Identity Theft – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Tue, 20 May 2025 07:26:35 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Identity Theft – Tech | Business | Economy https://techeconomy.ng 32 32 Social Media: Report Shows Spike in Identity Fraud https://techeconomy.ng/social-media-report-shows-spike-in-identity-fraud/ https://techeconomy.ng/social-media-report-shows-spike-in-identity-fraud/#respond Tue, 20 May 2025 07:26:35 +0000 https://techeconomy.ng/?p=159036 Latest report indicate that 85% of adults globally want to do more to protect their online privacy, which is a key concern in 2025 amidst rising cybercrime and the rapid development of AI technology.

However, with 5.24 billion of the world’s population using social media, online privacy has never been more at risk.

In light of this, AI prompt experts AIPRM have revealed key risks associated with oversharing on social media, from putting your privacy at risk, to damaging your personal and professional reputation.

They also offer practical tips on how to keep yourself safe online and protect your digital footprint, with expert commentary from Christoph C. Cemper, founder of AIPRM.

Five dangers of oversharing on social media

1. Identity theft 

A new fraud report has revealed that 421,000 cases of fraud were filed to the National Fraud Database (NFD) in 2024, the highest number on record, and identity fraud remains dominant as criminals favour impersonation tactics.

Concerningly, social media pages and accounts host a gold mine of personal information for criminals such as names, date of birth, home location, places of work, and even the details of our family and friends.

If criminals access this information, you can become susceptible to identity theft, as the fraudsters can use your personal details to impersonate you and gain access into your accounts, or even create new accounts in your name, such as bank accounts. In some cases, they may even manipulate your family and friends into sharing their data through identity theft.

Christoph C. Cemper advises:

The host of readily available personal information on social media has made it even easier for criminals to carry out identity theft, and with the rise of AI’s capabilities, this is even quicker to do. By combining real data with fabricated details, AI can be used to generate realistic IDs, official documents, or utility bills. This makes identity theft much harder to detect. That’s why it’s crucial to think carefully about what you share online – not just to protect your own privacy, but also the security of your family and friends, who could be targeted by a fake version of you.”

2. Social Engineering and Financial Scams

Social engineering often involves attackers creating fraudulent social media profiles and using these to impersonate a trusted or legitimate individual or organisation.

Through this, they can psychologically manipulate victims into sharing information or clicking on links that are unsafe and contain malware or scams.

If scammers gain a user’s trust, they can then gain access to personal information, or even cause significant financial losses and personal data breaches.

Christoph C. Cemper states:

It is vital to be wary of who you follow and interact with on social media. With deepfakes and AI becoming more prevalent and advanced, it is hard to tell if you are talking to a legitimate person or an attacker. Always be cautious when engaging with people on social media, and if they claim to be someone you know, be sure to ask them personal questions that only they would know the answer to.”

3. Deepfakes and Voice Cloning

Scammers need just three seconds of audio to clone a person’s voice, and with so many videos available on social media, it is becoming even easier for criminals to generate voice clones. Similarly, the wide array of selfies on social media has fuelled AI- powered scams.

From just a single image of your face, fraudsters can use AI to create a full photo, complete with a natural looking background and other aspects that appear authentic.

Deepfakes are becoming widespread, and with our voices and images often available on social media, millions are at risk of becoming victims. To protect yourself, make sure that those you follow on social media and allow to view your content are people you know and trust. Having a publicly open profile increases your risk of being targeted. If you think you have been a victim of a deepfake, contact your local fraud centre as soon as possible to report it.”

4. Reputation damage

Oversharing on social media also carries the risk of personal or professional reputation damage. Engaging with the wrong things on social media can create a negative image of the user.

Not only are there risks in sharing inappropriate posts, or negative comments, there are also risks associated with interacting with or sharing  fake news which circulates rapidly on social media, spreading much quicker than real news.

Malicious actors can spread misinformation and disinformation, which is notoriously hard to spot online.  Many people have fallen into the trap of engaging with this content, whether it be an AI generated image, or a fake article. Always fact check any news or sources you see on social media via trusted and reputable  sites, as unverified online information could be fake, and may even include fraudulent links.”

5. Dangers of oversharing about your child

Often known as ‘sharenting’, it is becoming increasingly common for parents to share information on their children via social media. However, there are dangers involved in this, as it instantly creates a digital footprint for your child, which can be used by criminals for harmful purposes.

For example, geotagging an image of your child can reveal the local area in which they may live or places they go to regularly.

Sharing their name, age, and photos can expose them to identity theft, allowing criminals to utilise their name to open fake accounts. There are also inherent social media dangers of potential cyberbullying and harassment.

Christoph C. Cemper advises parents to be vigilant:

Cyber crime is rising rapidly, and exposing your child’s details online could see them fall victim to fraud or other crimes. If you want to share images or details on your child’s activities, it is always best to do this in private group chats with people you trust. I would always advise avoiding sharing this information on social media, due to the risks involved. If you do share information about your child via social media, ensure this is to a small, trustworthy following, and is not publicly available. Be sure to limit the information that you share about them and their whereabouts.”

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Identity Management Day: Sophos Lists Five Automated Measures to Protect Against Identity Theft https://techeconomy.ng/sophos-lists-five-automated-measures-to-protect-against-identity-theft/ https://techeconomy.ng/sophos-lists-five-automated-measures-to-protect-against-identity-theft/#respond Wed, 09 Apr 2025 15:05:21 +0000 https://techeconomy.ng/?p=156578 According to reports from the Identity Defined Security Alliance (IDSA) and the Ponemon Institute, 79% of data breaches are linked to identity theft and cost businesses an average of $4.5 million.

Additionally, the 2025 edition of the Sophos Active Adversary Report reveals that the average time between the start of an attack and data exfiltration is only 72.98 hours (3.04 days), while the average time between exfiltration and attack detection is just 2.7 hours.

Cyberattacks are becoming increasingly fast, and the longer a compromised identity remains active, the greater the potential damage.

2024 Sophos Threat Report
Threat Report

In light of this, Sophos, one of the world’s leading providers of innovative security solutions designed to neutralize cyberattacks, is taking advantage of Identity Management Day, which takes place on Tuesday, April 8, 2025, to remind businesses of the best practices they should follow to manage and secure digital identities.

Cybercriminals can use a compromised identity to access confidential information, steal data, move laterally within the organization, and launch further attacks.

It is therefore crucial to take immediate action to contain breaches and minimize their consequences.

In this context, automation plays a key role by enabling organizations to respond quickly and effectively to identity-related threats.

Five Automated Measures to Protect Against Identity Theft

1. Disable the User

When an identity breach is detected, one of the first steps is to disable the compromised user account. By preventing the attacker from using the stolen identity to access company systems and data, this measure outpaces the hacker and helps contain the breach.

Automation significantly speeds up this process. With automated response tools, businesses can quickly identify compromised accounts and disable them in real-time. This reduces the attack window and minimizes potential damage.

2. Force Password Reset

Passwords are often the first line of defense against unauthorized access attempts. In the event of an identity breach, it is essential to immediately force a password reset for the compromised account to prevent hackers from using stolen credentials.

Automated rules can be set up to trigger an instant password reset as soon as a breach is detected. This saves time and ensures that the reset process is initiated without delay, reducing the risk of further unauthorized access attempts.

3. Force Multi-Factor Authentication (MFA) Reset

Multi-factor authentication (MFA) adds an extra layer of security by requiring users to enter a verification code in addition to their password. If an identity breach occurs, it is crucial to reset MFA for the compromised account.

This means that the user will have to re-authenticate using their MFA tool, which automatically invalidates any stolen authentication tokens the attacker may have acquired.

Automated rules can trigger the refresh of MFA tokens, ensuring that compromised accounts are quickly reauthenticated. This prevents cybercriminals from using stolen authentication tokens to access company systems.

4. Lock the Account

Locking a compromised account prevents hackers from attempting to use it until the issue is resolved.

This also gives the organization time to investigate the breach and apply the necessary corrective measures.

Automation streamlines the account locking process, allowing businesses to lock compromised accounts as soon as a breach is detected. This immediate response helps contain the breach and blocks further unauthorized access attempts.

5. Revoke Active Sessions

In addition to disabling the user account and forcing a password reset, it is essential to revoke all active sessions associated with the compromised identity.

This ensures that the attacker is immediately logged out of all systems they accessed using stolen credentials.

Automated actions can be configured to revoke active sessions in real-time, instantly disrupting any unauthorized access. This is a critical measure to neutralize the breach and prevent further malicious activity.

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Money Transfer: 9mobile CEO Highlights Key Solutions to Identity Theft https://techeconomy.ng/money-transfer-9mobile-ceo-highlights-key-solutions-to-identity-theft/ https://techeconomy.ng/money-transfer-9mobile-ceo-highlights-key-solutions-to-identity-theft/#comments Mon, 25 Nov 2024 14:40:07 +0000 https://techeconomy.ng/?p=148201 Obafemi Banigbe, CEO of 9mobile, recently shared his expertise at the Alliance for Innovative Regulation (AIR) virtual conference, tackling the pressing issue of digital payment fraud in West Africa.

His insightful perspectives offered valuable insights into combating identity theft, a major threat to African electronic money transfer security.

Speaking as a panelist in a session moderated by Nick Cook, the chief innovation officer at AIR, Banigbe outlined how telcos play a pivotal role in protecting financial transactions.

“Fraud is fundamentally a human challenge, not just a technological one,” he remarked, emphasising that identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.

He emphasized the critical role of telecommunications companies as guardians of security in the financial ecosystem.

He outlined the proactive measures 9mobile and other telcos are taking to fortify financial systems, focusing on several key areas. Banigbe highlighted the integration of Know Your Customer (KYC) systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.

He also stressed the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition), and One-Time Password (OTP)-based authentication. These measures he said collectively strengthen verification processes, ensuring a more secure financial ecosystem.

Banigbe reiterated the importance of partnerships between financial institutions and payment platforms. These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws. This, in turn, facilitates the detection of suspicious activities while maintaining privacy.

He also highlighted the need to address delays in fraud tracking. To achieve this, he advocated for the deployment of real-time blacklisting mechanisms. This would enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.

While highlighting the need for industry-wide collaboration, Banigbe pointed to the cost-effectiveness of shared investments in advanced security architecture.

“No single organisation can tackle this alone. A united effort among telcos, financial institutions, and regulators is key to safeguarding our financial systems,” he asserted.

The panel discussion, which featured other notable speakers, including Ikenna Ndugbu (Moniepoint), Sheila Senfuma (Consumers International), and Modupe Ladipo (Prosperar Consulting), explored diverse aspects of combating digital payment fraud.

They discussed the role of robust compliance frameworks and transaction monitoring tools; addressed accessibility challenges for vulnerable populations, including people with disabilities like visual impairment that disallows them from baseline financial literacy; highlighted the specific vulnerabilities faced by women in informal financial systems and advocated for culturally sensitive financial inclusion strategies.

Banigbe further remarked on the need for proper access control within organisations to combat possible internal staff collusion with external fraudsters to make security systems more vulnerable.

“Regulating access will help prevent fraudulent activities within organisations,” he said, pointing to the need for stronger internal controls to safeguard sensitive processes.

He spotlighted the crucial role of telcos in creating a secure and inclusive digital financial ecosystem. Collaboration, Banigbe stressed, is essential to achieving lasting results in the fight against fraud. “It is an ecosystem, and there should be a joint effort to enlighten the public on digital payment fraud and advocate for victims of fraud,” he concluded, calling for unified action among telcos, financial institutions, and regulators.

With over 100 participants attending the conference, the collective commitment to combat digital payment fraud is evident.

Discussions continue to focus on leveraging technology, driving public awareness, and strengthening collaborative frameworks to address the pervasive threat of identity theft.

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Minister Bosun Tijani joins Ethnos Cyber for High Impact cybersecurity Erudition Series https://techeconomy.ng/minister-bosun-tijani-joins-ethnos-cyber-for-high-impact-cybersecurity-erudition-series/ https://techeconomy.ng/minister-bosun-tijani-joins-ethnos-cyber-for-high-impact-cybersecurity-erudition-series/#respond Tue, 12 Mar 2024 12:35:47 +0000 https://techeconomy.ng/?p=127043 Dr. Bosun Tijani, the minister of Communications, Innovation and Digital Economy, is set to join forces with Ethnos and OneIdentity/Quest for the launch of the Ethnos Cybersecurity Erudition Series.

This groundbreaking initiative aims to bolster Cybersecurity awareness and expertise among key stakeholders in Abuja, particularly within the public sector.

In an age where digital governance is becoming increasingly prevalent, cybersecurity emerges as a critical concern for governments worldwide, including Nigeria.

The integration of modern technologies has undoubtedly improved efficiency in governmental operations, but it has also introduced new vulnerabilities such as Identity Theft and Phishing. Hence, there is an urgent need for comprehensive Cybersecurity education and readiness.

The Ethnos Cybersecurity Erudition Series seeks to address these pressing issues by providing a platform for security experts and public-sector stakeholders to engage in informative discussions and knowledge sharing.

With the theme “Navigating Cybersecurity Risks: Strategies for Securing Your Digital Perimeters,” the event emphasizes the importance of proactive measures in safeguarding against evolving cyber threats.

Notable highlights of the event include a special message from Dr. Bosun Tijani, along with a keynote address by technology evangelist and investor Yemi Keri.

Additionally, Identity Security expert Bradley Dupreez from South Africa will lead a technology session. The event will also feature contributions from esteemed figures such as DG of NITDA Kashifu Inuwa Abdullahi, EVC/CEO of NCC Dr. Aminu Maida, National Commissioner/CEO NDPC Dr. Vincent Olatunji, and DG/CEO of NIMC Engr. Bisoye Coker-Odusote, to name a few.

Peter Ejiofor, CEO of Ethnos, expressed enthusiasm about the event, highlighting its focus on Identity Security and its relevance to Directors and Technology Experts across various government agencies. Co-hosted with OneIdentity/Quest, the event will present insights from both local and international experts on proactive strategies for mitigating digital threats, exploring the evolving nature of identity threats, and offering insights into risk prevention and detection.

Scheduled for 26th March 2024, at the Tamarind Hall, Abuja Continental Hotel, FCT Abuja, the event will run from 11:00 am to 2:00 pm.

Interested attendees are required to register in advance through the official website to secure their seat.

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