Mastercard and CeBIH are Concerned over Cyberthreats in Nigeria

Mastercard hosts a 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 will 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% 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.

It is essential that companies understand and manage this risk to ensure that they safeguard their customers and business operations.

In addition to fraud and financial crime, the sector is facing a rising tide of identity theft, ransomware and phishing attacks that require ongoing 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 aligns with Mastercard’s goal of creating a secure and seamless payments environment and is aimed at empowering customers with the latest knowledge and tools to safeguard their businesses against cyber threats.

As part of its commitment to combating fraud, 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.