As more Nigerians use various digital platforms for payments and other services, there have been serious worries about scams and increased exposure to scammers.
61% of Nigerian respondents to the alarming Kaspersky Digital Payment survey said they had experienced phishing scams when using online banking or mobile wallet services. A startling 82 percent of people have personally been the victim of social engineering scams (through texts or calls) and 67% have come across fraudulent websites.
95% of Nigerian respondents who were asked about their knowledge of risks against digital payment methods claimed they are aware of both financial phishing attacks and internet scams (97 per cent). Additionally, 78% said they are aware of banking malware on PCs and mobile devices. These harmful programs rob users’ bank accounts of money.
However, 98 percent of respondents to the survey believe that banks and payment providers should do more to inform customers about the risks they face online. According to poll findings, the following security aspects are significant to customers and would like to see more of on current banking apps and mobile wallets: the use of one-time passwords (OTPs) sent via SMS for every transaction (76%) as well as biometric security measures like facial or fingerprint recognition (75%) and the requirement for two-factor authentication (64%) as well as automated fraud detection and intervention (39%), point-to-point encryption, and biometric security features (such as these) (22 per cent).
Bethwel Opil, Enterprise Sales Manager for Kaspersky in Africa, stated: “Whether we talk about the growth of phishing schemes or mobile viruses, it is vital to establish some fundamental cybersecurity principles. Your financial transactions may be kept secure with the help of cutting-edge security solutions, which can block off the majority of common attack vectors, in addition to other preventive measures like good cybersecurity knowledge and consistent password changes.
Kaspersky experts advised users in Nigeria, among other things, not to share their PINs, passwords, or any other financial information with anyone online or off; to avoid using public Wi-Fi for any online transactions; to use a separate credit or debit card for online transactions; to set a spending limit on the card which can help keep track of financial transactions; and to use a separate credit or debit card altogether. Use a trustworthy security program like Kaspersky Total Security on all of your devices that are used for financial transactions, and only shop from reputable and authorized websites. This program aids in the detection of fraudulent or suspicious activity and verifies the security of visited websites.
On the other hand, Kaspersky advised developers, banks, and businesses involved in the provision of digital payment services to invest in comprehensive cybersecurity solutions that can assist in identifying fraud across various levels of online payment processes and customer touchpoints.
It made note of the surge in sophisticated attacks by APT groups on financial institutions, pointing out the requirement of such in-depth visibility and threat intelligence to safeguard clients and maintain business continuity.
The company stated that utilizing the Kaspersky Threat Intelligence service is beneficial to aid IT teams in analyzing and mitigating risks, as well as consistently educating staff members about cyber security.
Employees will benefit from knowing the warning signs of an assault and being aware of their part in defending the company, according to the statement.
The Kaspersky Digital Payment survey examines interactions with online payments in terms of its approach. It also looked at how we view them, which is crucial to knowing what would either accelerate or slow down the adoption of this technology.
According to Kaspersky, the survey was carried out by the research firm Toluna in the Middle East, Turkey, South Africa, and Nigeria. Between February and March 2022, 2,004 respondents from the mentioned nations participated in the poll.