Mastercard has partnered with the Committee of E-Banking Industry Heads for Nigeria (CeBIH) to strengthen the fight against cyber criminals in Nigeria.

As such, at the Mastercards Fraud and Cyber Security Forum in Lagos, which is now billed to hold yearly, it was revealed that the Nigeria Inter-Bank Settlement System (NIBSS) found that 91 per cent of fraudulent attacks were successful in 2020-2021, and Anti-Corruption Agencies of Nigeria found that almost $18 billion is lost yearly to illicit financial crimes.

Accordingly, the risks associated with digital payments and services remain on an upward trajectory and organisations are increasingly exposed to security threats that are pervasive, sophisticated and intelligent.

Mastercard noted that it is essential that companies understand and manage this risk to ensure that they safeguard their customers and business operations.

The firm observed that in addition to fraud and financial crime, the sector is facing a rising tide of identity theft, ransomware and phishing attacks that require ongoing vigilance and a comprehensive security strategy.

Country Manager and Area Business Head, West Africa at Mastercard, Ebehijie Momoh, said: “We are excited to host this ground-breaking Fraud and Cyber Security Forum in Nigeria.

“Cyber risk is one of the top risks faced by organisations today. With the increased adoption of digital services, new payment flows, and connected supply chains, this risk must be well understood and managed by organisations to protect themselves and their customers.”

The forum covered common attack methods used by cyber criminals, their motivations, and the assets they target. They also showcased the latest fraud prevention techniques and tools, including Mastercard’s strategic threat intelligence data, which uses advanced analytics to identify potential threats in real-time.

This fraud detection solution includes the Decision Intelligence solution and provides rapid detection and prevention of fraudulent activities, reducing risk and enhancing customer service and account protection.

The Chairman of the Committee of e-Business Industry Heads (CeBIH), Celestina Appeal, called for collaboration among the payment ecosystem stakeholders for an effective fight against cyber attacks.

She said: ‘’The subject of cyber-attacks deserves the utmost attention that the industry can muster, given the aggressiveness and non-relenting activities of perpetrators of cybercrimes who have become negatively innovative in the different ways and manners in which they deploy their schemes. We would like to call for concerted efforts to prevent continuous cybersecurity attacks.’’

The forum aligns with Mastercard’s goal of creating a secure and seamless payments environment and is aimed at empowering customers with the latest knowledge and tools to safeguard their businesses against cyber threats.