Cybersecurity and anti-virus provider Kaspersky expresses concern over the increasing number of online payment threats and how it has affected Nigerians.
According to reports, around 37 per cent of respondents from Nigeria have experienced financial losses related to threats encountered when using online banking and mobile wallet services. Ninety-seven per cent of respondents lost $1,000 or less as a result of these threats. Another three per cent reported even greater losses.
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Kaspersky revealed that it blocked 161,272 financial threats in Nigeria in 2022. It revealed that most attacks were aimed at stealing financial information such as credit card numbers and login credentials. Attacks were found to generally rely on social engineering tactics to lure in their victims.
Kaspersky’s Digital Payment survey also revealed how cyber-attacks targeting digital payment can do damage beyond a user’s bank balance. A majority of respondents that had been affected had experienced some kind of negative physiological impact. Sixty per cent of respondents from Nigeria explained that they were very anxious about getting their money back.
Forty-three per cent of users also reported that they now have less trust in digital payment providers. Meanwhile, a significant proportion (80 per cent) stated they became more vigilant after experiencing a cyber-incident. Sixty-five per cent revealed they installed security solutions, such as an antivirus on their infected devices.
Emad Haffar, head of technical experts at Kaspersky, discussed the survey’s findings. Haffar said: “Since the beginning of the pandemic, 64 per cent of users in Nigeria faced at least one incident when using digital payments. That’s why it’s increasingly important to know how to interact securely with any emerging technologies, including online banking and mobile wallet services.
All stakeholders, like government, digital payment providers, users and even cybersecurity companies need to come together to create a sustainable and secure payment ecosystem.”
Kaspersky experts suggested a number of tips that could help keep users safe when using digital payment technologies.
Do not share any PINs, passwords, or any other financial information with anyone online or offline
Avoid using public Wi-Fi to make any online transactions
Use a separate credit or debit card to make online transactions
Set a spending limit on the card which can help keep a track of financial transactions
Shop from trusted and official websites
Kaspersky also made recommendations for developers, banks and companies involved in providing digital payment services for protecting users against financial threats. The cybersecurity provider highlighted the importance of investing in holistic cybersecurity solutions that detect fraud across multiple levels of online payment processes and consumer touchpoints.
Because complex attacks by APT groups on financial institutions are also on a rise, Kaspersky has urged businesses to ensure in-depth visibility and threat intelligence to keep customers protected and ensure business continuity.
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