Mastercard hosts a first-of-its-kind Fraud and Cyber Security Forum in Lagos, Nigeria in partnership with the Committee of E-Banking Industry Heads for Nigeria (CeBIH).
The forum which aims to overcome fraud and cybersecurity threats, has been scheduled to hold annually in Nigeria. The event covered the regional threat landscape based on Mastercard’s strategic threat intelligence data – a crucial move at a time when cybersecurity and fraud within Nigeria remain high.
The Nigeria Inter-Bank Settlement System (NIBSS) found that 91 per cent of fraudulent attacks were successful in 2020-2021, and the Anti-Corruption Agencies of Nigeria found that almost $18 billion is lost annually to illicit financial crimes. The risks associated with digital payments and services remains on an upward trajectory and organizations are increasingly exposed to security threats that are pervasive, sophisticated and intelligent.
Country Manager and Area Business Head, West Africa at Mastercard, Ebehijie Momoh,said: “We are excited to host this ground-breaking Fraud and Cyber Security Forum in Nigeria. Cyber risk is one of the top risks faced by organisations 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.’’