n Two suspects, Adedayo Ojo and Folusho Oguntoyinbo during their arraignment by the EFCC at a Lagos High Court for alleged internet fraud recently Photo: EFCC From year 2000 to 2016, at least N216bn has been lost to fraudsters through Nigerian banks with the use of various payment platforms, mostly electronic based. This figure was derived from data analysis by Easy Solutions Ltd and the Central Bank of Nigeria. A security assessment of Nigerian bank websites in 2014 carried out by Easy Solutions Ltd, a global e-fraud protection firm, indicated…
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BANKS LOST 2.2 BIL TO ELECTRONIC FRAUD IN 2016
The Central Bank of Nigeria (CBN) has said the Nigeria InterBank Settlement System (NIBSS) recorded over 1,200 per cent increase in reported fraud cases in 2016, estimated at N2.19 billion when compared to 2014 cases. According to ‘Dipo Fatokun, CBN’s Director, Banking and Payments System Department and Chairman, Nigeria Electronic Fraud Forum (NeFF), in a latest report, the industry processed transactions in 2016 that amounted to 278,744,529, while the value was over N64 trillion. While there was an increase of 71 per cent in volume of transactions, there was also…
Read MoreNIGERIAN GANG OF FRAUDSTERS STEAL 10MIL POUNDS THROUGH IDENTITY THEFT, SEE PIX
Gang of Nigerian fraudsters face jail for using the identities of MPs, judges and police officers to con the taxpayer out of more than £10m Scammers used stolen personal details from Civil Service Sports Council Gang stole £2,500,000 before staff at HMRC spotted abnormal claims Adedamola Oyebode and Oluwatobe Emmanuel Odeyemi ran scheme Pair worked with Oluwagbenga Stephen Odeyemi and Kayode Sanni A gang of Nigerian fraudsters are facing jail for for using the identities of MPs, judges and police officers during a £10million scam. The crew stole personal details…
Read MoreUS BASED NIGERIAN PLEADS GUILTY TO INTERNET SCAM, FACES 45 YRS JAIL TERM
A Nigerian man on Tuesday pleaded guilty to taking part in email scams attempting to defraud thousands of victims around the world out of millions of dollars, U.S. prosecutors said. David Chukwuneke Adindu, 29, entered his plea to two conspiracy counts before U.S. District Judge Paul Crotty in Manhattan, according to an announcement from Acting U.S. Attorney Joon Kim in Manhattan. Prosecutors said Adindu took part in scams in which emails were sent impersonating executives or vendors of companies, directing employees of those companies to make large wire transfers. Such…
Read MoreSCANDAL ROCKS NBC AS NIGERIA MISSES DIGITAL SWITCH-OVER AGAIN
By GODWIN APEH Very reliable sources within the National Broadcasting Commission (NBC) have confirmed the alleged payment of N2.5b to Pinnacle Communications Limited owned by Mr. Lucky Omoluwa, who is one of the three licensed signal distributors. The payment which was done two weeks ago has been kept secret, and apparently was done without proper due process, and only with the alleged approval of the Hon Minister of Information, Alhaji Lai Mohammed, who apparently according to financial rules has no authority to approve payments exceeding 50m. Whilst the digital television…
Read MoreAJIMOBI TO INSTALL CCTV CAMERAS IN OYO STATE
THE Oyo State government will install close circuit television (CCTV) cameras in strategic locations across the state, Governor Abiola Ajimobi said yesterday. The move, the governor said, would place Oyo among the league of states and communities under the “safe city project”. Ajimobi spoke in Ibadan, the state capital, when he hosted the United States (U.S) Ambassador to Nigeria, Mr. Stuart Symington. Addressing the ambassador and his entourage, Ajimobi said the state, hitherto known for violence and brigandage, changed its course when his administration came in in 2011. He pledged…
Read MoreOVER 3BIL DOLLARS LOST TO NIGERIAN HACKERS AND CYBER-CRIMINALS OPERATING ALL OVER THE WORLD SAYS FBI
Nigerian hackers and cyber criminals are being accused of masterminding a grand theft of information and money running into billions of dollars, worldwide. According to experts, the Nigerians are able to carry out the heist by sending phishing emails to commercial organizations and industrial enterprises, which they later steal dry. The FBI estimates that these phishing attacks have cost companies over $3 billion. The number of affected companies exceeds 22,143. Kaspersky Labs, an internet security company said it has found over 500 companies that are under attack in at least…
Read MoreMORE TROUBLE FOR MTN, DRAGGED TO COURT BY FG OVER ILLEGAL MAST INSTALLATION
A Federal High Court sitting in Minna, Niger State, is currently hearing a case of illegal installation of mast instituted by the office of the Attorney-General of the Federation against telecom giant MTN Nigeria. The case was sequel to a petition by one Mohammed Nasir Usman of No.1 Ibrahim Kariya Avenue, Suleja alleging noise pollution from the mast installed by the MTN in the area. The petitioner averred in the complaint to the state field office of the National Environmental Standards and Regulations Enforcement Agency (NESREA) alleging that the erection…
Read MoreCYBER-CRIMINALS TARGET 3TRILLION NAIRA TRAPPED IN ACCOUNTS THAT DO NOT HAVE BVN – CBN
Ozioma Ubabukoh Financial technology experts have blamed corruption for the N3tn that trapped in accounts that have not been linked to the Bank Verification Numbers of their owners, and asked the Central Bank of Nigeria to urgently confiscate the funds or risk losing them to cyberattacks. The experts said that privileged information available to them indicated that certain hackers, with collaborators from within the country and across the world, were developing a ransomware to attack banks’ data systems to steal the funds. corruption that has led to the trapped N3tn…
Read MoreFUTA LAUNCHES ITS SATELLITE IN THE US TODAY
Folashade Adebayo The Federal University of Technology, Akure, will today launch a CubeSat, with the code name NigeriaEdusat-1, into space from the Kennedy Space Centre in Florida, United States. The Nigerian Cubesat, is a component of the Birds 1 satellites, comprising of four other CubeSats belonging to Japan, Ghana, Mongolia and Bangladesh. They will be launched from the SpaceX Falcon9 Rocket According to a statement from the Head, Media and Protocol Unit of the university, Mr. Adegbenro Adebanjo, the university hopes to make satellite technology popular “among members of staff…
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