Today, more and more purchases are done through digital channels, especially via online payments. The internet offers the convenience and ease of buying goods or paying for services via your computer, tablet or mobile phones. However, the use of online payments is not without its risks. According to experts in the financial sector, Nigeria loses about N200 billion per year to cybercrime.
Examples of threats piercing the Digital Financial Services (DFS) are:
Insider fraud involves an individual who works in the organization and has access to all vital information within the organisation. Such individuals use this privilege to steal private information such as bank account numbers, identity cards, etc to adopt peoples’ identities and engage in fraud. Tips: 1. Never give your sensitive/confidential information such as account number, debit card, credit card, insurance number, etc over the phone or via email. 2. Reconcile your bank account monthly, and notify your bank of any discrepancies immediately. 3. Report unauthorized financial transactions to your bank as soon as you detect them.
Phishing is a type of social engineering where an attacker sends a fraudulent message designed to trick a person into revealing sensitive information to the attacker, or to deploy.Phishing has a simple approach like an email whcih redirects victim to a malicious site which captures, and steals information used to authenticate funds transfers out of the victim’s account.