Mastercard Partners With CeBIH To Reduce Cybercrime

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The Committee of E-Banking Industry Heads for Nigeria and the payment solutions provider Mastercard have joined forces to host the first Fraud and Cyber Security Forum in Lagos, Nigeria.

This information was provided in a statement released by Mastercard on Monday.

The forum, according to the statement, was intended to provide clients with the most recent information and solutions to protect their companies against cyber threats and was in line with the company’s goal of establishing a secure and smooth payments environment.

In 2020–2021, 91% of fraud attempts were successful, and the Anti-Corruption Agencies of Nigeria discovered that illegal financial crimes cost the country almost $18 billion yearly, according to the statement.

Ebehijie Momoh, Mastercard’s country manager and area business head for West Africa, commented on the event and said, “We are thrilled to host this innovative event on fraud and cyber security in Nigeria. One of the biggest dangers that organizations face today is cyber risk.

“With the growing use of digital services, fresh payment methods, and interconnected supply chains, it’s critical that organizations fully comprehend and manage this risk to safeguard both themselves and their clients,”He continued.

For an effective defense against cyberattacks, Celestina Appeal, the CeBIH chairman, urged for cooperation among the players in the payment ecosystem.

“Given the aggressiveness and relentless activities of cybercrime perpetrators who have become negatively innovative in the various ways and manners in which they deploy their schemes, the subject of cyber-attacks deserves the utmost attention that the industry can muster,” she said. We would like to urge coordinated action to stop ongoing cybersecurity threats.

The topic of discussion at the forum was common attack techniques employed by cybercriminals, as well as their motives and the assets they target. Insights into the regional cyber threat picture were gained by attendees, with a focus on the financial services industry, which has been one of the most often targeted sectors in recent years.

Additionally, they displayed the most recent fraud prevention strategies and tools, such as Mastercard’s strategic threat intelligence data, which made use of cutting-edge analytics to spot possible risks instantly.

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