In 2014, electronic payment fraud in Nigeria increased significantly. Internet banking and ATM transactions saw the highest fraud values, with attempted fraud reaching NGN 7.75 billion while actual losses were NGN 6.21 billion. Fraud peaked in the third quarter of 2014. While 1,461 fraud incidents were reported, only 41 suspects were apprehended, highlighting the need for improved collaboration between financial institutions and law enforcement to combat electronic payment fraud in Nigeria.
Product Brochure: Europe Online Payment Methods: Second Half 2015yStats.com
This document provides an overview and table of contents for the report "Europe Online Payment Methods: Second Half 2015". The report analyzes online payment trends and preferences across European countries. It includes data on the most popular payment methods for online shopping in countries like Germany, France, the UK, Russia, and others. The report also examines mobile payment trends and the development of new payment technologies. It uses data sources from 2015 to provide an up-to-date analysis of the online payment landscape in Europe.
This document summarizes the results of the 2016 Mobile Payments and Fraud Survey. Some key findings include:
- Merchants made up 42% of survey respondents, with the remaining respondents coming from payment service providers, acquirers, card associations, and card issuers.
- Over 40% of organizations surveyed generate over $50 million in annual revenue.
- Among merchant respondents, the top goods/services sold online were apparel/accessories (23%), computers/electronics (22%), and digital goods (22%).
- The survey gathered information on trends in mobile commerce adoption, payment methods, fraud risks and tools, and identified areas of continued growth and challenges around managing new payment types and mobile
Mobile, alternative payment methods and cross-border: drivers for your e-comm...Loviit
"Mobile, alternative payment methods and cross-border: drivers for your e-commerce success" - Presentation used by Marcel Vaschauner, CEO and Board Member of Loviit, during his speech at Internet Retailing Expo Birmingham 2016.
Bancolombia on Financial Inclusion in ColombiaChris Skinner
The banking sector in Colombia has been the largest contributor to economic growth. While loan portfolio growth has moderated this year, loan quality indicators have not significantly deteriorated. Access to banking services has expanded, with over 76% of the adult population now having at least one financial product. However, cash usage remains high in Colombia compared to other countries, and expanding digital payments presents an ongoing challenge.
The payments industry is evolving rapidly and will continue to do so throughout 2016. Here are some of the top trends predicted to make an impact this year.
Europe Online Payment Methods Report 2013 - First Half 2013 by yStats.comyStats.com
The recent „Europe Online Payment Methods Report 2013 – First Half 2013“ report by Hamburg-based secondary market research company yStats.com provides information about the movement toward online and mobile purchase transactions. The report is based on recently published information from a variety of sources and details the latest trends and news on the topic, with projections of continued growth in the next few years.
Product Brochure: Europe Online Payment Methods: Second Half 2015yStats.com
This document provides an overview and table of contents for the report "Europe Online Payment Methods: Second Half 2015". The report analyzes online payment trends and preferences across European countries. It includes data on the most popular payment methods for online shopping in countries like Germany, France, the UK, Russia, and others. The report also examines mobile payment trends and the development of new payment technologies. It uses data sources from 2015 to provide an up-to-date analysis of the online payment landscape in Europe.
This document summarizes the results of the 2016 Mobile Payments and Fraud Survey. Some key findings include:
- Merchants made up 42% of survey respondents, with the remaining respondents coming from payment service providers, acquirers, card associations, and card issuers.
- Over 40% of organizations surveyed generate over $50 million in annual revenue.
- Among merchant respondents, the top goods/services sold online were apparel/accessories (23%), computers/electronics (22%), and digital goods (22%).
- The survey gathered information on trends in mobile commerce adoption, payment methods, fraud risks and tools, and identified areas of continued growth and challenges around managing new payment types and mobile
Mobile, alternative payment methods and cross-border: drivers for your e-comm...Loviit
"Mobile, alternative payment methods and cross-border: drivers for your e-commerce success" - Presentation used by Marcel Vaschauner, CEO and Board Member of Loviit, during his speech at Internet Retailing Expo Birmingham 2016.
Bancolombia on Financial Inclusion in ColombiaChris Skinner
The banking sector in Colombia has been the largest contributor to economic growth. While loan portfolio growth has moderated this year, loan quality indicators have not significantly deteriorated. Access to banking services has expanded, with over 76% of the adult population now having at least one financial product. However, cash usage remains high in Colombia compared to other countries, and expanding digital payments presents an ongoing challenge.
The payments industry is evolving rapidly and will continue to do so throughout 2016. Here are some of the top trends predicted to make an impact this year.
Europe Online Payment Methods Report 2013 - First Half 2013 by yStats.comyStats.com
The recent „Europe Online Payment Methods Report 2013 – First Half 2013“ report by Hamburg-based secondary market research company yStats.com provides information about the movement toward online and mobile purchase transactions. The report is based on recently published information from a variety of sources and details the latest trends and news on the topic, with projections of continued growth in the next few years.
BRIC Online Payment Methods Report 2013 - First Half 2013 by yStats.comyStats.com
The recent „BRIC Online Payment Methods Report 2013 – First Half 2013“ report by Hamburg-based secondary market research company yStats.com provides information about the movement toward online and mobile purchase transactions.
South Africa: A Digital Innovation Hub for Financial ServicesSeymourSloan
South Africa is fast becoming one of the leading digital players in financial services along with Kenya and Tanzania. This piece explores how they have succeeded where others have stalled.
Product Brochure: Netbanx (an Optimal Payments Company) Company Profile 2015:...yStats.com
Product Brochure with information of our publication "Netbanx (an Optimal Payments Company) Company Profile 2015: Online Payment Services".
Find more here: https://www.ystats.com/product/netbanx-an-optimal-payments-company-company-profile-2015-online-payment-services/
Product Brochure: Central Asia & Caucasus B2C E-Commerce 2015 yStats.com
This document is a market report on B2C e-commerce in Central Asia and the Caucasus region published in November 2015. It provides an overview of key findings on the state of online retail across countries in the region. The report contains 79 charts analyzing topics like internet penetration, popular online shopping websites, sales figures, and payment methods for countries including Kazakhstan, Uzbekistan, Azerbaijan, Georgia and Armenia. It uses only secondary market research from published sources.
Presentation to 2013 Cards & Payments Conference.
What our customers are asking for.
Quant research indicating key shopper needs are (1) link payments and loyalty cards (2) make m-commerce less hassle
Qual research indicating little interest in many new payment ideas
The document discusses several key payment trends, including:
1) Cashierless technology is arriving, with pilots indicating an inflection point for checkout processes that require only one step of selecting goods without needing to check out.
2) Payments are accelerating, with consumers and businesses demanding faster funds availability through services like real-time payments and same-day funding for merchants.
3) Payments are becoming more contextual through integrations in new environments like vehicles, streaming platforms, and social media to enable commerce opportunities.
2018 - Thinking beyond borders in Global Retail Import Export TradeRolf
By Rolf Visser, "Thinking beyond borders in Global Retail" is all about the How and drivers for cross-border ecommerce. Cross-border e-commerce is a profound driver of positive-sum growth, far outpacing the growth of the economy as a whole. The unstoppable rise of a global e-commerce marketplace could create a trigger for governments to lower trade barriers and harmonize procedures and trade rules. Research includes rare Import and Export facts & figures.
2016 Payment Predictions & Strategies to Jumpstart the New YearIngenico Group
In this recorded webinar, Ingenico Group’s Senior Vice President of Strategic Development, North America, Rod Hometh, and guest speaker, 451 Research Senior Analyst, Jordan McKee, discuss:
- Key highlights and takeaways from 2015
- Predictions for which new payment solutions will take off in 2016
- Forecasts into which technologies will move from concept to reality
- Actionable tips and recommendations on how to use these predictions to enhance your 2016 payment strategy
Philippines E-Commerce Roadmap - July 16 DRAFTJanette Toral
With the permission of the Department of Trade and Industry E-Commerce Office, I am sharing the latest version of the Philippines E-Commerce Roadmap with revisions as of July 16, 2015.
Oorjit ‘The Perfect Platform to Engage Customers & Merchants’. We provide total solution for all kinds of e-commerce businesses. If your business idea is still nascent, we help you develop it and convert it into a successful business in the right sense.
Sample Report: Global Online Payment Methods: Second Half 2017yStats.com
Free Report Samples for our publication " Global Online Payment Methods: Second Half 2017".
Find the full updated 2021 report available for purchase at: https://bit.ly/3wPpPbm
Nurun Retail Payments and Transactions Trend Report June 2013Jen Chow
Created by my team and me at Nurun Toronto, this is the third of five trend reports that will inform a strategic foresight report on preparing for the future of retail in North America.
Over the last decade, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. But what challenges is the industry facing and how can these be overcome? Our new article, sponsored by Mazars, explores.
The world around us is constantly changing, just like customer preferences. At Amore, we strive to take full advantage of modern technology and offer you the best soluton. Amore Finance is a modern fintech startup. Bank that meets the latest requirements and the modern pace of life. Our mission is to make banking services understandable, fast and affordable for everyone. Change your stereotypes about banking services!
Global Online Payment Methods Report 2013 - First Half 2013 by yStats.comyStats.com
The recent "Global Online Payment Methods 2013 – First Half 2013" report by Hamburg-based secondary market research company yStats.com provides information about the worldwide movement toward online and mobile purchase transactions. The report is based on recently published information from a variety of sources and details the latest trends and news on the topic, with projections of continued growth in the next few years.
El futuro de la tecnología portátil parece prometedor, no sólo en los EE.UU, sino a nivel global. ¿Qué usos hacen los consumidores de sus dispositivos portátiles? ¿cómo evoluciona la conectividad en diferentes áreas del día a día? ¿están protegidos nuestros datos?
Ecommerce in Mexico expanded faster than expected in 2012 due to increases in internet and mobile usage. However, online purchasing is much less common in Mexico than other large Latin American markets and has yet to reach maturity. Travel, events, and virtual goods are the top online purchase categories, but physical goods sellers are starting to see more success. The report examines factors that will influence future ecommerce growth in Mexico such as credit card penetration, alternative payment methods, and delivery infrastructure improvements. Ecommerce sales are projected to reach $7.98 billion in 2013 and continue growing at double-digit rates annually through 2016 when sales near $13 billion.
Philippines E-Commerce Roadmap 2015 to 2020 (June 11 DRAFT)Janette Toral
With the permission of the Department of Trade and Industry E-Commerce Office, here is the June 11 draft of the Philippines E-Commerce Roadmap 2015 - 2020 as presented last June 11, 2015 via webinar. The word version of this document is being worked on and shall be presented for improvement by the various working groups on June 15.
The Fintech industry which is the backbone of all economies has also been impacted because of Covid. What are the implications of Covid to an important sector?
Even as payment enterprises deal with higher asset values, confront stronger opponents, and heightened predispose variables exacerbated by pandemic, they are being pushed quickly towards change.
Payment volumes reached record highs before the epidemic, and are set to witness strong growth, although at a slower rate, indicating both the increased dependence on non-cash transactions & the impact of a sluggish international market.
To read more: https://bit.ly/360nCgw
World Payments Report 2014 Key Findings PresentationCapgemini
Ten years after publishing the first World Payments Report, Capgemini and RBS continue to provide insight into global and regional non-cash payment trends. In this presentation from the World Payments Report 2014, we explore what is driving payments growth, the increasing overlap of key regulatory and industry initiatives, the increased cascade effect, and innovation and transformation in payments processing. Visit www.worldpaymentsreport.com for more information.
BRIC Online Payment Methods Report 2013 - First Half 2013 by yStats.comyStats.com
The recent „BRIC Online Payment Methods Report 2013 – First Half 2013“ report by Hamburg-based secondary market research company yStats.com provides information about the movement toward online and mobile purchase transactions.
South Africa: A Digital Innovation Hub for Financial ServicesSeymourSloan
South Africa is fast becoming one of the leading digital players in financial services along with Kenya and Tanzania. This piece explores how they have succeeded where others have stalled.
Product Brochure: Netbanx (an Optimal Payments Company) Company Profile 2015:...yStats.com
Product Brochure with information of our publication "Netbanx (an Optimal Payments Company) Company Profile 2015: Online Payment Services".
Find more here: https://www.ystats.com/product/netbanx-an-optimal-payments-company-company-profile-2015-online-payment-services/
Product Brochure: Central Asia & Caucasus B2C E-Commerce 2015 yStats.com
This document is a market report on B2C e-commerce in Central Asia and the Caucasus region published in November 2015. It provides an overview of key findings on the state of online retail across countries in the region. The report contains 79 charts analyzing topics like internet penetration, popular online shopping websites, sales figures, and payment methods for countries including Kazakhstan, Uzbekistan, Azerbaijan, Georgia and Armenia. It uses only secondary market research from published sources.
Presentation to 2013 Cards & Payments Conference.
What our customers are asking for.
Quant research indicating key shopper needs are (1) link payments and loyalty cards (2) make m-commerce less hassle
Qual research indicating little interest in many new payment ideas
The document discusses several key payment trends, including:
1) Cashierless technology is arriving, with pilots indicating an inflection point for checkout processes that require only one step of selecting goods without needing to check out.
2) Payments are accelerating, with consumers and businesses demanding faster funds availability through services like real-time payments and same-day funding for merchants.
3) Payments are becoming more contextual through integrations in new environments like vehicles, streaming platforms, and social media to enable commerce opportunities.
2018 - Thinking beyond borders in Global Retail Import Export TradeRolf
By Rolf Visser, "Thinking beyond borders in Global Retail" is all about the How and drivers for cross-border ecommerce. Cross-border e-commerce is a profound driver of positive-sum growth, far outpacing the growth of the economy as a whole. The unstoppable rise of a global e-commerce marketplace could create a trigger for governments to lower trade barriers and harmonize procedures and trade rules. Research includes rare Import and Export facts & figures.
2016 Payment Predictions & Strategies to Jumpstart the New YearIngenico Group
In this recorded webinar, Ingenico Group’s Senior Vice President of Strategic Development, North America, Rod Hometh, and guest speaker, 451 Research Senior Analyst, Jordan McKee, discuss:
- Key highlights and takeaways from 2015
- Predictions for which new payment solutions will take off in 2016
- Forecasts into which technologies will move from concept to reality
- Actionable tips and recommendations on how to use these predictions to enhance your 2016 payment strategy
Philippines E-Commerce Roadmap - July 16 DRAFTJanette Toral
With the permission of the Department of Trade and Industry E-Commerce Office, I am sharing the latest version of the Philippines E-Commerce Roadmap with revisions as of July 16, 2015.
Oorjit ‘The Perfect Platform to Engage Customers & Merchants’. We provide total solution for all kinds of e-commerce businesses. If your business idea is still nascent, we help you develop it and convert it into a successful business in the right sense.
Sample Report: Global Online Payment Methods: Second Half 2017yStats.com
Free Report Samples for our publication " Global Online Payment Methods: Second Half 2017".
Find the full updated 2021 report available for purchase at: https://bit.ly/3wPpPbm
Nurun Retail Payments and Transactions Trend Report June 2013Jen Chow
Created by my team and me at Nurun Toronto, this is the third of five trend reports that will inform a strategic foresight report on preparing for the future of retail in North America.
Over the last decade, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. But what challenges is the industry facing and how can these be overcome? Our new article, sponsored by Mazars, explores.
The world around us is constantly changing, just like customer preferences. At Amore, we strive to take full advantage of modern technology and offer you the best soluton. Amore Finance is a modern fintech startup. Bank that meets the latest requirements and the modern pace of life. Our mission is to make banking services understandable, fast and affordable for everyone. Change your stereotypes about banking services!
Global Online Payment Methods Report 2013 - First Half 2013 by yStats.comyStats.com
The recent "Global Online Payment Methods 2013 – First Half 2013" report by Hamburg-based secondary market research company yStats.com provides information about the worldwide movement toward online and mobile purchase transactions. The report is based on recently published information from a variety of sources and details the latest trends and news on the topic, with projections of continued growth in the next few years.
El futuro de la tecnología portátil parece prometedor, no sólo en los EE.UU, sino a nivel global. ¿Qué usos hacen los consumidores de sus dispositivos portátiles? ¿cómo evoluciona la conectividad en diferentes áreas del día a día? ¿están protegidos nuestros datos?
Ecommerce in Mexico expanded faster than expected in 2012 due to increases in internet and mobile usage. However, online purchasing is much less common in Mexico than other large Latin American markets and has yet to reach maturity. Travel, events, and virtual goods are the top online purchase categories, but physical goods sellers are starting to see more success. The report examines factors that will influence future ecommerce growth in Mexico such as credit card penetration, alternative payment methods, and delivery infrastructure improvements. Ecommerce sales are projected to reach $7.98 billion in 2013 and continue growing at double-digit rates annually through 2016 when sales near $13 billion.
Philippines E-Commerce Roadmap 2015 to 2020 (June 11 DRAFT)Janette Toral
With the permission of the Department of Trade and Industry E-Commerce Office, here is the June 11 draft of the Philippines E-Commerce Roadmap 2015 - 2020 as presented last June 11, 2015 via webinar. The word version of this document is being worked on and shall be presented for improvement by the various working groups on June 15.
The Fintech industry which is the backbone of all economies has also been impacted because of Covid. What are the implications of Covid to an important sector?
Even as payment enterprises deal with higher asset values, confront stronger opponents, and heightened predispose variables exacerbated by pandemic, they are being pushed quickly towards change.
Payment volumes reached record highs before the epidemic, and are set to witness strong growth, although at a slower rate, indicating both the increased dependence on non-cash transactions & the impact of a sluggish international market.
To read more: https://bit.ly/360nCgw
World Payments Report 2014 Key Findings PresentationCapgemini
Ten years after publishing the first World Payments Report, Capgemini and RBS continue to provide insight into global and regional non-cash payment trends. In this presentation from the World Payments Report 2014, we explore what is driving payments growth, the increasing overlap of key regulatory and industry initiatives, the increased cascade effect, and innovation and transformation in payments processing. Visit www.worldpaymentsreport.com for more information.
E-Commerce Transaction Fraud Detection through Machine LearningIRJET Journal
This document discusses e-commerce transaction fraud detection through machine learning. It proposes an approach using linear clustering of transaction data and features to create a hypergraph through entropy estimation and frequent itemset mining. The hypergraph is formed using Neo4j and analyzed to determine connections between features. Machine learning techniques like artificial neural networks are then used for classification to detect fraudulent transactions. The approach aims to improve on existing static rule-based fraud detection methods which criminals have learned to circumvent. Prior research on using support vector machines, graph computing, and semi-supervised/supervised techniques for fraud detection is also reviewed.
The document discusses the opportunities for digital banking in Pakistan. It notes that Pakistan has a growing population of smartphone and internet users, presenting opportunities for digital financial services. However, digital banking penetration remains relatively low in Pakistan compared to other Asian countries. The document outlines key trends like growing cellular networks and e-commerce that can enable digital banking. It also analyzes customer demographics and banking statistics to identify priority segments for digital onboarding and cross-selling of products. Finally, it discusses challenges for banks in developing digital strategies and identifies focus areas like regulations, infrastructure, data analytics and customer experience.
Demonetisation: Push Towards a Digital EconomyShreyas Kamath
Is demonetisation an independent event or a part of a larger trend? The paper hypothesises that demonetisation is a part of the transition towards a digital economy. This paper seeks to identify the required infrastructure for sustaining the impacts of demonetisation on financial technology and consumer behavior to ascertain if the impact will be temporary in nature.
Omni-channel payments can provide significant benefits to retailers by fueling their omni-channel strategies. First, it allows for an "infinite aisle" where customers can purchase any item regardless of availability in-store. Second, it provides access to valuable cross-channel customer data that can be used for personalized marketing. Third, a centralized omni-channel payments platform can drastically reduce finance and operations costs compared to managing separate payment systems in each channel and country. Overall, omni-channel payments are key to improving the customer experience and driving sales across all retail channels.
Digital Payment Market size is projected to reach US$ 24.31 Trillion by 2030, according to Renub Research. The digital payments industry has experienced speedy expansion due to Internet evolution and increased e-commerce. Digitalization has brought about diverse digital payment alternatives, including payment cards, virtual and mobile wallets, digital cash, and contactless methods.
Conozca el resumen "Aceleradores a un mundo inclusivo en un ecosistema de Pagos digitales", en el siguiente articulo podrá observar la brecha de los 25 países en los que la digitalización ha tenido un gran impacto y revela 10 pasos o aceleradores que los gobiernos y las empresas pueden tomar para construir las economías digitales.
This study investigated consumers' level of satisfaction with point of sale (POS) terminals in Nigeria. A survey of 650 bank customers found that 66.2% had adopted POS terminals. Consumers were highly satisfied with the convenience, quality, usefulness and selection of POS terminals. However, fewer consumers were satisfied with the speed of transactions, level of merchant service, awareness of POS, and security. Statistical analysis revealed that consumer satisfaction significantly affects adoption of POS terminals. The findings suggest opportunities to improve the customer experience with POS technology to further its adoption.
Digital VAT/GST and Other Indirect Tax Administration for B2C TaxpayersDigitalTaxTechnologi
Digital VAT/GST and Other Indirect Tax Administration for B2C Taxpayers
Increase Tax Revenue Collection from Retail and Boost Consumer Demand for Valid Receipts
info@taxtech.digital www.taxtech.digital
Table of Content
Online management of electronic cash registers for tax administrations helps boost consumer demand for valid receipts and increases retail tax collection
Foreword: technology approach in fighting tax evasion and fraud in retail
Risks mitigation and increased tax revenue collection
OECR implementation roadmap
Retail industry in the global economy and the role of cash in tax evasion
Online Electronic Cash Registers (OECR) concept and key capabilities
Case study: DTT helped to increase national retail VAT collection by 37%
Traditional approach is not sufficient to combat tax evasion in retail
Public control over receipts handling
Exhibits
Foreword
Technology Approach In Fighting Tax Evasion And Fraud
Many tax administrations around the world face specific forms of tax evasion: understated revenues using unaccounted cash (mostly present in cash-based transactions in B2C) and inflating deductions through fake invoices (mostly in B2B).
Tax evasion and fraud can be facilitated by the habits of the traditional cash economy and by the growth of sharing (or online) economy.
In the past, identifying underreported revenue and overstatement of tax deductions has been difficult for tax administrations, requiring a lot of time and manual effort. This is changing. Many fiscal authorities are now implementing technology solutions to detect taxpayers’ misconduct.
Two separate approaches are usually used to solve these problems at the country level:
1. Revenue underreporting
Implementation of an Online Electronic Cash Register management solution for retail tax administration in near real-time as detailed later in this presentation.
All POS transactions are reported “as soon as possible” to the central tax administrations and consumers are motivated to demand valid receipts from retailers to perform public control.
2. Overstatement of tax deductions
Implementation of eVAT/e-Invoices management solution via mandatory reporting of all issued invoices/pro forma invoices and their cross-validation by central tax administrations.
About Us
Digital Tax Technologies (DTT) is an international expert in tax gap minimization, a trusted digital transformation advisor & solution provider for national tax administrations.
We help tax administrations around the world to reduce the tax gap, improve tax revenue collection and reduce the share of the shadow economy.
Our mission is to increase global fiscal transparency, improve tax compliance and administration, and ensure fair competition and welfare.
Our team consists of experts with experience in digital tax administration advisory and implementation in various European, CIS, Middle East, and African countries.
info@taxtech.digital https://taxtech.digital
This document discusses the evolving e-commerce landscape in Italy, with three main points:
1) It outlines the growth of e-commerce in Italy pre- and post-COVID-19, noting significant increases in online purchases during the pandemic across several categories.
2) It covers new payment regulations like PSD2 and the importance of strong authentication for online transactions.
3) It provides an overview of the role payment service providers (PSPs) can play in merchants' e-commerce strategies, including optimizing checkout, expanding payment options, and leveraging payments data to improve sales.
Enabling Online Mobile Payment in MENA talk by T-Pay; ArabNet Beirut 2015ArabNet ME
Speaker: Sahar Salama, Founder and Head, T-Pay
T-PAY - Giving online merchants the ability to transact with 200+M subscribers in 19 + Operators in the MENA region using DCB. Born with the vision to avail the world most powerful mobile payment method in terms of coverage and user experience to fill the gap in MENA region.
Beyond Payment - E-Commerce Trends and Payment Challenges for Online Merchant...Lawrence Cheok
Written with e-commerce finance professionals in mind, this paper provides insights and recommendations for businesses interested in expanding their e-commerce operations internationally. It relates to online merchants needing to look beyond the web front-end and consider additional factors like back-office operations and banking infrastructure. Payment options discussed include e-wallets and mobile wallets, e-banking, and escrow payments, which are gaining favor in developing markets like China
The document discusses digital payments trends in Southeast Asia from 2021 to 2026. It finds that digital payments and ecommerce have surged as the region has reopened, with domestic payments, mobile wallets, and buy now pay later growing substantially. This growth is fueled by expanding digital connectivity and a shift away from cash usage. However, risks like fraud have also increased with more online activity. The document recommends that businesses explore opportunities for cross-border sales within Southeast Asia to capitalize on growing digital commerce and payments integration in the region.
This document discusses trends in digital payments in Egypt in recent years. It notes that e-wallet usage in Egypt has increased dramatically from 9 million to 26 million in the past three years. Younger Egyptians are more interested in and frequent users of new digital payment technologies compared to older audiences. The majority of Egyptian consumers prefer direct account-to-account payment options and prioritize control, flexibility, convenience, and integrated payment technology. Awareness and usage of digital payment methods like e-wallets, biometrics, and QR codes is growing in Egypt due to the expanding availability of payment infrastructure and technology.
2014 Digital Marketing Midyear Review - Mobile is the keywordConcur
The rise of mobile brings drastic changes on China’s internet, and becomes the new opportunity and inspiration for marketers to get in touch with the target audience. iClick reviewed some significant changes and concluded with a few practical recommendations for marketers to ride on the emerging digital trends in China.
How do Dutch consumers pay in 2020 - trends and scenariosInnopay
Overview of how the Dutch consumers pay in 2013 and the nine trends that are most likely to change this behavior; resulting in four consumer payment scenarios for 2020
Top Benefits of Using Salesforce Healthcare CRM for Patient Management.pdfVALiNTRY360
Salesforce Healthcare CRM, implemented by VALiNTRY360, revolutionizes patient management by enhancing patient engagement, streamlining administrative processes, and improving care coordination. Its advanced analytics, robust security, and seamless integration with telehealth services ensure that healthcare providers can deliver personalized, efficient, and secure patient care. By automating routine tasks and providing actionable insights, Salesforce Healthcare CRM enables healthcare providers to focus on delivering high-quality care, leading to better patient outcomes and higher satisfaction. VALiNTRY360's expertise ensures a tailored solution that meets the unique needs of any healthcare practice, from small clinics to large hospital systems.
For more info visit us https://valintry360.com/solutions/health-life-sciences
Baha Majid WCA4Z IBM Z Customer Council Boston June 2024.pdfBaha Majid
IBM watsonx Code Assistant for Z, our latest Generative AI-assisted mainframe application modernization solution. Mainframe (IBM Z) application modernization is a topic that every mainframe client is addressing to various degrees today, driven largely from digital transformation. With generative AI comes the opportunity to reimagine the mainframe application modernization experience. Infusing generative AI will enable speed and trust, help de-risk, and lower total costs associated with heavy-lifting application modernization initiatives. This document provides an overview of the IBM watsonx Code Assistant for Z which uses the power of generative AI to make it easier for developers to selectively modernize COBOL business services while maintaining mainframe qualities of service.
WWDC 2024 Keynote Review: For CocoaCoders AustinPatrick Weigel
Overview of WWDC 2024 Keynote Address.
Covers: Apple Intelligence, iOS18, macOS Sequoia, iPadOS, watchOS, visionOS, and Apple TV+.
Understandable dialogue on Apple TV+
On-device app controlling AI.
Access to ChatGPT with a guest appearance by Chief Data Thief Sam Altman!
App Locking! iPhone Mirroring! And a Calculator!!
Flutter is a popular open source, cross-platform framework developed by Google. In this webinar we'll explore Flutter and its architecture, delve into the Flutter Embedder and Flutter’s Dart language, discover how to leverage Flutter for embedded device development, learn about Automotive Grade Linux (AGL) and its consortium and understand the rationale behind AGL's choice of Flutter for next-gen IVI systems. Don’t miss this opportunity to discover whether Flutter is right for your project.
UI5con 2024 - Keynote: Latest News about UI5 and it’s EcosystemPeter Muessig
Learn about the latest innovations in and around OpenUI5/SAPUI5: UI5 Tooling, UI5 linter, UI5 Web Components, Web Components Integration, UI5 2.x, UI5 GenAI.
Recording:
https://www.youtube.com/live/MSdGLG2zLy8?si=INxBHTqkwHhxV5Ta&t=0
What to do when you have a perfect model for your software but you are constrained by an imperfect business model?
This talk explores the challenges of bringing modelling rigour to the business and strategy levels, and talking to your non-technical counterparts in the process.
Project Management: The Role of Project Dashboards.pdfKarya Keeper
Project management is a crucial aspect of any organization, ensuring that projects are completed efficiently and effectively. One of the key tools used in project management is the project dashboard, which provides a comprehensive view of project progress and performance. In this article, we will explore the role of project dashboards in project management, highlighting their key features and benefits.
Preparing Non - Technical Founders for Engaging a Tech AgencyISH Technologies
Preparing non-technical founders before engaging a tech agency is crucial for the success of their projects. It starts with clearly defining their vision and goals, conducting thorough market research, and gaining a basic understanding of relevant technologies. Setting realistic expectations and preparing a detailed project brief are essential steps. Founders should select a tech agency with a proven track record and establish clear communication channels. Additionally, addressing legal and contractual considerations and planning for post-launch support are vital to ensure a smooth and successful collaboration. This preparation empowers non-technical founders to effectively communicate their needs and work seamlessly with their chosen tech agency.Visit our site to get more details about this. Contact us today www.ishtechnologies.com.au
UI5con 2024 - Bring Your Own Design SystemPeter Muessig
How do you combine the OpenUI5/SAPUI5 programming model with a design system that makes its controls available as Web Components? Since OpenUI5/SAPUI5 1.120, the framework supports the integration of any Web Components. This makes it possible, for example, to natively embed own Web Components of your design system which are created with Stencil. The integration embeds the Web Components in a way that they can be used naturally in XMLViews, like with standard UI5 controls, and can be bound with data binding. Learn how you can also make use of the Web Components base class in OpenUI5/SAPUI5 to also integrate your Web Components and get inspired by the solution to generate a custom UI5 library providing the Web Components control wrappers for the native ones.
Most important New features of Oracle 23c for DBAs and Developers. You can get more idea from my youtube channel video from https://youtu.be/XvL5WtaC20A
Malibou Pitch Deck For Its €3M Seed Roundsjcobrien
French start-up Malibou raised a €3 million Seed Round to develop its payroll and human resources
management platform for VSEs and SMEs. The financing round was led by investors Breega, Y Combinator, and FCVC.
E-commerce Development Services- Hornet DynamicsHornet Dynamics
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2. TABLE OF CONTENTS
NIBSS 2015 www.nibss-plc.com.ng
Contents
Overview _________________________________________________________________________________________________ 1
2014 Transactions at a Glance __________________________________________________________________________ 2
2014 Fraud at a Glance __________________________________________________________________________________ 5
Returned Cheques 2014________________________________________________________________________________ 11
Fraud Trends ____________________________________________________________________________________________ 13
Fraud Outlook for 2015 ________________________________________________________________________________ 16
Table of Figures
Figure 1 2014 NIBSS Transactions Volume and Value..............................................................................................
Figure 2 Transactions by year 2013 against 2014 ..................................................................................................3
Figure 3 Electronic Transactions vs Non-Electronic Transaction......................................................................4
Figure 4 Transaction Growth Monthly.........................................................................................................................4
Figure 5 Attempted Fraud vs Actual Loss...................................................................................................................5
Figure 6 Fraud by Channels 2014 ..................................................................................................................................6
Figure 7 Fraud by Channels 2013 ..................................................................................................................................7
Figure 8 Fraud reported by month 2014.....................................................................................................................8
Figure 9 Fraud reported by month 2013.....................................................................................................................8
Figure 10 Quarter by Quarter Fraud Value and Volume 2014 ............................................................................9
Figure 11 Returned Cheques against Presented Cheques Volume and Value.............................................. 11
3. OVERVIEW
Page 1 NIBSS 2015 www.nibss-plc.com.ng
Overview
Globally fraud is on the rise as well as its sophistication. In Nigeria, over the years most of
these incidents have gone unreported. However, in 2013 under the directive of the CBN
(Central Bank of Nigeria), NIBSS (Nigeria Interbank Settlement System Plc) developed the
Anti-Fraud Portal with a view of getting the Banks to report their e-payment frauds as it
occurs. In this report, the InfoSec (Information System Security) department of NIBSS
shows the analysis of the reported frauds to detect and show the trends of e-payment
frauds in Nigeria.
This report is focused on informing and helping the public understand payment fraud
issues. The aggregated data will also inform consumers and businesses on how fraud
occurs using various channels, as well as aid financial institutions with more effective fraud
trend monitoring and preventive measures to combat the fraud.
Fraud in the Nigerian payments system and also on a global scale has been on the increase
over the past few years as technological advances impact on the way we pay. Internet
banking, the ever increasing use of the ATMs and other electronic platforms have one way
or the other accelerated the growth of fraudulent activities. Cheques and over-the-counter
fraud has given more room to a sophisticated and more concise electronic type of fraud.
In Nigeria, Internet banking and ATM scored as the lead channels for perpetuating e-fraud
in 2014.
N.B: Internet banking and ATM scored as the lead channels for perpetuating fraud in 2014
as it recorded the highest value lost to fraudulent activities.
4. 2014 TRANSACTIONS AT A GLANCE
Page 2 NIBSS 2015 www.nibss-plc.com.ng
2014 Transactions at a Glance
TRANSACTION VOLUME AND VALUE
Across all payment channels in the financial industry; including electronic and non-electronic
based platform, Nigeria has experienced a massive rise in the volume and value of transactions
processed yearly.
Year End Volume Value
2013 74,059,575 34,191,968,951,140
2014 113,421,933 43,857,678,478,941
% Change 53% Increase 28% Increase
Table 1 Total transaction volume and value processed by the NCS (Nigeria Central Switch)
In the year 2014, the Central Switch (NIBSS) alone processed over 100million transactions in terms
of volume with a corresponding value of over NGN 40 Trillion (over USD 208 Billion). Furthermore,
the volume of transactions grew by over 50% between 2013 and 2014 with its value also growing
by 28%.
TRANSACTION BY PRODUCTS
NIP (NIBSS Instant Payment), which is an instant account2account payment platform accounted
for most of the transactions in the year in terms of value and volume followed closely by NEFT
(NIBSS Electronic Funds Transfer), which is a clearing house based payment platform. It is
important to note that though POS had a significant volume it accounted for little in terms of value
as POS transactions are largely used for small scale transactions.
21.70%
37.51%
26.63%
14.17%
2014 Volume
POS
NIP
NEFT
1.02%
48.22
%
33.14
%
17.61
%
2014 Value
Figure 1 2014 NIBSS Transactions Volume and Value
5. 2014 TRANSACTIONS AT A GLANCE
Page 3 NIBSS 2015 www.nibss-plc.com.ng
In comparison to 2013, the Central Switch experienced a massive increase in Instant Payment and
POS transactions in terms of volume and value. Cheques and clearing baseed transactions
witnessed little increase. This might be attributed to the fact that there is massive shift from
clearing based transfers which occurs in cycles of about 4 hours to instant payments.
Figure 2 Transactions by year 2013 against 2014
Volume 2013 Volume 2014 Value 2013 Value 2014
POS 11,258,846 24,607,497 229,903,237,909 447,459,739,698
Instant Payments 17,967,646 42,540,034 11,674,496,434,771 21,148,614,937,311
EFTs 30,134,545 30,203,908 14,218,018,800,813 14,536,388,062,398
CHEQUE 14,698,538 16,070,494 8,069,550,477,646 7,725,215,739,533
TOTAL 74,059,575 113,421,933 34,191,968,951,139 43,857,678,478,940
Table 2 Transaction volume and value (2013 & 2014) processed by NCS categorized by Payment types
ELECTRONIC PAYMENTS LEAD THE WAY
According to spooled data, analysis showed that the general public make more use of their cards
across electronic platforms which includes ATMs, Internet Banking, Mobile Banking, ecommerce
amongst others. The increased use of electronic platforms for payments has played a significant
role in the increased number of transaction volume and value in the past few years. In the year
2014, transactions processed by the Central Switch through electronic platforms (i.e non-cheques)
accounted for 86% of the overall transactions in terms of volume and 82% in terms of value which
is an increase over the year 2013 by 6% in both transaction volume and value.
As the trend shows, more people are adopting the use of electronic payments systems i.e. going the
cashless direction.
0
5
10
15
20
25
30
35
40
45
POS Instant
Payment
EFTs Cheque
MILLIONS
Volume 2013 Volume 2014
0
5
10
15
20
25
POS Instant
Payment
EFTs ChequeTRILLIONS
Value 2013 Value 2014
6. 2014 TRANSACTIONS AT A GLANCE
Page 4 NIBSS 2015 www.nibss-plc.com.ng
Figure 3 Electronic Transactions vs Non-Electronic Transaction
TRANSACTIONS MONTHLY
As shown in the graph below there was a consistent increase in transaction volume and value with
slight dips in May and September 2014. Same can also be said retrospectively for the year 2013.
Figure 4 Transaction Growth Monthly
There was also a steady increase in transaction volume towards the last quarter of the year 2014.
-20%
0%
20%
40%
60%
80%
Volume Value
Percentage Change between
Use of Platforms
Electronic Non-Electronic
-
2
4
6
8
10
12
14
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
VOLUMEINMILLIONS
VALUE
TRILLIONS
Transaction Growth 2013 vs 2014
Volume 2013 Volume 2014 Value 2013 Value 2014
80%
86%
76%
82%
2013 2014
Electronic
Volume Value
7. 2014 FRAUD AT A GLANCE
Page 5 NIBSS 2015 www.nibss-plc.com.ng
2014 Fraud at a Glance
FRAUD BY VOLUME AND VALUE
Technology is great, except for all the security risks involved in its usage. Companies must keep
pace with technology to grow their businesses, but they also face greater threats associated with
increased use of these technologies. Organizations’ reputations can be dented faster than ever
thanks to the viral nature of social media. There is a huge rise in Across the Counter fraud and
internet banking fraud as the nation grows in use of mobile banking, ATMs, e-Commerce, POS,
cloud computing and social media.
Year End
Fraud Volume
Reported
Attempted Fraud
Value Reported
Actual Loss Value
Reported
2013 822 19,148,787,069 485,194,350
2014 1,461 7,750,152,748 6,215,987,323
Table 3 Total fraud volume, attempted fraud value and actual loss value across all channels on the NCS
The above table depicts that more fraud occurred in 2014 and more loss was recorded in terms of
value compared to the attempted fraud value.
Figure 5 Attempted Fraud vs Actual Loss
0
2
4
6
8
10
12
14
16
Fraud Volume
Hundreds
2013 2014
0
5
10
15
20
25
Attempted Fraud
Value
Actual Loss Value
Billions
2013 2014
8. 2014 FRAUD AT A GLANCE
Page 6 NIBSS 2015 www.nibss-plc.com.ng
FRAUD BY CHANNELS
In the year 2014, ATM machines were the major victims of fraudulent activities in terms of volume
as it experienced the highest number of fraudulent transactions. However, as shown in the chart
below, internet banking actually accounted for a loss of about NGN 3.2 billion to fraudulent
transactions in terms of value.
Figure 6 Fraud by Channels 2014
Payment
Channels
Attempted
Volume
Across
Counter 153
Internet
Banking 287
e-
commerce 114
POS 166
Cheques 11
Web 218
ATM 491
Mobile 21
Total 1,461
Table 4 2014 Fraud Volume by Channels
-
100
200
300
400
500
600
-
50
100
150
200
250
300
350
VOLUME
VALUE
TENSOFMILLIONS
2014 Fraud By Channel
Volume Attempted Value
9. 2014 FRAUD AT A GLANCE
Page 7 NIBSS 2015 www.nibss-plc.com.ng
As for 2013, there were quite a substantial amount fraudulent transactions in terms of volume on
Internet banking and Web based transactions. Also, Across the Counter accounted for almost
NGN16 billion of the attempted fraud which is the bulk of fraud witnessed in 2013.
Figure 7 Fraud by Channels 2013
FRAUD BY PLATFORM
In this report, NIBSS has categorized the various channels into Electronic and Non-Electronic
platforms. The tables below show a list of all the identified payment channels and fraud
volume for 2014 on those channels as identified by NIBBS existing in the Nigerian financial
industry. Further categorizing them into electronic and non-electronic platforms:
NB: Web: Purchases made on the
internet but not on merchant’s
site
E-Commerce: Purchases made on
the internet on the merchant’s
site
Table 5 Reported fraud volume by channels categorized into Electronic and Non-Electronic platforms.
-
20
40
60
80
100
120
140
160
180
0
50
100
150
200
250
300
350
VALUE
TENSOFMILLIONS
VOLUME
2013 Fraud By Channels
Volume Attempted Value
Electronic
Platforms Volume
Internet
Banking 287
e-
commerce 114
POS 166
Web 218
ATM 491
Mobile 21
Total 1,297
Non-
Electronic
Platforms Volume
Across
Counter 153
Cheques 11
Total 164
Channel
Attempted
Volume
Across
Counter
73
ATM 147
Cheques 15
eCommerce 78
Internet
Banking
287
Mobile 8
POS 2
Web 212
Total 822
Table 5 2013 Fraud Volume by
Channels
10. 2014 FRAUD AT A GLANCE
Page 8 NIBSS 2015 www.nibss-plc.com.ng
FRAUD BY MONTH
The chart below depicts the rise in fraud events for the year 2014 showing the last quarter of the
year as the period with the highest volume fraudulent activity up to 11 million NGN. This might
be as a result to the high rate of transaction during this period.
Figure 8 Fraud reported by month 2014
Similar to 2014, 2013 also had November as its peak in terms of value with the most frauds
occurring in July.
Figure 9 Fraud reported by month 2013
0
50
100
150
200
250
300
0
50
100
150
200
250
VALUE
TENSOFMILLIONS
VOLUME
2014 Fraud by Month
Volume Value
0
20
40
60
80
100
120
140
160
180
-
20
40
60
80
100
120
140
160
180
VOLUME
VALUE
TENSOFMILLIONS
2013 Fraud by Month
Value Volume
11. 2014 FRAUD AT A GLANCE
Page 9 NIBSS 2015 www.nibss-plc.com.ng
FRAUD BY QUARTER
In 2014 attempted fraud value as well as actual loss value suddenly spiked after the second quarter
and hit its peak in the third quarter. However, it took a slight dip in the last quarter of 2014. This is
depicted in the chart below.
Figure 10 Quarter by Quarter Fraud Value and Volume 2014
However, there was not much loss in the first quarter of the year as compared to the sudden spike
experienced from the second quarter and even increased at the last quarter of the year up to 97%
in terms of actual loss value as against attempted fraud value.
Quarters Volume Attempted Value Actual Loss Value
% Actual Loss
Value in
Attempted
Fraud Value
1st quarter 336 1,003,124,742 172,920,263 17%
2nd quarter 298 523,849,238 441,714,718 84%
3rd quarter 366 3,708,992,359 3,170,221,230 85%
4th quarter 461 2,514,186,408 2,431,131,110 97%
TOTAL 1,461 7,750,152,747 6,215,987,321
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
1st quarter 2nd quarter 3rd quarter 4th quarter
VALUEINBILLIONS
Attempted Value Actual Loss Value
Table 6 Reported fraud volume, attempted value and actual loss value for 2014 broken down by quarters
12. 2014 FRAUD AT A GLANCE
Page 10 NIBSS 2015 www.nibss-plc.com.ng
SUSPECT APPREHENSION RATE
In 2014, as part of the investigation process, a number of suspects and criminals were apprehended
after fraud had been report. Although, the figures shows that more work needs to be done to
improve apprehension rate. However, the low number is due to some constraints like the law/legal
context that isn’t clearly defined when it comes to financial and cyber-crimes carried out using
electronic platforms. A major issue is the collaboration of the law enforcement agents and the
financial industry.
Apprehended Volume Value
YES 41 899,263,953
NO 1420 6,850,888,796
Table 7 Number of apprehended suspects as against the total fraud volume and value reported
13. RETURNED CHEQUES 2014
Page 11 NIBSS 2015 www.nibss-plc.com.ng
Returned Cheques 2014
The chart below shows 2014 cheque transactions. Cheque volume as well as value increased over
the months in the year. Returned cheques increased in both volume and value when compared to
2013.
Figure 11 Returned Cheques against Presented Cheques Volume and Value
0
2
4
6
8
10
12
14
16
18
Volume
MILLIONS
Cheque Volume
Presented Returned Accepted
-
1
2
3
4
5
6
7
8
TRILLIONS
Cheque Value
Presented Returned Accepted
15. FRAUD TRENDS
Page 13 NIBSS 2015 www.nibss-plc.com.ng
Fraud Trends
TRENDS BY VOLUME AND VALUE
Taking polls from our last two years fraud data, there was a significant rise of up to 78% in the
volume of fraudulent cases in 2014. Although the value of the attempted fraudulent transactions
reduced, there was a huge increase in the moneys that were actually lost to fraudsters. Further
analysis showed that the percentage of Actual Loss Value as against Attempted Fraud value
increased by up to 77% from 3% to 80% within one calendar year. This helps to emphasize the
need for more security measures in handling payment cards as individuals, and improved security
practices as corporate bodies to help minimize fraud rates.
TRENDS BY CHANNELS
There was a paradigm shift between 2013 and 2014 in terms of fraud volume and value by
channels. POS, ATMs, Mobile banking and Across the Counter witnessed the highest rise in terms
of transaction volume in the year 2014. Although Across the Counter witnessed over a 100%
increase in fraud volume, the other channels are electronically based.
Channel Volume 2013 Volume 2014 % Change
POS 2 166 8200%
ATM 147 491 234%
Mobile 8 21 163%
Across Counter 73 153 110%
eCommerce 78 114 46%
Web 212 218 3%
Internet Banking 287 287 0%
Cheques 15 11 -27%
Total 807 1461
Table 10 Fraud volume trend by channels in terms of percentage change between 2013 and 2014
Year End Fraud Volume
Attempted
Fraud Value
Actual Loss
Value
% Actual Loss
Value in
Attempted
Fraud Value
2013 855 19,148,787,069 485,194,350 3%
2014 1,461 7,750,152,748 6,215,987,323 80%
% Change 78% -60% 1181% 77%
Table 9 Total fraud trend in terms of percentage change between 2013 and 2014
16. FRAUD TRENDS
Page 14 NIBSS 2015 www.nibss-plc.com.ng
The current trend that was witnessed in 2014 in terms of actual loss value to fraud was consistently
on the rise across all the channels except Cheques. From the table below, it shows that 2014 was a
less secure year in terms of success rate at intercepting/preventing fraudulent transactions.
Channel
Actual Loss Amount
2013
Actual Loss Amount
2014 % Change
ATM 54,999,829 2,688,669,292 4789%
POS 5,851,443 157,610,831 2594%
Across Counter 13,851,780 140,813,927 917%
Web 109,298,898 1,031,239,284 844%
Internet Banking 271,762,696 2,120,881,512 680%
ecommerce 13,948,390 58,994,920 323%
Mobile 6,787,544 13,328,957 96%
Cheques 8,693,770 4,448,600 -49%
Total 485,194,350 6,215,987,323
Table 11 Fraud actual loss amount trend by channels in terms of percentage change between 2013 and 2014
17. FRAUD TRENDS
Page 15 NIBSS 2015 www.nibss-plc.com.ng
FRAUD RATE
2014 was quite alarming in terms of fraud as it recorded very high volume and value of fraudulent
transactions in Nigeria (Note that we suspect that the actual volumes and values are usually way
higher than reported). However, fraudulent transactions (attempted fraud value) as a percentage
of the total transactions value for 2014 was less than 1%. This generally shows that transactions
are highly secure but the success rate at which attempted fraudulent transactions are successful is
equally high up to 80% in 2014 as against 3% in 2013.
Year End
Attempted
Fraud Value
Actual Loss
Value % Change
2013 19,148,787,069 485,194,350 3%
2014 7,750,152,748 6,215,987,323 80%
Table 12 Actual loss value as a percentage of attempted fraud value in 2013 and 2014
Transaction Volume Fraud Volume Fraud Rate
187,481,508 2,283 0.001%
Table 13 Total 2013 & 2014 Fraud Volume as a percentage of total 2013 & 2014 Transaction Volume on NCS
NB: The fraud figures are what is reported across the industry, while the transaction figures are
only the ones that were processed by the Nigerian Central Switch.
Transaction Value
Attempted Fraud
Value Fraud Rate
78,049,647,430,082 26,898,939,817 0.034%
Table 14 Total 2013 & 2014 Attempted Fraud Value as a percentage of total 2013 & 2014 Transaction Value on NCS
18. FRAUD OUTLOOK FOR 2015
Page 16 NIBSS 2015 www.nibss-plc.com.ng
Fraud Outlook for 2015
The advent of the fraud scene in 2014 which was a rollercoaster ride for all holders of critical
intellectual and financial property all over the world and in Nigeria, 2015 must not be
underestimated. Here at NIBSS, we give a concise look towards the future on possible trends and
events that might potentially occur in the fraud scene in Nigeria.
Culled from Deloitte’s Nigeria Cyber Security Outlook 2015 bulletin, some of the following have
been identified as major highlights that we might experience as 2015 unfolds.
POTENTIAL FRAUD TRENDS
Phishing and Insider threat would most likely be on the rise as the fuel and crude oil prices
continue to deteriorate. We would most likely experience a rise in the number of disgruntled
employees and also from outside of the job market. Hence, an increase in the number of targeted
phishing attacks to acquire sensitive data.
Socially and Politically motivated cyber-attacks as the elections are held. Unhappy citizens and
other groups might use this as a medium to target websites and IT infrastructure of government
bodies and agencies as a means to make their voices heard. Already, the Nigeria Army website have
been allegedly reported hacked. AIT, a foremost television station in Nigeria has alleged that its poll
website was hacked too. The aftermath of the elections may escalate such hacking activities.
POTENTIAL MITIGATIONS
There is the introduction of the biometrics project which is also known as Bank Verification
Number. It is a number used for proper customer identification, and can be used as verification at
the point of Banking operations. It refers to identification of an individual based on physiological
attributes- fingerprint and facial features. This centralized biometric system was launched by CBN
in collaboration with all Nigerian banks. This initiative is expected to solve the age long problem
of proper identity in the banking sector. We believe that once the BVN is made mandatory, e-
payment and Bank frauds would reduce by about 60%. It is being hoped that the BVN would be
made mandatory before the end of 2015.
From 2014, the Federal Government of Nigeria, CBN and major players in the financial industry
took steps to better improve security measures in the country. In terms of legal aspect to improve
prosecution, the National Assembly in collaboration with the Senate passed a Cybercrime Bill. This
bill spells out punishment for e-crimes that were hitherto not deemed as crimes before. We believe
this would serve as deterrents to fraudsters. However, if the bill is not signed into law by the
19. FRAUD OUTLOOK FOR 2015
Page 17 NIBSS 2015 www.nibss-plc.com.ng
president before the expiration of the tenure on May 29th 2015, the Cyber-crime bill would have to
start its process all over again from the beginning.
CBN passed a mandate for all financial institutions to adopt worldwide acceptable standard to
improve Information Security with the likes of ISO 27001 and COBIT 5. Also, they mandated all
card processing and handling companies to adopt PCI/DSS. Going forward this would help reduce
fraud in the payment card industry.
As 2015 continues to unfold, the Nigerian financial industry has gone a step ahead to introduce an
industry-wide, central Anti-Fraud solution, Heimdall to further combat against the fraud rates that
has been ever growing. Heimdall will tackle the currently rising inter-bank fraud rate in the system
as it will monitor inter-bank transactions real-time 24/7, help in the report of fraud as it occurs
thus curbing the viral spread of fraudulent transaction in the days ahead. Going forward, we might
also witness a rise in the prosecution of cyber related crimes and more accountability on senior
level executives of institutions when security breaches occur.
A more sustained and targeted bank-users education would be required in 2015 to ensure bank
customers are not defrauded through social engineering methods.