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Global Card Fraud to Hit $31.26bn by 2018

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  • Global Card Fraud to Hit $31.26bn by 2018

Globally, card fraud is expected to hit a peak of $31.26bn by 2018, according to Interswitch.

The firm has estimated that globally, nearly one in three consumers is victimised by card fraud, with almost one in five consumers experiencing fraud multiple times in the past five years.

According to Interswitch, the fraud events erode consumer trust in their banks and generate losses for multiple parties including banks and merchants.

The world has been experiencing rising cases of card fraud, which Interswitch said reached $21.84bn in 2015.

While a general upsurge in financial services-related fraud had been reported, the firm said it was quite encouraging to note that empirical data revealed that losses to fraud within the Nigerian banking system had reduced within the last few years.

It linked this progress to various technologies and regulatory initiatives in the Nigerian banking system, which appeared to be improving in terms of fraud rate.

This is further supported by the Central Bank of Nigeria’s Banking and Payment Systems Department reporting that actual losses, as a result of fraud in bank transactions, dropped from N6.2bn in 2014 to about N2.3bn in 2015.

In a bid to further consolidate the positive trend and promote lasting solutions to mitigate financial fraud in Nigeria, Interswitch partnered Tranwall, a leading international transaction security and control firm, and WEMA Bank to launch Wema Card Control in December 2015 – a pioneering feature in the Nigerian market that allows cardholders to take control of their card security in a way that is customisable and easy to use.

In a statement on Friday, the Divisional Chief Executive Officer, Interswitch Industry Vertical Markets, Mrs. Chinyere Don-Okhuofu, was quoted to have said, “At Interswitch, we fully understand the need for better security measures especially regarding card fraud. Tranwall’s technology is a perfect fit for our market, providing complete card base coverage, and support for both legacy feature phones and smartphones.

The Head, e-Business, Wema Bank, Dele Adeyinka, said, “In launching the Card Control, we wanted to deliver innovation that is secure, easy to use and will improve the customer experience.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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