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In recent years, Nigeria has made significant strides in promoting financial inclusion, aiming to integrate millions of unbanked and underbanked citizens into the formal financial system. However, a surge in fraud cases threatens to derail this progress, leaving individuals and small businesses increasingly skeptical of digital financial services. According to recent data by the Financial Institutions Training Centre (FITC), there has been a spike in reported fraud cases by banks and the amount involved in fraud. Related Stories Government’s payment initiatives key to achieving 95% financial inclusion in Nigeria – Nandan Mer Financial inclusion, key facilitator to poverty reduction and economic prosperity – 9PSB CEO Specifically, for Q3 2024, fraud cases reported by Nigerian banks jumped by 65% from 11,532 in Q2 to 19,007 in Q3. Similarly, there was also a spike in the amount involved in fraud as the attackers attempted to steal N115.9 billion in the third quarter, marking a 105% surge compared with N56.6 billion recorded in Q2. Going by the FITC Fraud and Forgery reports for the first, second, and third quarters of the year, Nigerian banks and their customers have lost an estimated N53.4 billion to fraud in the first nine months of the year. While the reports show a minimal loss of N468.4 million in Q1, the fraudsters won big in Q2 carting away N42.8 billion in Q2, while topping it with another N10.1 billion in the third quarter. This shows a significant surge in losses compared with the total of N9.4 billion lost to fraudulent activities throughout last year. The reports further confirm the escalation of fraud across all platforms, with the rise of digital transactions further amplifying the risks. For Lagos-based trader Amaka Eze, the promise of convenience turned into a nightmare. She lost N450,000 in July this year after hackers gained access to her mobile wallet through a phishing scheme. “I had just started trusting digital payments to avoid carrying cash around. Now, I don’t know if I’ll ever use my phone for transactions again, ” she lamented Similarly, Daniel Ajayi, a small-scale farmer in Ibadan , saw his savings wiped out overnight. “It took me three years to save that N1.5 million, and just like that, it was gone, ” said Ajayi, who could not understand how his money was wiped out of his account despite keeping his ATM card and PIN secure. Stories like theirs have become all too common, eroding trust in digital financial platforms. The ripple effect of these fraud incidents is profound. Many Nigerians are now hesitant to open bank accounts or adopt fintech solutions, fearing they could lose their hard-earned money. For a country aiming to achieve 95% financial inclusion by the end of 2024, this skepticism poses a major hurdle. Women and rural dwellers, who are critical demographics for inclusion, are especially wary, given their limited exposure to financial literacy programs and fraud protection mechanisms. According to the 2023 Access to Finance (A2F) survey report of Enhancing Financial Innovation and Access (EFInA), despite steady advancements since the survey’s inception in 2008, the pace of progress remains a concern, with 59 million Nigerians excluded from formal financial services in 2020, particularly impacting rural communities and women. The report further notes that the ownership and use of banking services in Nigeria still skews heavily towards the top of the wealth distribution; in the more developed districts and urban areas; as well as towards males, those with better educational achievements, and the middle-aged contributing further to inequalities across and within these categories. As part of measures to stem the tide of rising fraud in the financial system, the CBN recently directed all financial institutions in the country to establish fraud desks to help protect against electronic fraud. The purpose of these desks is to quickly respond to fraud alerts and reduce the number of successful electronic payment frauds. In addition to that, the apex also set up the National Economic and Financial Crimes Forum (NEFF), a collaborative group led by the CBN that aims to reduce fraud in the Nigerian financial system. The NEFF’s functions include: Taking proactive measures against fraud Implementing strategies to reduce fraudulent transactions Reporting fraud as soon as it’s identified Providing detailed data on fraud incidents Despite the regulatory efforts, the issue of fraud still remains a major challenge in the financial industry and a threat to financial inclusion. However, a cybersecurity expert and Unity Bank’s Chief Information Security Officer (CISO), Mr. Zechariah Akinpelu, noted that some of the losses to fraud are caused by bank customers’ carelessness. According to him, the false sense of security many individuals have regarding their ATM card protection, especially when relying solely on PIN security, could lead to major financial losses. While noting that many cardholders believe that if their card is lost or stolen, the attached PIN will prevent unauthorized transactions, he pointed out the danger of “ card-not-present ” (CNP) transactions, where no PIN is required to complete a purchase on certain merchant websites. “If someone gets hold of your card details, they can make transactions on your behalf without needing your PIN,” he warned. Highlighting the global risks, Akinpelu noted that while Nigerian banks have implemented robust security measures, such as PIN and chip technology, the global nature of online shopping exposes Nigerians to vulnerabilities present in other regions. “In Nigeria, you can feel secure that most merchant sites will require a PIN for transactions. However, we live in a global village. I can order a phone from anywhere and have it delivered to me within a few days,” he said. The Unity Bank CISO expressed worry that many Nigerian cardholders care less about the numbers on their cards but only their PIN. “The way people carelessly handle their cards these days is concerning. People think that because they protect their cards with a PIN, even if the card gets lost, they are protected,” he stated. Aside from the need for more awareness for bank customers to be security conscious with their ATM cards and other bank details, stakeholders in the financial industry said the financial institutions still have a lot to do in restoring the people’s confidence in them. While expressing concern that the increasing rate of fraud across banks is eroding trust in the financial sector, the Managing Director and CEO of the FITC, Dr, Chizor Malize, suggested the deployment of Artificial Intelligence by all financial institutions to tackle the problem. According to her, emerging technologies like AI would play a critical role in combating the rise of cyber threats and digital risks, which have been exacerbated by advancements in technology. “There is an urgent need for leveraging AI to mitigate risks and bolster the stability of the financial system,” she said. Mrs. Favour Femi-Oyewole, Group Chief Information Security Officer of Access Bank, also highlighted the need for embedded security in the financial sector due to consumers’ exposure to diverse APIs and multiple digital footprints. She called for broad-based implementation of machine learning to address the growing financial challenges and avert potential risks. Emphasising the need for collaboration among banks to tackle the menace, Femi-Oyewole said: “We can compete on models, we can compete on strategies, on objectives and all that. When it comes to cyber security, we are all faced with the same common enemy. So, that means we have to collaborate.” Similarly, the MD/CEO of Pattison Consulting Limited, Mr. Pattison Boleigha, advocated for the wider adoption of AI tools and software to counter financial fraud. According to him, the issue of governance and regulatory oversight are also very key to ensuring that all financial institutions are doing the right things in terms of security. To that end, he urged regulators to be trained on these technologies while calling for increased consumer awareness and collaboration between consumers, operators, and regulators to combat fraud effectively. This report is produced under the DPI Africa Journalism Fellowship Programme of the Media Foundation for West Africa and Co-Develop.So Much for Body Positivity, Huh? Biden Proposes Rule for Medicare/Medicaid Coverage of Weight Loss Drugs
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Paramount + 's new rom-com The Road Trip landed on our screens over the festive period – and viewers have given their verdict on the series. Based on Beth O'Leary's popular romance novel of the same name, the six-parter follows exes Addie (Emma Appleton) and Dylan (Laurie Davidson) who are forced to travel in a campervan from Bristol to Spain together to attend the wedding of a mutual friend. Taking to social media, viewers heaped praise on the series, which also stars Isabella Laughland (Harry Potter) as Addie's sister Deb, David Jonsson (Rye Lane) as Dylan's friend Marcus, Angus Imrie (Fleabag) as Rodney, and Hannah (Bridgerton) as Grace. One person penned: " Such a great series. Loved it. " while another added: "Second chance and close proximity trope delivered. Enjoyed Addie and Dylan." A third fan binge-watched all six episodes in one sitting, writing: "I usually hate the miscommunication trope, but #theroadtrip did it SO WELL! I just binged the whole show in one go," while another encouraged others to tune in: "Go watch #TheRoadTrip for a good end of year/start of a new one." For those yet to tune into the series, here's the official synopsis: "When Addie sets off from Bristol on an epic road trip to a wedding in Spain with her sister Deb, she's barely out of the city when her knackered VW campervan is rear-ended by a speeding Porsche containing her ex, Dylan, and his obnoxious best friend Marcus. Addie and Dylan haven't spoken since their messy breakup but – headed to the same wedding and with best man Dylan's ride totalled – Addie agrees to put their differences aside and travel together." It continues: "A thousand miles is a long time to be stuck in a campervan with so much buried history though, especially when you're on your way back to the exact place you first fell in love. The mystery of Addie and Dylan's breakup looms large. What really did happen? Why have they had no contact? Who, if anyone, was to blame? It’s going to be a bumpy ride..." 30 greatest TV shows of 2024: the ultimate countdown Babygirl viewers all saying the same thing about Nicole Kidman's erotic thriller Strike: The Ink Black Heart: How the book differs to the series Bad Sisters season 2: Apple TV+ show's bittersweet ending explained Unlike the book, which is set in the UK, Addie and Dylan's road trip takes place in Spain, as they attempt to make it to a wedding held at the villa where they first met. Speaking about the change in location, author Beth told Paramount+ that while she misses the original setting, the European backdrop adds a layer to the story. "I'm going to give you a totally honest answer to this – I slightly miss the UK setting for the road trip itself!" she said. " I just loved the absolute lack of glamour to a British road trip versus the iconic ones we usually see on screen. Like, the M3 is so comically dull. But I have to say the team have done an amazing job of keeping that vibe with a different and more visually exciting setting. And actually, I love the symmetry of their journey taking them back to the exact villa where it all began. I think that’s so smart, and really adds a layer to the story." The Road Trip is available to stream on Paramount+ in the UK. A US release date has not yet been confirmed.
Australian golf’s biggest drawcard is also its most influential criticNEW YORK, Dec. 08, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Light & Wonder, Inc. (NASDAQ: LNW) resulting from allegations that Light & Wonder may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Light & Wonder securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=29678 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. WHAT IS THIS ABOUT: On September 24, 2024, the Las Vegas Review-Journal published an article entitled “Slot manufacturer scores major win against Las Vegas-based rival.” It stated that “Aristocrat Technologies Inc.’s request for a preliminary injunction in its trade-secret and copyright infringement lawsuit against Light & Wonder” had been granted, and that the “order prohibits [Light & Wonder] from the ‘continued or planned sale, leasing, or other commercialization of Dragon Train,’ which Aristocrat claims uses intellectual property developed for its Dragon Link and Lightning Link games.” On this news, Light & Wonder common stock fell 19.49% on September 24, 2024. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm , on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/ . Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com
Article content Coincident with Donald Trump’s electoral victory, increasing numbers of America’s corporations are backing off their DEI — diversity, equity, inclusion — programs. Recommended Videos Trump’s opposition to DEI is clear and JD Vance’s bold opposition to this agenda was one of the reasons for his selection as Trump’s running mate. As the Trump transition team completes its work bringing in the new leadership that will run the American government, it’s clear that a priority is to uproot the woke rules, directives and institutions that Democrats have implanted in the federal government. Efforts will be made to de-woke the military, the defence department and other major government departments and agencies. The justice department will work to use existing law to challenge the prevalence of woke rules that have so widely taken over the governance and operation of our universities. Walmart, one of America’s largest companies, has just announced it will end the Center for Racial Equity it launched in 2020 with funding of $100 million. The website of this centre describes its mission as working to “foster equitable outcomes for people ... (and) to address the root causes of gaps in outcomes experienced by Black and African American people in education, health, finance and criminal justice systems.” Walmart also, according to The Wall Street Journal , will “stop allowing third-party sellers to offer some LGBTQ-themed items on Walmart.com.” Boeing Corporation, per the same report, has also announced a similar winding down of these efforts. Whereas we can understand how a political agenda can find its way into government institutions, how does this happen in the private sector? What motivated these corporations that operate in a free marketplace and are owned and controlled by private stockholders to incorporate a political agenda into their business and operating practices, and what is motivating them now to back off these programs? Has the management of these corporations changed their minds regarding the business efficacy of these programs? Or did they put them in place initially to curry favour with a political regime once in power and now they are backing off to curry favour with a new regime? Let’s recall, again, how profoundly our culture has changed. If there was a defining moment in the Civil Rights Movement, it was Dr. Martin Luther King Jr.’s “I Have a Dream” speech in August 1963. And if there was a defining line in that speech, it was King’s declaration that “I have a dream that one day my four little children will live in a nation where they will not be judged by the colour of their skin but by the content of their character.” The Civil Rights Movement was, in the grand scheme of things, about right and wrong. About good and evil. The movement succeeded because it was rooted in these truths. As King argued in 1963, the problem was not our Constitution but its implementation by human beings who permitted evil to find its way into our culture. Unfortunately, rather than following through with the true biblical spirit of the Civil Rights Movement, the nation took the path of politics to implement justice, making our country less free, rather than turning to King’s appeal to the Bible to improve our freedom, in the spirit in which the Constitution was written. We might consider that moment, when politics took over, the birth of today’s woke movement. The result has been a vast politicization of our country and our culture. My hope is we learn and don’t trade one political regime for another. Yes, we need to go back to a culture of free markets and merit. But it all starts with the choices free individuals make and those choices must start with a conviction of good and evil as defined by the Bible that King had in mind when he spoke that day in Washington in August 1963. Star Parker is president of the Center for Urban Renewal and Education
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