Experts have called on fintech companies and related industry players to pay more attention to digital security and enhance the same to protect not just their businesses but also customers’ funds from rising fraud.
There should be a platform where anonymously, people can report fraud activities. This is the surest way people can propagate the knowledge that this kind of thing happens. People can shield their company names, detailing their experiences so that others can learn from them. We need to encourage this and this is the surest way to move forward.”
He added that financial services usually operate under a regulator, which is appointed by the government. Advising Nigerians and industry players on how to parley with the incoming government, he said they would have their team and ideas, but “when we know their plans and the people that would be occupying certain positions, ideas can be suggested to them.”
Fielding a question on how to secure communication between two devices, Ujam said during communication between two devices, e-mail phishing or man-in-the-middle attack can happen but if one is observant and hovers around an email address, one would see that it is not what it presents to be. “There are always telltale signs to look out for. When an image or address is created, it is ‘easy’ to tell if it is fake. Also remember that if it is good to be true, it is false. There usually is an encryption channel when dealing with financial services like tokenization and so on, to secure conversations and transactions. When making a payment, ensure it is an https address, hover around email addresses to ensure it is what you should be expecting.
Offering solutions to internal and external fraud, Onyenweaku suggested measures like job rotation, watching out for relationships and people that could be easily compromised as well as better oversight from external regulators.
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