With the surge in holiday shopping and travel, financial institutions across the country, including heavyweights like Access Bank, are warning customers that cybercriminals are currently working overtime.

Here is a breakdown of why that public connection is a “no-go” for your banking app and how you can stay protected.

The Invisible Thief: How it Happens

It feels convenient to check your balance or make a quick transfer while waiting for a flight or sipping coffee at a café.

However, cybersecurity experts warn that public Wi-Fi networks in airports, hotels, and restaurants are often unsecured.

Criminals use a technique called a “man-in-the-middle” attack. In simple terms, they position themselves between your device and the bank’s server.

While you think you’re communicating directly with your bank, the hacker is actually intercepting every piece of data you send, including your login credentials, PINs, and OTPs.

Why the Holiday Season is “Peak Season” for Fraud

Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that digital fraud losses already run into tens of billions of Naira annually.

These numbers typically spike during the Christmas and New Year period because:

• High Transaction Volume: People are spending more, making it easier for a single fraudulent transaction to get lost in the noise.
• Distraction: In the rush of holiday travel and celebrations, users are less likely to double-check the security of their connection.
• Social Engineering: Scammers pair technical hacks with “tempting offers” and urgent messages to trick users into lowering their guard.

Practical Tips to Protect Your Money

Banks are emphasizing that while they invest heavily in security infrastructure, the ultimate “line of defense” is the customer.

To keep your accounts safe this season:

1. Ditch the Public Wi-Fi: Always use your mobile data (3G/4G/5G) or a trusted, password-protected private network for any financial transactions.
2. Verify via Official Apps: Instead of relying on SMS alerts alone (which can be faked), use your official banking app (like AccessMore) to verify transaction history.
3. The “Big Three” Rule: Never share your PIN, OTP, or CVV with anyone. No legitimate bank official will ever ask for these.
4. Know the Kill Switch: Memorize your bank’s USSD “block” code. For Access Bank, for instance, it is *901*911#. If you suspect your phone or account has been compromised, use it immediately to freeze your funds.

The Bottom Line

As Central Bank Governor Olayemi Cardoso recently noted, the future of Nigeria’s digital economy relies on a balance between innovation and security. While digital banking makes life easier, it requires constant vigilance.

This holiday, don’t let a “free” internet connection turn your festive cheer into a financial nightmare. When it comes to your bank account, privacy is more valuable than convenience.

His initial tenure at the position is for a period of three years, and is renewable for a period of another three years.

This was announced in a letter signed by Mr. Yunusa B. Mohammed, director, Standards Development Department at the Standards Organisation of Nigeria.

Among his key tasks would be leading and inspiring delegates and experts from the sector towards a national consensus on standardisation works in Nigerian Industrial Standards, ECOWAS Standards Harmonisation, African Standards Harmonisation and International Organisation for Standardisation Technical Committee on sustainability in buildings, cities and communities.

He is also charged with the responsibility of developing solutions through innovative and creative thinking in a consensus environment to make the committee effective.

While welcoming his election to the position, ‘Gbenga said:

“I appreciate the confidence of my colleagues in my ability to lead the committee and I look forward to doing so with excellence.”

The Standards Organisation of Nigeria (SON) is the country’s main standardisation body with the responsibility to prepare standards related to products, measurements, materials, processes and services, and their promotion at national, regional and international levels.

It further oversees certification of products, assistance in the production of quality goods and services, improvement of measurement accuracies and circulation of information relating to standards.

“As the chairperson of the Technical Committee on Digitally Delivered Services, ‘Gbenga represents PIN following his nomination by the organisation.

‘The work he is leading for the committee aligns with PIN’s work towards a digitally inclusive and rights-respecting world. Working with other experts and their respective organisations in the public and private sector, ‘Gbenga and PIN will pursue standards that promote digital inclusion and digital rights”, a statement by the organisation reads.

PIN’s 2024 Londa report documents that hate speech online is prevalent, with countries such as Angola making at least 25 content removal requests related to hate speech, harassment, and political misinformation.

Globally, hate speech has contributed to incitement of violence, exacerbated ethnic tensions, targeting vulnerable and marginalised communities, including women, minorities and in some instances, foreigners.

In Nigeria, in 2018, a Facebook post which showed a massacre in the Plateau state was viewed over 11000 times, resulting in ethnic conflicts that led to the killing of citizens.

In South Africa, research documents that poor content moderation practices have increased hate speech. At an International level, PIN joined other civil society organisations early in the year to condemn tech company policy changes, which are likely to have an impact on hate speech and information disorders. In India, during elections, hate speech was prevalent.

In Ethiopia, in 2021, hate speech and disinformation resulted in the killing an Ethiopian citizen after a Facebook post falsely implicated him in a scandal. Hate speech online fuels conflict and hinders progress towards sustainable development and peace in the Global South.

PIN observes the increasing sophistication of actors spreading hate speech, often leveraging emerging technologies such as artificial intelligence to maximise reach and impact.

At the same time, content moderation often falls short, especially for non-English content.

“Hate speech online is a direct attack on the dignity and safety of individuals.  We urge technology companies to commit to transparent and effective content moderation practices, especially in the age of artificial intelligence. We urge technology companies to prioritise human rights in their operations,” said Bridgette Ndlovu, Paradigm Initiative’s partnerships and engagements officer.

The alarming spread of hate speech online threatens human rights and democratic values.  PIN’s latest Londa report notes that as digital platforms continue to grow, governments globally face the difficult task of enacting laws that safeguard individuals from harmful content, such as hate speech, misinformation, and online harassment, while upholding the fundamental right to free speech.

This delicate tension reflects broader global discussions about the role of government in effectively regulating digital spaces.

Additionally, governments enacting hate speech laws should refrain from arbitrary arrests and detentions of human rights defenders on charges of unlawful assembly, espionage, hate speech, and sedition. Efforts to counter hate speech should uphold freedoms of expression and not stifle legitimate speech.

PIN calls on tech companies to:

• Invest equitably in non-English content moderation across the Global South to integrate local nuances.
• Increase transparency in government content takedown requests to ensure requests do not infringe on the right to free expression online. 
• Enhance digital literacy, particularly in under-served regions, to ensure safe online practices.
• Conduct human rights due diligence to identify the platform use risks and take steps to mitigate such risks, in line with the United Nations Guiding Principles on Business and Human Rights.

The breach, the Civil Society Organization (CSO) said in a mail to TECHECONOMY, violates both the National Data Protection Act (NDPA) and citizens’ constitutional right to privacy, is a flagrant disregard for the law and a betrayal of public trust.

Paradigm Initiative emphasizes the urgency of NIMC and Nigerian data protection commission’s (NDPC’s) intervention to address this egregious violation of citizens’ privacy rights.

“The NDPC must swiftly investigate this matter, holding accountable all parties involved in compromising the security of the National Identity Database.

“Every Nigerian has the right to trust that their personal information is secure and protected. We further demand NIMC outlines steps to rectify this breach and prevent future occurrences.

“We urge NDPC to act decisively in upholding the principles of data protection and safeguarding citizens’ privacy rights as enshrined in the NDPA and the constitution.

“All these demands are outlined in the freedom of information request sent by Paradigm Initiative and we remain committed to collaborating with all involved agencies and relevant stakeholders to ensure the privacy rights of all are protected”, the statement from PIN to NIMC over the XpressVerify.com issue, reads.

PIN, a leading non-profit organisation advocating for digital rights and inclusion also works to connect under-served young Africans with digital opportunities, and ensures protection of their rights online.

Sunshine Cinema is a non-profit solar-powered media network working through Southern Africa to address youth unemployment.

Under the Memorandum of Understanding (MoU), Sunshine Cinema will provide innovative mobile solar cinema kits to showcase Paradigm Initiative’s impactful short films.

The kits not only harness the sun’s energy but also empower young entrepreneurs as media facilitators, enabling them to earn income while driving positive social change within their communities.

The collaboration comes at a critical juncture when countries within the continent are grappling with the consequences of digital divide and the urgent need for employment opportunities for the youth. The two organisations aim to bridge these gaps and create a ripple effect of positive change.

Commenting on the collaboration, Nnenna Paul-Ugochukwu, PIN’s Chief Operating Officer (COO), said:

“This collaboration marks an important step in leveraging the power of storytelling to champion digital rights and inclusion on the continent. It is a symbiotic relationship that goes beyond traditional advocacy to lighting up minds and creating opportunities for the youth.”

On her part, Sydelle Willow Smith, Sunshine Cinema Executive Director, said:

“As we embark on this journey, we will be keen on amplifying the message of digital inclusion, youth empowerment and social transformation. Together, we can illuminate the path towards a brighter, more inclusive Africa.”

Paradigm Initiative has produced three short films inspired by the annual Londa report, which spotlights the state of digital rights and inclusion across African countries. ‘Undersight’ follows the journey of Omar, a brilliant computer programmer who creates revolutionary data collation software, which is in high demand.

The short films the organisation has released are Training, Focus and Finding Diana.  Last December 2023, PIN unveiled the trailer of the 4th short film- ‘Undersight.’

Such innovations not only enhance the safety of transactions but also contribute to the overall economic stability of the nation.

Introducing digital and secure alternatives to physical cash transactions aligns with the global trend towards a cashless society, providing a safer and more efficient means of conducting business.

Inflationary pressures and security risks have long plagued those who choose to carry large sums of cash in Nigeria.

The country’s economic landscape is marked by inflation, which erodes the value of money over time.

Furthermore, the physical presence of substantial cash amounts puts individuals and businesses at a heightened risk of theft or robbery attacks.

As such, the need for financial innovations that minimize the dependence on physical cash becomes increasingly evident in a developing economy like Nigeria.

However, Kowrie Dynamic Services Limited is disrupting the way individuals and businesses carry cash. This innovative company provides a mobile payment platform that generates encrypted PINs and payment QR codes in real-time. 

The Necessity of Kowrie Dynamic Services

Launched in 2020, Onitsha-based Kowrie Dynamic Services Limited offers a groundbreaking mobile payment platform that generates encrypted PINs and payment QR codes for real-time transactions.

What sets Kowrie Dynamic Services apart is the ability of its encrypted cash to appear like ordinary alphanumeric codes, offering a discreet yet secure method for business owners to travel with codes worth millions without attracting unwanted attention.

Kowrie Dynamic Services Limited has made paying for goods and services super easy and safe. The platform’s special mobile payment platform creates secret codes called PINs and QR codes that you can use right away.

So, if you’re a business owner carrying around a bunch of these codes, it’s like having millions in your pocket without anyone even noticing!

Imagine being able to travel with loads of money without worrying about someone trying to take it from you. That’s exactly what the encrypted cash does—it keeps your money safe, and users do not even have to carry bundles of cash. It’s like having a secret money language that only you and the person you’re paying understand.

Built on Super Smart Technology

Kowrie’s unique service is all down to blockchain technology and stacks. What it means is that the system is super smart and can be used in faraway places where it is not always easy to do these kinds of transactions. Even in remote areas, you can still use the service without any problems.

Kowrie Dynamic Services is not just for big cities; it is for everyone, no matter where you are. Whether you run a small business in a village or a big one in a city, the platform still works for you.

So, here is the deal – with Kowrie Dynamic Services Limited, your money is not just money; it is secret codes that keep you safe and make life easier.

Whether you’re in the middle of a city or a quiet village, its special system is there for you. It is like having your magical way of making money work for you, wherever you go.

Transforming Financial Habits in Nigeria

Despite the rapid evolution of the global financial landscape, Nigeria has been slow to embrace transformative financial habits.

The persistent reliance on traditional cash transactions hampers the nation’s economic progress.

Kowrie Dynamic Services Limited stands as a beacon of change, catering to the diverse needs of both urban and rural communities and low-income and high-income individuals.

The startup’s services catalyze financial transformation, addressing the unique challenges faced by Nigerians across various socioeconomic backgrounds.

Kowrie Dynamic Services Limited’s innovative approach to financial security not only mitigates the risks associated with carrying cash but also positions itself as a key player in Nigeria’s journey towards financial transformation.

As the startup continues to bridge the gap between traditional cash transactions and secure digital alternatives, it plays a pivotal role in reshaping the financial habits of the nation, offering a safer and more efficient means of conducting transactions for all.

This concern increases exponentially with digital banking platforms as the suggested mode of banking.

News headlines such as “Electronic Fraud: I called my bank to block my account but the criminals still cleared my money” and “78,584 e-payment fraud cases recorded in one year” do not help the assertion that digital payments are safe and secure.

However, the truth is that your money is safer in a bank than it is hidden under your bed at home and safer with digital wallets like PalmPay, whose deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

For your money to remain secure, aside from the security measures put in place by banks and fintechs, you owe it to yourself to take safety precautions by following these eight vital steps to enhance your bank account security.

1. Create strong passwords

Passwords should be complex but easy to remember. To prevent your bank from being hacked, use a complex password with a mix of uppercase and lowercase letters, numbers, and special characters, for example (GOdsent123@) and avoid using easily guessable information like birthdays, pet names, and names for passwords.

2. Enable Two-Factor Authentication (2FA)

Where applicable, enable two-step authentication for your online banking to ensure an extra layer of security.

Because this requires that a second form of verification is sent to your mobile device, it makes hacking your bank account difficult. Users of the PalmPay app can enjoy its built-in safety and security features.

3. Monitor your accounts regularly

Safety may begin with an ‘S’ but it starts with ‘U’. The human component of safety is as important as the technology side.

Bank security measures are not enough to protect your money; follow safety precautions to enhance your account security.

You are less prone to financial attacks when you keep an eye on your bank statements and transaction history and immediately report any discrepancies to your bank.

4. Protect personal information

Your PIN is called a Personal Identification Number for a reason. You must avoid sharing such and other sensitive information and be cautious about sharing your personal information online, especially on social media.

Thread carefully when using a bank or making payments through a point of sale (POS). Always stay vigilant and watch out for possible irregularities while patronising POS agents.

5. Regularly update banking apps

Failure to regularly update your banking app leaves your account open to fraudsters. This is because the latest bank app updates often include security enhancements like PalmPay’s auto-logout feature.

This security feature requires users to always input their PIN when they reopen the app after each logout.

6. Set limits for your bank account

Beyond having biometric features, many banks and fintech platforms like PalmPay have features that enable you to set account limits for specific activities such as large transactions.

Stay informed on your bank account activity and peg a withdrawal limit to serve as an alarm bell for unauthorized transactions on your account.

7. Beware of phishing attempts

There are going to be numerous phishing attempts during this period. Be cautious about emails, messages, or phone calls asking for personal information.

Do not click on links or download attachments from suspicious sources.

Legitimate financial platforms like PalmPay won’t call, text or email requesting your personal information.

8. Education, education, education

Educate yourself by staying informed about common scams and fraud tactics, and be cautious about clicking on links in emails or text messages, especially if they seem suspicious. We are big on financial literacy in PalmPay.

Take advantage of our Wallet Safety Workshops to educate yourself on best safety practices.

Let’s say that your bank’s safety measures are top-notch and you’ve done everything advised here to enhance your bank account safety but still get hacked by fraudsters, quickly report any fraudulent activity to your bank’s customer support to help you with quick resolution and recovery of stolen funds.

Paradigm Initiative (PIN) has called on the Senegalese Government to immediately restore Internet and social media platforms in the country.

This follows multiple breaches of Senegalese citizens’ digital rights and data privacy in the past few months, the latest being on June 1st, 2023.

PIN’s statement on Friday reads:

“As a Pan-African organisation, we are pained to see the degradation of democracy and human rights in countries that are deemed role models in terms of peacebuilding and political justice on the continent. It is our hope that the Senegalese institutions and civil society will act to restore the rights of the citizens to use the Internet for the best. 

“Among the incidents we can cite are: the interruption of Telegram, Twitter and other social media platforms, the use of data by the police from unofficial sources (such as Anita TV) endangering the lives of targeted individuals and media censorship of Walf TV’s transmission.

“As much as many think this is only a political issue, it is more of a human rights issue. Unlawful arrests of young people and political opponents constitute human rights violations.

“Senegal, while having kept a reputation of being one of the most stable democracies in West Africa, has been experiencing a longstanding series of human rights violations in recent years.

“In 2021, following protests, social media platforms were blocked for many hours. Multiple networks detected internet disruptions and a social media blackout. 

“Youths have increasingly used social media platforms to voice their concerns and call for justice in the country. Social media is seen as a tool for dissent and a threat to the integrity of government institutions.

“Ahead of the 2024 presidential elections, multiple riots and civil unrest instances have been noted, more so in the past two years. Social media has played a huge role in transmitting information, given that main television and radio channels have not been adequately reporting events and news due to fear of their activities being suspended.

Deliberate internet outages around the world cost the global economy billions of dollars every year. Government Internet shutdowns have cost USD 42.5 billion since 2019.

Paradigm Initiative is further calling on the Senegalese government to do the following: 

• Immediately put a stop to the transmission of false information and promotion of violence by government and opposition loyalists.
• Ensure media and journalists’ digital safety and security in reporting unbiased news about current events in Senegal.
• Promote freedom of expression by releasing youths that were unlawfully jailed on the basis of sharing information that has not been proven to be disinformation or misinformation under a due process of law.
• Create a committee composed of government officials and civil society to ensure these disruptions do not happen again during elections.
• Order that network providers offer a seamless internet connection to the citizens.

The international recognition comes five months after the movie was premiered, and after securing more than 175,000 views on the organisation’s YouTube Channel, ParadigmHQ.

Ms. Nnenna Paul-Ugochukwu, the organization’s Chief Operating Officer, lauded the win saying the movie is greatly contributing to Paradigm Initiative’s effort towards ensuring the continent is rights-respecting.

“We are keenly aware of the need to mainstream digital rights conversations and are always exploring new and innovative ways to do so. We are thrilled that our films continue to introduce new audiences to digital rights issues including access to technology, freedom of expression, press freedom, digital surveillance and other key issues that we passionately advocate for on the continent,” she said.

She expressed gratitude to PIN partners, Ford Foundation, Internews, Internet Society (ISOC) Foundation, Luminate and United States Bureau of Democracy, Human Rights and Labour (DRL) for supporting the movie production.

On his part, Idiare Atimomo, the Chief Operating Officer (COO) of Up in The Sky, which was PIN’s movie production partner, welcomed the win, saying it was satisfying.

“We are delighted by the news of this award! Being able to take pressing African human/digital rights issues and turn them into engaging cinematic content that can win in such a contested category is very satisfying. We have always trusted in the power of storytelling to mainstream these issues for wider consumption and appreciation,” he added.
Finding Diana is executive produced by Paradigm Initiative in partnership with Up In the Sky Films. The film was directed by Tolulope Ajayi and produced by Benjamin Adeniran.

The lead actress, Uzoamaka Onuoha plays 28-year-old Aisha Coker, a down-on-her-luck journalist. Also starring in the movie is Mike Afolarin who plays Izuore Duke, Rotimi Adelegan as the Governor and Bade Smart in the role of James.

The film follows Aisha as she investigates a story of debauchery in her state government. Will her dive into the underbelly of conspiracy finally put Aisha on the map or will it serve a bigger purpose?

Finding Diana is inspired by PIN’s 2021 Digital Rights and Inclusion Report- Londa. The report highlights the state of digital rights and inclusion in 22 African countries.

This is the third short film released by Paradigm Initiative following the success of  Training Day (2020) and Focus (2021).

Londa 2021 examines privacy, freedom of expression, access to information, segmentation and execution, digital transformation, affordability, gender, and others within existing legislative frameworks, and against the backdrop of a widening digital divide.

It also assesses the state of digital rights and inclusion on the continent and provides recommendations on what each country must do to move towards realizing gains that rights-respecting and inclusive digital practices bring. Besides providing recommendations, the report also highlights gaps existing in the featured African countries.

Recall that the Nigerian Parliament (National Assembly) held a public hearing on Friday December 23rd, 2022 on the Bill.

Unfortunately, the notice provided for this public hearing was short and the content of the draft amendment was not made public.

PIN said, “We have seen this draft law, and can confirm that the provisions have far reaching implications for civil liberties, the media, social media platforms and other technology companies. In a nutshell, this is another attempt at social media (plus others) regulation.

“We have put together an advocacy note to help you understand this development better. Pease share this information across your network and the public.

“We are currently working on our written submission to the National Assembly and we will be happy to share with you once finalized”.

Recall that PIN, a social enterprise that builds ICT-enabled support systems and advocates for digital rights in order to improve the livelihoods of under-served young Africans, had instituted a court action against NITDA.

The organization has asked the Federal High Court in Abuja to determine, among other things, whether NIITDA has the powers to propose or formulate any regulation, framework or guideline which directs or purports to direct, mandate or purport to mandate, dictates or purports to dictate the protection of personal data in Nigeria.