Connect with us

Technology

Banks’ Fraud Jumps 539% to N15.15b in 2018

Published

on

e-banking fraud
  • Banks’ Fraud Jumps 539% to N15.15b in 2018

The Nigeria Deposit Insurance Corporation (NDIC) has said the total amount lost to frauds and forgeries by Deposit Money Banks (DMBs) in 2018 stood at N15.15 billion.

The amount was 539 percent higher than N2.37 billion recorded in 2017 and N2.4 billion filed in 2016.

DMBs reported 37,817 fraud cases in 2018 against 26,182 recorded in 2017. The amount involved was put at N38.93 billion, up from N12.01 billion recorded in 2017.

“The actual amount lost to fraud incidences in 2018 stood at ₦15.15 billion as against ₦2.37 billion and ₦2.40 billion in 2017 and 2016, respectively,” the NDIC stated in its annual report for 2018.

“The rising fraud incidences could be attributed to the increase in the sophistication of fraud related techniques such as hacking, cybercrime as well as increase in I.T related products and usage, fraudulent withdrawals and unauthorised credit.”

According to the NDIC, internet fraud accounted for 59.7 percent of the total fraud perpetrated in 2018 and 42.83 percent of the actual loss suffered. Similarly, web-based fraud cases grew from 7,869 in 2017 to 12,343 in 2018.

However, the number of ATM/Card-related fraud cases dropped from 16,397 in 2017 to 10,063 in 2018. This, NDIC attributed to the increase in security features of the catd as well as security awareness on the part of customers.

The number of banks’ staff involved in frauds and forgeries rose from 320 in 2017 to 899 in 2018.

Temporary staff accounted for 43.83 percent or 394 of the total number of staff involved in frauds. Suggesting that poor salary structure of ‘contract’ staff might have been responsible for the surge in their participation in frauds.

Also, Officers & Executive Assistants’ cadre were involved, accounting for 22.91 percent or 206 fraud cases while supervisors and Managers accounted for 119 or 13.24 percent of the total fraud cases.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Technology

Starlink Pulls Plug on Ghana, South Africa, and Others

Published

on

starlink

Starlink, the satellite internet service operated by SpaceX, has announced the cessation of services in countries including Ghana and South Africa.

This decision comes as a significant blow to users who have come to rely on Starlink for their internet connectivity needs.

The decision, set to take effect by the end of April 2024, will disconnect all individuals and businesses in unauthorized locations across Africa, including Ghana, South Africa, Botswana, and Zimbabwe.

While subscribers in authorized countries such as Nigeria, Mozambique, Mauritius, and others can continue to use their kits without interruption, those in affected regions face imminent loss of access.

One of the reasons cited by Starlink for the discontinuation is the violation of its terms and conditions.

The company explained that its regional and global roaming plans were intended for temporary use by travelers and those in transit, not for permanent use in unauthorized areas. Users found in breach of these conditions face the termination of their service.

Furthermore, Starlink’s recent email to subscribers outlined stringent measures to enforce compliance.

Subscribers who use the roaming plan for more than two months outside authorized locations must either return home or update their account country to the current one. Failure to do so will result in limited service access.

The decision to discontinue services in certain countries raises questions about the future of internet connectivity in these regions.

Also, concerns have been raised about Starlink’s ability to enforce the new rules effectively. Reports indicate that the company has previously failed to enforce similar conditions for over a year, raising doubts about the efficacy of the current measures.

Starlink’s decision to pull the plug on Ghana, South Africa, and other nations underscores the complexities of providing satellite internet services in diverse regulatory environments.

Continue Reading

Technology

Nigeria’s Broadband Penetration Stalls at 42.53% Amid Connectivity Challenges

Published

on

broadband

Nigeria’s broadband penetration has stalled at 42.53% as of January, according to the latest report.

Subscriptions currently stand at 92.19 million, indicating a significant gap in connectivity, particularly in rural areas.

The Nigerian National Broadband Plan 2020-2025 aims to increase broadband penetration to 70% by 2025, with the ultimate goal of achieving 96% mobile broadband coverage by 2030.

However, this ambitious target requires substantial investment—approximately $461 million, according to a recent report by the Global System for Mobile Communications Association (GSMA).

While the country’s major telecommunications companies, such as MTN Nigeria and Airtel Africa, have invested heavily in expanding their network infrastructure, much of this development has been concentrated in urban areas. Rural and underserved regions face a significant coverage gap, exacerbating the digital divide.

Despite these challenges, Nigeria has made progress in improving its broadband infrastructure. Since 2012, the mobile broadband coverage gap across Africa has decreased from 56% to 13% in 2022, due to significant investments in network capacity and new technologies.

Nonetheless, millions of Nigerians, particularly those in rural regions, remain without access to essential telecom services.

To address this issue, Nigeria’s government established the Universal Service Provision Fund (USPF) in 2006, aimed at bridging the connectivity gap and expanding broadband access to unserved and underserved areas.

The fund provides resources for deploying telecommunications infrastructure in economically unviable regions.

The success of these initiatives, along with increased investments in broadband infrastructure and policies to incentivize internet expansion in remote areas, will be crucial in closing the connectivity gap and improving digital access for all Nigerians.

Continue Reading

Technology

iPhone Shipments Drop Amid Resurgence of Android Rivals

Published

on

Apple iPhone 14

Apple Inc. reported a significant drop in iPhone shipments during the March quarter, reflecting a downturn in sales across China amid the resurgence of competition from Android-powered rivals.

According to market tracker IDC, the tech giant shipped 50.1 million iPhones in the first three months of the year, a 9.6% year-on-year decline that fell short of the average analyst estimate of 51.7 million.

The steep decrease in iPhone sales marks Apple’s most significant quarterly dip since 2022, when Covid-19 lockdowns disrupted supply chains.

This time, the Cupertino-based company faces challenges from resurgent competitors such as Huawei Technologies Co. and Xiaomi Corp.

These firms have rebounded strongly in recent quarters, and their innovative product lines have begun to reclaim market share from Apple in China.

Samsung Electronics Co. regained its position as the top smartphone supplier globally, while Apple ranked second. Xiaomi closed the gap on Apple, shipping 40.8 million units, an impressive 33.8% increase year-on-year.

Transsion Holdings, another key player in the budget smartphone segment, nearly doubled its shipments, showcasing the competitive environment Apple faces.

Nabila Popal, research director at IDC, highlighted the broader shift in the smartphone market, which has recovered from the supply chain disruptions and challenges of recent years.

“While Apple has demonstrated resilience and growth in recent years, maintaining its pace and share in the market may prove challenging as Android manufacturers make strides,” Popal commented.

Apple has a strong brand and loyal customer base, yet its market position may be tested further by the aggressive pricing and innovative products offered by Chinese rivals.

The company’s efforts to sustain its premium pricing strategy may also be challenged as more customers consider switching to Android alternatives.

As the tech industry looks ahead to the rest of the year, Apple’s upcoming earnings report and strategic moves to address this competitive pressure will be closely watched by investors and industry observers alike.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending