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NCC Alerts Phone Users, Telecom Consumers on New Cyber Attack Schemes, Proffers Security Measures

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Two cyberattack schemes targeted at phone users and telecom consumers have been discovered by the Nigerian Communications Commission’s Cyber Security Incident Response Team (NCC-CSIRT).

The cyber vulnerabilities identified as– Juice Jacking and Facebook for Android Friend Acceptance are the first two cyber vulnerabilities disclosed by the NCC-CSIRT.

Investors King recalls that the NCC-CSIRT was inaugurated in October, 2021 saddled with the responsibility of ensuring continuous improvement of communication frameworks to secure and give timely information while responding to cyber threats within the sector.

In a statement issued by the public affairs director of NCC, Dr. Ikechukwu Adinde on Friday, the new cyber vulnerabilities were dissected –how they penetrate and preventive measures.

Juice Jacking cyber vulnerability is targeted at mobile phones and it gains access into it while charging at public places. The second, Facebook for Android Friend Acceptance vulnerability targets only Android Operating Systems.

The statement explained that for Juice Jacking, the attacker gains unauthorized entry into the mobile phone with a payload when charging at public places like restaurants, malls, and train stations.

“The attacker can leverage this to load a payload in the charging station or on the cables they would leave plugged in at the stations. Once unsuspecting persons plug their phones at the charging station or the cable left by the attacker, the payload is automatically downloaded on the victims’ phone. 

“This payload then gives the attacker remote access to the mobile phone, allowing them to monitor data transmitted as text, or audio using the microphone. The attacker can even watch the victim in real time if the victims’ camera is not covered. The attacker is also given full access to the gallery and also to the phone’s Global Positioning System (GPS) location.

“When an attacker gains access to a user’s Mobile phone, he gets remote access to the User’s phone which leads to breach in Confidentiality, Violation of Data Integrity and bypass of Authentication Mechanisms.” 

The symptoms identified in the release are– sudden spike in battery consumption, device operating slower than usual, apps taking a long time to load, and when they load they crash frequently and cause abnormal data usage.

Outlining security measures, the NCC-CSIRT advised mobile phone users to use ‘charging only USB cable’, this is to avoid Universal Serial Bus (USB) data connection. Also, it encouraged the use of one’s AC charging adaptor in public space; and not granting trust to portable devices prompt for USB data connection.

NCC-CSIRT further urged phone users to install antivirus on their devices and promptly update it; use personal power banks; keep mobile phones off when charging in public places; and very importantly, use personal charger when charging in public spaces.

Speaking on the Facebook Android Friend Acceptance vulnerability, it said the cyber attack gives access to anyone holding the android device to accept friend requests without unlocking the phone. The products affected are Versions 329.0.0.29.120 of Android OS.

“With this, the attacker will be able to add the victim as a friend and collect personal information of the victim, such as Email, Date of Birth, Check-ins, Mobile phone number, Address, Pictures and other information that the victim may have shared, which would only be visible to his/her friends.”

The safety measure given to users for this cyber attack is to disable the feature from their device’s lock screen notification settings.

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Telecommunications

MTN Nigeria to Convene Extraordinary General Meeting to Address Capital Loss

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Karl O Toriola - Investorsking.com

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.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

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.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

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.

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