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Losses Incurred by Americans to Various Online Scams in 2022, Estimated at $10.3 Billion

The most reported scams were phishing expeditions and large-scale spam operations aimed at getting unsuspecting individuals’ passwords to their online banking apps, PayPal accounts, and the likes.

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Cyber Security - Investors King

A report issued by the FBI’s Internet Crime Complaint Center (IC3) revealed that losses incurred by Americans to various online scams stood at an estimated $10.3 billion in 2022.

This represents an increase of $4.4bn increase when compared to the $5.9 billion reported in 2021.

According to the internet crimes 2022 report, IC3 received an average of 2,175 complaints daily and 651,800 plus average daily complaints from 2016 to 2021. Reports disclosed that the IC3 has recorded more than 7.3 million complaints since its inception in 2000.

The most reported scams were phishing expeditions and large-scale spam operations aimed at getting unsuspecting individuals’ passwords to their online banking apps, PayPal accounts, and the like.

This accounted for 300,497 victims’ complaints that resulted in over $52 million in losses while data breaches and non-payment scams were the next most common interest scale in 2022, responsible for 58,859 and 51,679 complaints, respectively.

Call center scams, which were reported to primarily emanate from India, saw over $1 billion lost by victims. Call Centers mainly targeted the elderly, almost half of the victims report to be over 60 (46%) and experience 69% of the losses of over $724 million.

Also, Ransomware, a type of malicious software designed to block access to a computer system until a sum of money is paid, saw several Americans impacted, which the FBI disclosed to have received 2,385 complaints with incurred losses of more than $34.3 million.

The FBI’s Internet Crime Complaint Center (IC3) disclosed that it has seen an increase in an additional extortion tactic used to facilitate ransomware. The threat actors pressure victims to pay by threatening to publish the stolen data if they do not pay the ransom.

By far, the most heavily targeted industry by ransomware attacks was the healthcare industry, followed by critical manufacturing and government. The FBI, therefore, warned individuals to desist from paying a ransom to scammers, as paying them may embolden adversaries to target additional organizations, and encourage other criminal actors to engage in the distribution of ransomware.

Talking about states in the U.S., California recorded the highest number of individuals who fell prey to internet scams. Next was Florida where 42,792 people lost more than a million, and Texas which comes third on the list where over 38,000 people lost $763 million. Arizona recorded the least amount of people who lost money to online scams with only $241 million recorded.

In the 2022 online scams report, victims under the age of 20 collectively lost $210 million, while the most money lost by victims over the age of 60 was $3.1 million. Reports disclosed that the FBI had a 73% success rate in retrieving stolen funds back to victims, Investors King understands.

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Travel

Paystack and Africa World Airlines Team Up to Enhance Passenger Experience

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Paystack - Investors King

Paystack, a leading financial technology company specializing in payment processing services, has announced a strategic partnership with Africa World Airlines (AWA), a prominent regional carrier operating in West Africa.

This collaboration unveiled through a joint statement by Jonathan Appiah, the Head of Commercial at Africa World Airlines, and Shola Akinlade, the Co-founder and CEO of Paystack, heralds a new era of convenience and efficiency for air travelers within the region.

The partnership aims to streamline the flight booking and payment process, offering passengers an array of seamless payment options tailored to their preferences.

With the integration of Paystack’s advanced payment gateway, passengers flying with Africa World Airlines can now enjoy hassle-free transactions, enhancing the overall travel experience.

Jonathan Appiah expressed excitement about the partnership, emphasizing AWA’s commitment to providing its customers with exceptional service.

He highlighted that the collaboration with Paystack allows AWA passengers in Ghana, Nigeria, and beyond to benefit from diverse payment methods, including card, mobile money, Apple Pay, bank transfers, USSD, PayAttitude, and QR codes.

“We are thrilled to partner with Paystack to offer our passengers a more convenient and streamlined booking and payment experience,” said Appiah. “At AWA, we are constantly seeking ways to enhance the overall travel experience for our customers, and we believe that this partnership with Paystack will significantly contribute to achieving that goal.”

Shola Akinlade, echoing similar sentiments, expressed Paystack’s enthusiasm for the collaboration, highlighting the company’s dedication to making the booking process accessible and inclusive for travelers across the region.

“We are excited to partner with Africa World Airlines to provide passengers with a convenient and reliable payment experience,” stated Akinlade. “By offering a variety of payment options, we aim to make the booking process more accessible and inclusive for travelers across the region.”

The joint efforts of Paystack and Africa World Airlines signify a commitment to innovation and customer-centric solutions in the aviation industry. As air travel continues to evolve, partnerships like these pave the way for enhanced passenger experiences and greater convenience in the skies of Africa.

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Air Peace Flight Makes Emergency Landing Due to False Fire Warning

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Passengers aboard Air Peace Flight APK7193 experienced a tense moment as the aircraft made an emergency landing at Murtala Muhammed Airport in Lagos following a false fire warning in the cockpit.

The incident, which occurred on Thursday during the flight from Port Harcourt, highlighted the swift response and safety protocols implemented by the flight crew amidst the alarming situation.

With 243 passengers and 12 crew members on board, the flight’s pilots noticed a fire warning indicator in the cockpit, prompting immediate action.

Acting swiftly, the pilots executed all necessary safety measures and initiated an emergency landing procedure.

At 4:45 pm, the aircraft safely touched down on Runway 18L at the Lagos airport, averting a potential crisis.

Upon landing, fire fighting personnel stationed at the airport observed smoke emanating from the engines, prompting the pilots to shut down the engines as a precautionary measure.

However, it was later confirmed that the observed smoke was unrelated to any fire event, reassuring passengers and crew of their safety.

Air Peace promptly issued a statement addressing the incident, titled “Notification of false fire alarm on Port Harcourt-Lagos flight.”

The airline clarified that the fire warning indicator noticed in the cockpit was indeed a false alarm.

The statement emphasized the airline’s commitment to safety and reassured the flying public that all necessary precautions were taken to ensure the well-being of passengers and crew.

“We want to reassure the flying public that safety remains our utmost priority, and we are unwavering in our commitment to it,” the statement read.

Despite the momentary panic caused by the false fire warning, the swift and coordinated response of the flight crew, coupled with adherence to safety protocols, ensured a safe and uneventful landing for all passengers and crew members.

The incident serves as a testament to the importance of rigorous safety procedures and the critical role played by well-trained aviation professionals in ensuring passenger safety.

As investigations into the cause of the false fire warning are likely underway, Air Peace’s response underscores the airline’s dedication to transparency and accountability in addressing safety-related incidents.

Passengers and industry stakeholders alike can take solace in the airline’s commitment to maintaining the highest standards of safety and operational excellence.

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Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

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Alcohol

Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

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