DSS Compliance: The Payment Card Industry Data Security Standard (PCI DSS) sets security standards for organisations handling credit card information. Compliance with PCI DSS ensures that payment gateways adhere to stringent security measures to protect cardholder data.
- Fraud Detection and Prevention Tools: Advanced tools such as CVV verification, address verification, and AI-based fraud detection systems help identify and prevent fraudulent transactions, safeguarding both businesses and customers.
- Trustworthiness: Ensure that the payment gateway has a proven track record and industry certifications to back up its claims of security and reliability.
When selecting a payment gateway for your business, it is crucial to prioritise these key features before trusting them to process your transactions. A secure payment gateway ensures that your payment systems and processing are secure and insulates your business from fraud and hacking attacks.
Payment gateways lacking these essential features should not be considered for your business.
Benefits of Secure Payment Gateways for Businesses
A secure payment gateway such as SeerBit offers numerous benefits for businesses:
- Enhanced Customer Trust and Satisfaction: A secure payment gateway builds customer confidence, encouraging repeat purchases and fostering loyalty.
- Reduced Fraud and Chargebacks: By minimising fraud-related losses and reducing chargebacks, businesses can protect their revenue and maintain financial stability.
- Regulatory Compliance: Secure payment gateways ensure compliance with legal and regulatory standards, helping businesses avoid penalties and legal issues.
- Competitive Advantage: Prioritising security can serve as a unique selling point, setting businesses apart from competitors and attracting security-conscious customers.
Conclusion
In today’s digital economy, the impact of a security breach or payment fraud can be devastating for businesses. As the digital landscape evolves, so do the risks associated with it, making it crucial for businesses to choose secure payment systems proactively. Secure payment gateways are vital for maintaining both the success and credibility of any business in the modern digital age. By prioritising robust security measures, businesses can safeguard themselves and their customers, build trust, and ensure seamless transactions.
At SeerBit, we are committed to providing top-tier security to protect your business and customer data, while also delivering a smooth and efficient payment experience.
Discover how we can enhance your payment processes today!
Broadcasting
FG Kickstarts Construction of Emerging Technologies Institute in Kano
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/NASENI-2.jpg)
Federal Government of Nigeria has marked a significant milestone on Friday, 14th February 2025, by breaking ground for the construction of the Sustainable & Emerging Technologies Institute (SETI).
This institute, under the aegis of the National Agency for Science and Engineering Infrastructure (NASENI), aims to ensure the socio-economic wellbeing of future generations. The groundbreaking ceremony was held at the Bayero University Kano (BUK) New Campus.
Mr. Khalil Suleiman Halilu, Executive Vice Chaiman/Chief Executive Officer (EVC/CEO) of NASENI, during the Ground-breaking ceremony held at the Bayero University Kano (BUK) New Campus said the new institute sits on 30 hectares of the BUK land to be built, featuring state-of-the-art facilities, including innovation hubs devoted to Artificial Intelligence and other cutting-edge technologies, complemented by reliable power supply. “NASENI will fully build and equip and support the new Institute” said the EVC/CEO.
The future of socio-economic development for nations rests on human creativity, innovation and cooperation, Artificial intelligence, robotics amongst others.
Halilu said that the establishment of SETI in Nigeria is to rapidly respond to the waves of young people globally revolutionizing world economies with unprecedented emergence of socio-economic frontiers as by-products of innovations and ingenuities of these young minds.
“We in NASENI are firm believers in the potential of young Nigerians to be the prime catalysts of the type of transformation that Nigeria requires. And we will do everything within our powers to support them to fulfil this important responsibility”
“We are gathered here today to kickstart a project that will transform the lives and careers of future generations of young Nigerians. The Sustainable & Emerging Technologies Institute (SETI), located at the Bayero University Kano (BUK) by NASENI. This is very much in line with our operating principles; what we call our 3Cs: Collaboration, Creation, and Commercialization. These 3Cs are the principles that passionately drive us and guide the work that we do to ensure the industrialization of Nigeria in line with the Renewed Hope agenda of President Bola Ahmed Tinubu.”
SETI will produce innovators, technologists, entrepreneurs who will make their mark not just in Nigeria but around the world. “I’m eagerly looking forward to the day, not too long from now, when the Institute’s first set of beneficiaries will astonish the world with what they’re capable of accomplishing. These stories will put not just BUK on the global innovation map, but also Kano State and the entire Nigeria” said Halilu.
While carrying out the symbolic foundation laying ceremony of the institute as Special Guest of Honour, the Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, described the project as not only laudable but NASENI’s another way of fast-tracking the placing of Nigeria on the global map of innovation and industrialization. The minister called the project an “ace project” and a pointer to secure a veritable socio-economic development for the nation.
In his goodwill message, the Vice Chancellor of BUK, Professor Sagir Adamu Abbas described the new institute as a vehicle for bringing together the three critical tripods for economic and sustainable development for nations, that is, the government, academia and industry. He described the ground-breaking event as the beginning of Nigeria’s journey in pursuit of sustainable development, massive job creation opportunities for the youths, and that the BUK was delighted to be host to such laudable initiative and momentum.
There is also, in addition to SETI, a second NASENI project for BUK is an Agri-preneurship Training Hub, that will be equipped with modern greenhouses, and facilities for Soil-less Farming, and Tissue Culture; occupying 10 hectares of land at the Old Campus. These projects collectively represent what NASENI stands for, that is, building capacity, advancing industrialization, supporting economic growth and prosperity.
NASENI appreciates the Government and people of Kano State, and the Vice Chancellor, management and students of Bayero University Kano (BUK), for all the support. Special gratitude goes to the Honourable Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, the Special Guest of Honour.
NASENI thanked members of the National Assembly for their support, especially the NASENI oversight Committees in both chambers. And of course, President Bola Ahmed Tinubu, who has given NASENI the opportunity to serve Nigeria through his unwavering demonstration of commitment to the success of the Agency.
Broadcasting
Family Marks one-year Memorial of Late APC Chieftain, Ojougboh with Charity Outreach
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Cairo.jpg)
The family of the late chieftain of the All Progressives Congress (APC), Chief Dr. Cairo Ojougboh, led by his wife, Mrs. Bose Ojougboh, marked his one-year memorial anniversary with a series of charitable initiatives aimed at honoring his legacy of philanthropy and service to society.
The memorial activities included the donation of school books and bags to pupils of Erigbe Primary School, in Agbor within the Ika South Local Government Area (LGA) of Delta State, where Dr. Ojougboh had received his early education.
The outreach also included extension of financial assistance to patients at Central Hospital, Agbor, and the provision of toiletries, cash, and food items to children at the Salve Regina Children’s Home, Agbor.
The outreach was carried out under the ‘Dr. Cairo Ojougboh Foundation’, a family-led initiative established to immortalise him and continue his lifelong commitment to education, healthcare, and social welfare.
Speaking during the event which took place recently, Mrs. Ojougboh reaffirmed the family’s dedication to sustaining the ideals of the late APC chieftain, describing him as a man who strongly believed in education and giving back to society.
“We are here to celebrate the life of my husband, Late Dr. Cairo Ojougboh, who passed on a year ago. In his honour, we decided to give back to society.
“He was a man who valued education and was always willing to help others. It is only fitting that we continue his legacy through acts of generosity,” she stated.
Honouring his passion for education
The first visit was to Erigbe Primary School, where Dr. Ojougboh had received his early education. The Foundation distributed school bags, writing materials, and food packs to the pupils. The family encouraged the pupils to take their education seriously and strive to become responsible citizens.
Supporting patients at Central Hospital, Agbor
At Central Hospital, Agbor, Mrs. Ojougboh and her entourage moved through the medical wards, offering financial support to patients to assist with their treatment costs. The hospital staff and beneficiaries responded with prayers and words of gratitude for the kind gesture.
Reaching out to orphaned children
The outreach team also visited Salve Regina Children’s Home in Agbor where they donated cash, food items, and toiletries to the children. The Matron of the home expressed her deep appreciation to the Ojougboh family, commending their commitment to sustaining the late politician’s legacy of compassion and social impact.
Dr. Cairo Ojougboh’s enduring legacy
Reflecting on her late husband’s contributions to society, Mrs. Ojougboh emphasised that his legacy of generosity and service to humanity would not be forgotten.
“Dr. Cairo was a selfless man who touched many lives. His contributions to the Nigerian political landscape, his mark in Agbor Kingdom, Delta State, and the country at large, will always be remembered. He may be gone, but his impact will continue to be felt for generations,” she said.
The Dr. Cairo Ojougboh Foundation has pledged to continue supporting education, healthcare, and social welfare initiatives in his memory, ensuring that his vision for a better society lives on.
Broadcasting
Court Discharges, Acquits, Kawu, Ex-NBC DG of N2.5Bn Fraud
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Justice Folashade Ogunbanjo of the Federal High Court Abuja has discharged and acquitted Ishaq Kawu Modibbo, former director-general, National Broadcasting Commission (NBC), and Pinnacle Communications Limited.
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Ishaq Kawu Modibbo, former director-general, NBC
They were being prosecuted by the Independent Corrupt Practices and other related Offences (ICPC) of charges bordering on the ₦2.5 billion released to Pinnacle Communications under the Federal Government Digital Switch Over (DSO) project.
Delivering judgement on Thursday, Justice Ogunbanjo held that the ICPC was not able to prove the allegations against the defendants.
The judge further discharged the defendants on the grounds that the statements and evidence of the witnesses, could not pin any allegation on the defendants.
She further held that some of the witnesses contradicted themselves, and none of their statements was able to link the defendants to the charge.
According to the judge, while some of the witnesses in their oral evidence, said Lai Mohammed, former Minister of Information, was misled in approving the payment of ₦2.5 billion to Pinnacle Communications Ltd, they failed to render any documentary evidence.
The trial of the former director-general of the NBC lasted for six years.
He and Pinnacle Communications were prosecuted by the ICPC, on a five count amended charge over the release of ₦2.5bn to Pinnacle Communications Ltd, under the approval of Mohammed, under the FG Digital Switch Over (DSO) project.
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