In collaboration with the Committee of E-Banking Industry Heads for Nigeria (CeBIH), Mastercard organizes a first-of-its-kind Fraud and Cyber Security Forum in Lagos, Nigeria.
The forum, which aims to combat fraud and cybersecurity concerns, will be held in Nigeria on an annual basis. The seminar examined the regional threat landscape using Mastercard’s strategic threat intelligence data – an important step at a time when cybersecurity and fraud are still prevalent in Nigeria.
According to the Nigeria Inter-Bank Settlement System (NIBSS), 91% of fraudulent attacks were successful in 2020-2021, and the Anti-Corruption Agencies of Nigeria discovered that about $18 billion is lost annually to illegal financial activities.
The dangers connected with digital payments and services continue to rise, and companies are becoming increasingly vulnerable to ubiquitous, sophisticated, and intelligent security attacks.
Companies must understand and manage this risk in order to protect their customers and corporate operations. Aside from fraud and financial crime, the industry is dealing with an increase in identity theft, ransomware, and phishing attacks, which necessitate constant awareness and a comprehensive security approach.
“We are thrilled to be hosting this groundbreaking Fraud and Cyber Security Forum in Nigeria,” stated Ebehijie Momoh, Mastercard’s Country Manager & Area Business Head, West Africa. “Cyber risk is one of the most serious threats that organizations face today.” With the rising adoption of digital services, new payment flows, and connected supply chains, enterprises must understand and manage this risk to protect themselves and their consumers.
The discussion examined common cyber criminal attack methodologies, motivations, and assets targeted. Attendees learned about the regional cyber security landscape, with a focus on the financial services sector, which has been one of the most heavily attacked industries in recent years.
They also demonstrated the most recent fraud protection approaches and tools, such as Mastercard’s strategic threat intelligence data, which use advanced analytics to detect possible risks in real time. This cutting-edge fraud detection system, which includes the Decision Intelligence solution, allows for the rapid detection and prevention of fraudulent activity, lowering risk and improving customer service and account protection.
Celestina Appeal, Chairman of the Committee of e-Business Industry Heads (CeBIH), urged payment ecosystem players to work together to combat cyber-attacks.
”The problem of cyber-attacks demands the industry’s full attention, given the aggression and unrelenting actions of cybercrime perpetrators who have grown negatively innovative in the various ways and styles in which they deploy their schemes,” she said. We would like to urge everyone to work together to prevent continuing cybersecurity threats.
The forum is in line with Mastercard’s goal of establishing a secure and smooth payments environment, and it aims to provide clients with the most up-to-date knowledge and solutions to protect their businesses from cyber threats. Mastercard is proud to sponsor the CeBIH Quarterly sessions, which will bring together industry experts to discuss the latest trends in fraud prevention and share best practices for protecting customers while promoting cyber security across Nigeria and beyond, as part of its commitment to combating fraud.