Telecommunications

Social Media Threats for Payment Services Jump Over 550% in Q2 2021

Published

3 years ago

September 8, 2021

Virtual Private Network (VPN) - Investors King

According to data presented by Atlas VPN, social media attacks on payment services increased by 561.8%, comparing 2021 Q1 to 2021 Q2. Social media platforms have many weak points that allow threat actors to carry out various types of internet crime.

In the second quarter of the year, the most popular internet crimes were fraud, impersonation, cyber threats, and data leaks. The data is supplied by PhisLabs, where researchers analyzed hundreds of thousands of phishing and social media attacks targeting enterprises, their employees, and their brands.

While attacks on payment services increased the most, other industries also experienced a significant increase in threats. In the second quarter of 2021, fraudsters targeted payment services drastically more often compared to the first quarter of 2021 as the volume of unique threats skyrocketed by 561.8% in Q2. However, some markets saw the opposite happen – a decrease in threats in the second quarter of 2021.

Hospitals and healthcare enterprises also saw a massive jump in attacks. Attacks on healthcare companies increased by 187.8%. Hackers also carried out significantly more attacks on businesses in the broadcast media industry, with a steep surge of 112.5%.

Finally, markets experiencing an upshift of attacks include cryptocurrency services and credit unions, where threats grew 13% and 4.9%, respectively.

On the other hand, some industries experienced fewer attacks in Q2 than they did in Q1.

Enterprises providing dating-related services (-52.3%), computer software (-49.2%), telecommunications (-23.5%), e-commerce (-19.7%), and banking (-10.2) all noticed a decline in the amount of threats.

Overall, social media attacks targeting enterprises are up 47%.

In January, businesses saw an average of 33.6 social media attacks per month. Five months later, in June, the average volume of attacks per enterprise reached 49.6, representing a 47% growth.

Fraud looms on social media

As mentioned previously, individuals and brands encounter various types of threats on social media. Here, we will analyze the most prominent attack types in 2021 Q2.

Fraud is by far the most common type of internet crime that plagued businesses. Nearly half of the threats encountered (45.6%), fall under the fraud category. Compared to Q1, fraud threats escalated by 23.7%.

Fraud refers to a type of internet crime intended to deceive a victim or offer illicit gain to the threat actor, such as the unauthorized selling of account credentials or exposing banking information.

Brand and employee impersonations were the second most common threats encountered by businesses, making up 21.8% of all threats. Most impersonators spoof a corporate brand, CEO, or employee with the objective of swaying victims into taking a specific action. Usually, the final goal of the fraudster is to obtain sensitive information or to convince the victim to transfer money.

Cyber attacks, mainly in the form of hacking attempts, comprised 19.1% of all social media threats to enterprises globally. Data leaks also make the top five list, comprising 13.2% of the total volume of threats.

The analysis also reveals that brands and employees receive a number of physical threats, but they represent a relatively small percentage of the total, at only 0.3%.

While there are countless attack vectors, social media has not been at the forefront for most threat actors. Yet, we see a different trend in the first half of 2021 – cybercriminals increasingly use impersonation, fraud, and other cyber threats to attack businesses on social media.

Up Next

Foreigners to Activate SIMs Every Six Months, Says NCC

Don't Miss

MTN Nigeria Pays N142.4 Billion in Companies Income Tax

Samed Olukoya

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.

Comments

Telecommunications

MTN Nigeria to Convene Extraordinary General Meeting to Address Capital Loss

Published

2 weeks ago

April 3, 2024

Samed Olukoya

MTN Nigeria, one of the country’s leading telecommunications giants, has announced plans to hold an Extraordinary General Meeting (EGM) with its shareholders to deliberate on strategies for managing the significant capital loss it incurred in 2023.

The decision was disclosed in a corporate notice filed with the Nigerian Exchange Limited on Tuesday and the EGM is scheduled to take place later this month in Lagos.

The primary agenda of the meeting will be to discuss and explore possible measures to mitigate the loss of capital suffered by the company during the financial year ended December 2023.

The telecom giant posted a net loss after tax of N137 billion, largely driven by a N740 billion foreign exchange loss.

Consequently, MTN Nigeria’s retained earnings and shareholders’ fund plummeted to negative N208 billion and N40.8 billion, respectively.

In a statement, Karl Toriola, the Chief Executive Officer of MTN Nigeria, acknowledged the daunting operating environment characterized by inflationary pressures, currency devaluation, and foreign exchange shortages.

Toriola explained that the adverse impact of these factors on the company’s financial performance necessitates a comprehensive reassessment of strategies to navigate the complexities ahead.

Toriola further expressed the company’s commitment to sustaining commercial momentum and accelerating service revenue growth, despite the challenging economic landscape.

The decision not to declare a final dividend for 2023 reflects MTN Nigeria’s prudent approach to prioritizing financial stability and long-term resilience amid ongoing uncertainties.

The upcoming EGM signifies a pivotal moment for the company and its shareholders to collaboratively chart a course towards recovery and sustainable growth.

Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

Published

4 weeks ago

March 26, 2024

Samed Olukoya

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

Published

4 weeks ago

March 25, 2024

Samed Olukoya

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.