Mastercard and the Committee of E-Banking Industry Heads for Nigeria have collaborated to host the inaugural Fraud and Cyber Security Forum in Lagos, Nigeria. The partnership aims to promote a secure and seamless payments environment while equipping customers with the necessary knowledge and tools to safeguard their businesses against cyber threats.
In a statement released on Monday, Mastercard highlighted the significance of the forum in line with its objective of creating a protected payments ecosystem. The event seeks to address the growing challenge of cybercrime by providing attendees with valuable insights into fraud prevention and cybersecurity measures.
According to the Nigeria Inter-Bank Settlement System, fraudulent attacks had a success rate of 91 percent between 2020 and 2021. Furthermore, the Anti-Corruption Agencies of Nigeria reported an annual loss of nearly $18 billion to illicit financial crimes. These statistics emphasize the urgency of addressing the issue and underscore the importance of events such as the Fraud and Cyber Security Forum.
Ebehijie Momoh, the Country Manager & Area Business Head, West Africa at Mastercard, expressed excitement about hosting the groundbreaking forum in Nigeria. Momoh stressed that cyber risk is a top concern for organizations today, particularly as digital services, new payment flows, and connected supply chains become more prevalent. Organizations must have a thorough understanding of cyber risks and take appropriate measures to protect themselves and their customers.
Celestina Appeal, Chairman of the Committee of E-Banking Industry Heads for Nigeria (CeBIH), emphasized the need for collaboration among stakeholders within the payment ecosystem to effectively combat cyber-attacks. Appeal acknowledged the relentless and innovative activities of cybercriminals, urging the industry to prioritize cybersecurity and work together to prevent continuous attacks.
The Fraud and Cyber Security Forum covered various attack methods employed by cybercriminals, their motivations, and the assets they target. Attendees gained valuable insights into the regional cyber threat landscape, with a specific focus on the financial services sector, which has experienced significant targeting in recent years.
The event also showcased the latest fraud prevention techniques and tools, including Mastercard’s strategic threat intelligence data. By utilizing advanced analytics, Mastercard’s threat intelligence data enables the identification of potential threats in real-time, providing organizations with an added layer of protection against cyber threats.
The collaboration between Mastercard and the Committee of E-Banking Industry Heads for Nigeria in organizing the Fraud and Cyber Security Forum underscores their commitment to addressing the rising challenge of cybercrime. By equipping businesses with knowledge and tools, the event aims to create a more secure payments environment in Nigeria, ultimately benefiting both organizations and customers alike.