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Global Card Fraud to Hit $31.26bn by 2018

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naira cards - Investors King
  • 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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Brands

Burger King Expands to Nigeria

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Burger King

Burger King, an American multinational chain of hamburger fast food restaurants, has opened its very first restaurant in Nigeria to deepen its growing brand, support new job creation and enhance economic productivity in Africa’s largest economy.

The United States Mission in Nigeria has praised the improving commercial ties between Nigeria and the United States as American franchises and branches set up shops in Nigeria. This has in turn created more jobs as well as investment opportunities in the country.

This was said by the US Mission Commercial Counselor, Jennifer Woods during her speech at the opening of the Burger King outlet in Nigeria. Woods underlined the impact which new businesses have on a country’s economy, especially with a popular franchise like Burger King opening in a developing market like Nigeria.

She said that being Africa’s largest economy and a large youth population with a strong connection to the world, American brands must look at Nigeria as a highly critical market. She went ahead to state that while the companies will benefit from the expansion into the country, Nigeria itself will also benefit largely from their presence in the country.

Woods also described the addition of another American-owned franchise (one that emphasizes a culture of excellence) will help to provide job opportunities as the business expands to new parts across the country. She praised the high level of interest by consumers and the passion which they have for the iconic American rapid service restaurant since it began its operations in early November.

The Speaker of the Nigerian House of Representatives, Honourable Femi Gbajabiamila congratulated Burger King and all its local partners on the intriguing business deal, explaining it as another signal of the benefits of a close business relationship between the United States and Nigeria. He also stated that Burger King is expected to open hundreds of outlets across the country.

Burger King entered into an alliance with local firm, Allied Food & Confectionary Services Limited in order to bring the American brand into the Nigerian market. The Group Managing Director of Allied Food & Confectionary Services Limited, Antoine Zammarieh has prior experience bringing United States rapid service restaurants to Nigeria.

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Company News

Panasonic Confirms Data Breach after Hacker Attack

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Panasonic Nigeria

Japanese tech giant Panasonic has affirmed that the company has been a victim of a data breach after some hackers were able to access the company’s internal network.

In a press release dated November 26, the company stated that its private network was illicitly accessed by a “third party” on November 11, and also stated that some data which was on a company file server had been retrieved during the breach.

However, a spokesperson for Panasonic, Dannea DeLisser stated that the data breach started on June 22, and ended on November 3. She also said that the very first unauthorized access was detected on November 11.

The company which is based in Osaka, Japan provided additional details about the breach. In the press release, the company said that although it is conducting its own investigation into the breach, it is also working with a third-party organization to investigate the data leak. The third party organization is also looking into whether or not the breach included personal information of customers or sensitive information which concerns social infrastructure.

Immediately the unauthorized access was discovered by the company, the incident was reported to the appropriate authorities who went ahead to set up some security countermeasures, which also contained steps to avert external access to the network. The company closed the statement by apologizing for concerns and inconveniences caused by the data breach.

This type of incident is not completely new to Panasonic, as just under a year ago Panasonic India faced a ransomware attack in which hackers leaked about 4 gigabytes of data, including email addresses and financial details.

The data breach also comes at a period when Japanese technology companies are facing waves of cyberattacks. NEC and Mitsubishi Electric were victims of hackers in 2020, and Olympus was also made to suspend operations in Europe, Africa and the Middle East after being a victim of a ransomware attack.

The trend of cyberattacks in Japan is likely to reduce public faith in the company, especially since it has been hacked twice since last year.

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Business

FG Asks Customs to Ground Private Jets over Failure to Pay Import Duties

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The Federal Government of Nigeria has instructed the Nigerian Customs Service to ensure the grounding of 91 private jets, which are owned by some particularly rich Nigerians, over the payment of import duties.

The individuals in question have allegedly refused to pay their import duties, which are running up to about N30 billion. This has prompted the Federal Government to make the call to ground their private jets.

The Comptroller-General of the Nigerian Customs, Col. Hameed Ali (retd.) has since written a letter to the Nigerian Airspace Management Agency (NAMA), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) instructing the agencies to ground the concerned private jets with immediate effect.

The letter was dated November 2, 2021 and was addressed to the Director-General of the NCAA, Capt. Musa Nuhu. The same letter was also sent and addressed to the Managing Director of the FAAN, Capt. Rabiu Yadudu and the Managing Director of NAMA, Capt. Fola Akinkuotu.

In the letter, the three addressed agencies were instructed to ground the private jets by refusing them proper administrative and operational flight clearances until further notice.

The letter went ahead to state that the indefinite refusal of administrative and operational flight clearances will be lifted once the Nigerian Customs Service has issued an Aircraft Clearance Certificate, and the certificate is provided to the agencies as evidence of cooperation.

Nairaland’s findings report that some of the private jets which are victims of the grounding order are owned by senior pastors of some Pentecostal churches across the country, Chief Executive Officers of some earlier oil companies, the Chairmen of some Tier-1 banks in the country, as well as some Tier-1 banks themselves with one of said banks owning two upmarket jets themselves.

However, some of the owners of these jets have written letters of protest to the Customs Service, stating that they cannot pay import duties because the private jets in question are under lease payments.

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