In collaboration with the Committee of E-Banking Industry Heads for Nigeria (CeBIH), Mastercard hosts a first-of-its-kind Fraud and Cyber Security Forum in Lagos, Nigeria.
The forum, which aims to combat fraud and cybersecurity threats, will be held in Nigeria on an annual basis. The event covered 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 nearly $18 billion is lost annually to illicit financial crimes.
The risks associated with digital payments and services continue to rise, and organizations are becoming increasingly vulnerable to pervasive, sophisticated, and intelligent security threats.
Companies must understand and manage this risk in order to protect their customers and business operations. Aside from fraud and financial crime, the sector is dealing with an increase in identity theft, ransomware, and phishing attacks, which necessitate constant vigilance and a comprehensive security strategy.
“We are excited to host this ground-breaking Fraud and Cyber Security Forum in Nigeria,” said Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard. “Cyber risk is one of the top risks faced by organizations today. With the increased adoption of digital services, new payment flows, and connected supply chains, it’s important that this risk is well understood and managed by organizations to protect themselves and their customers.”
The forum covered common attack methods used by cyber criminals, their motivations, and the assets they target. Attendees gained valuable insights into the regional cyber threat landscape, with a particular focus on the financial services sector, which has been one of the most heavily targeted industries in recent years.
They also showcased the latest fraud prevention techniques and tools, including Mastercard’s strategic threat intelligence data, which uses advanced analytics to identify potential threats in real-time. This cutting-edge fraud detection solution includes the Decision Intelligence solution and provides rapid detection and prevention of fraudulent activities, reducing risk and enhancing customer service and account protection.
The Chairman, Committee of e-Business Industry Heads (CeBIH), Celestina Appeal called for collaboration among the payment ecosystem stakeholders for an effective fight against cyber-attacks.
She said: ‘’the subject of cyber-attacks deserves the utmost attention that the industry can muster, given the aggressiveness and non-relenting activities of perpetrators of cybercrimes who have become negatively innovative in the different ways and manners in which they deploy their schemes. We would like to call for concerted efforts to prevent continuous cybersecurity attacks.’’
The forum is in line with Mastercard’s goal of creating a secure and seamless payments environment, and it aims to provide customers with the most up-to-date knowledge and tools 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.
