The annual forum, dedicated to tackling fraud and cybersecurity threats, will take place in Nigeria. This event addresses the regional threat landscape based on strategic threat intelligence data from Mastercard, a crucial step in combating the high levels of cybersecurity risks and fraud within Nigeria.
According to the Nigeria Inter-Bank Settlement System (NIBSS), fraudulent attacks had a success rate of 91% between 2020 and 2021. The Anti-Corruption Agencies of Nigeria also reported an annual loss of nearly $18 billion to illicit financial crimes. It is imperative for companies to understand and mitigate these risks to protect their customers and ensure the smooth operation of their businesses.
In addition to financial fraud and crimes, the sector faces a growing wave of identity theft, ransomware, and phishing attacks, necessitating continuous vigilance and a comprehensive security strategy.
“We are thrilled to host this groundbreaking 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 foremost risks organizations face today. With the increased adoption of digital services, new payment methods, and interconnected supply chains, it is crucial for organizations to have a clear understanding of and effectively manage this risk to safeguard themselves and their customers.”
The forum focuses on common attack methods employed by cybercriminals, their motivations, and the assets they target. Attendees gain valuable insights into the regional cyber threat landscape, with a specific emphasis on the financial services sector, which has been heavily targeted in recent years. The latest fraud prevention techniques and tools are showcased, including Mastercard’s strategic threat intelligence data, which employs advanced analytics to identify potential threats in real-time. This state-of-the-art fraud detection solution, including the Decision Intelligence solution, enables swift detection and prevention of fraudulent activities, reducing risk and enhancing customer service and account protection.
Celestina Appeal, Chairman of the Committee of e-Business Industry Heads (CeBIH), emphasized the need for collaboration among stakeholders in the payment ecosystem to effectively combat cyberattacks. The forum aligns with Mastercard’s commitment to creating a secure and seamless payment environment, empowering customers with up-to-date knowledge and tools to safeguard their businesses against cyber threats.
As part of its dedication to fighting fraud, Mastercard proudly sponsors the CeBIH Quarterly sessions, which bring together industry experts to discuss the latest trends in fraud prevention and share best practices for customer protection, while promoting cybersecurity across Nigeria and beyond.