Telecommunications

NCC Raises Alarm of New Vehicle Hacking Techniques

Published

2 years ago

May 16, 2022

The Nigerian Communications Commission (NCC) has issued a warning to the public about a new hacking technique that allows hackers to access and hijack vehicles.

Investors King recalls a similar issue reported some months back on phone and telecom users’ cyberattack schemes that were detected by NCC’s Computer Security Incident Response Team.

Ikechukwu Adinde, NCC’s director of public affairs (DPA), made this known in a statement on Sunday in Abuja.

According to Adinde, the newest alert issued by the NCC’s Computer Security Incident Response Team (CSIRT) stated:

“The fact that car remotes were categorized as short-range devices that make use of Radio Frequency (RF) to lock and unlock cars informed the need to alert Nigerians on this emergent danger.

“The vulnerability is a Man-in-the-Middle (MitM) attack or, more specifically, a replay attack in which an attacker intercepts the RF signals normally sent from a remote key fob to the car.

“It manipulates these signals and re-sends them later to unlock the car at will.

“With this latest type of cyber-attack, it is also possible to manipulate the captured commands and re-transmit them to achieve a different outcome altogether.

“Multiple researchers disclosed a vulnerability, which is said to be used by a nearby attacker to unlock some Honda and Acura car models and start their engines wirelessly.

“The attack consists of a threat actor capturing the RF signals sent from your key fob to the car and resending these signals to take control of your car’s remote keyless entry system,” the advisory stated.

He did say, however, that the NCC-CSIRT has suggested certain preventative measures or solutions in the warning that car owners may use to avoid becoming victims.

The only way to avoid being affected, according to the commission’s cyber-alert unit, is to reset your key fob at the dealership.

“Besides, the affected car manufacturer may provide a security mechanism that will generate fresh codes for each authentication request, this makes it difficult for an attacker to ‘replay’ the codes thereafter.

“Additionally, vulnerable car users should store their key fobs in signal-blocking ’Faraday pouches’ when not in use.”

He urged automobile owners in these categories to choose Passive Keyless Entry (PKE) rather than Remote Keyless Entry (RKE), which would make it more difficult for an attacker to read the signal because crooks would need to be within close range to commit their crimes.

He further explained that the PKE is a vehicular safety feature that opens a door on approach or when the door handle is pulled when the user is in direct range to the car.

He further stated that when walking away or exiting the automobile, the user locks it.

He went on to say that the RKE system, on the other hand, is the industry standard for remotely enabling or disabling a vehicle’s doors and storage area.

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Telecommunications

MTN Nigeria to Convene Extraordinary General Meeting to Address Capital Loss

Published

4 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

1 month 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

1 month 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.