These mails mimic branding from corporate organisations and individuals across the country.
This type of attack is known as ‘social engineering’, which is viewed in information security circles as psychological manipulation of people into performing actions or divulging confidential information.
Mr Oluseyi Akindeinde, Chief Technical Officer at Digital Encode, a Nigerian technology security company, raised this alarm recently in Lagos.
According to him, ‘social engineering’ is now the top method used by cyber criminals to perpetrate electronic fraud (e-fraud) in the country.
The technology security expert alerted the public that cyber security is becoming a top priority issue for companies.
“The trend right now is social engineering and there is a specific part of social engineering which is phishing and has been so rampant in Nigeria,” he said.
Based on his market intelligence as technical partner to the Nigerian Electronic Fraud Forum (NeFF), the CTO of Digital Encode says that Nigeria has lost billions of naira to cybercriminals especially on phishing attacks targeting both banks’ websites and customers’ emails “with intent to slow the websites and steal customer financial data”.
NeFF, an initiative of the Central Bank of Nigeria (CBN), was set up for the identification, mitigation, prevention and prosecution of all electronic fraud-related acts perpetrated in the country.
Akindeinde revealed that cybercriminals now collaborate to defraud people electronically, warning that stakeholders in the e-payment industry need to combine their strength if they must win the war on cyber insecurity in Nigeria.
According to him, besides the implementation of useful insights gained from study tours and knowledge sharing from other countries’ anti-fraud groups, he recommends a robust awareness to enhance the protective efforts on electronic payments.
“Part of our recommendation to CBN has been awareness. We felt that at some point, it was necessary to go to the inner cities, marketplaces especially those in the lowest hanging foot, to sensitise them to always call their account officer to confirm any mails or message they receive from their banks”, he says.
According to him, the CBN has been responsive and they have engaged the services of the Electronic Payment Provider Association of Nigeria (EPPAN) in sensitising market women to be very careful in disclosing their account details and Personal Identification Numbers (PINs) to unknown individuals.
The technology security expert says that feedback from CBN has been encouraging as what he calls “aggressive awareness” has helped to reduce online fraud in Nigeria.
Akindeinde adds that some suspected perpetrators of various kinds of electronic frauds in the nation’s financial services sector have also evaded arrest.
According to him, as at 2013, it was reported that over N159 billion was lost to electronic fraud in Nigeria but says that “with the effort of the CBN, we have seen a significant reduction of e-fraud in the country”.
Speaking on ways to curb cybercrime in Nigeria, Bayo Banjo, President, Nigeria Internet Group (NIG), said the best way to fight cybercrime or any type of crime, is to make people account for their wealth.
Also, he wants the Federal Government to put in place very strict regulatory framework that will make people face the consequences of their action.
In his views, Rogba Adeoye, Chairman, Education and Manpower Development, Nigeria Computer Society (NCS), said for cybercrime to be eradicated in our society government must put in place strong regulations in tracking and resolution of cybercrime.
He wants government to increase training in human capacity development for all those involved in investigation, tracking and resolution of crimes in the country.
On her part, Mrs. Matha Alade, President, Women In Technology In Nigeria (WITIN), wants the government to sensitise its citizens through the media on the positive things they can do on the internet and the consequences of engaging in cybercrime.
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