Mastercard, CEBIH partner on cybersecurity

Mastercard and the Committee of E-Banking Industry Heads for Nigeria (CeBIH) have joined forces to tackle the activities of cyber criminals in the country.

This was revealed at the second edition of MasterCard Fraud Forum in Lagos. Building on the success of the inaugural edition in 2023, this year’s forum convened key industry players ranging from financial institutions, payment service banks and fintech companies, to discuss critical issues such as threats and vulnerability, intel-sharing, and best practices in combating industry risks.

The cybersecurity event, attended by key public and private sector actors, also covered the regional threat landscape based on Mastercard’s strategic threat intelligence data. This timely intervention is crucial in a region where cyberattacks remain prevalent, especially amidst Nigeria’s rapid economic expansion and widespread adoption of digital financial services.

Recent data from the Financial Institutions Training Centre (FITC) revealed a staggering 276 per cent increase in fraud-related losses within Nigeria’s deposit banks, underscoring the need for continuous vigilance and proactive cybersecurity strategies within the financial sector.

In response to the escalating threats amid Nigeria’s bourgeoning financial landscape, key government bodies have called for enhanced collaboration within the payment systems’ ecosystem to curtail the rise in E-Fraud in the country.

Vice President of Customer and Solutions Center, West & East Africa, Mastercard, Kari Tukur, said, “We are excited to continue the Fraud Forum in Nigeria.

“With cyberattacks posing serious challenges within the Nigerian financial ecosystem, we take pride in establishing a platform where key stakeholders can convene, network, and exchange best practices to safeguard against potential vulnerabilities. Mastercard remains committed to creating unique and essential solutions to help business owners protect themselves and their customers against vulnerabilities and this platform provides us with an opportunity to drive knowledge regarding these solutions as we aim to elevate cybersecurity standards and ensure the resilience of the Nigerian financial ecosystem.”

The forum delved into various aspects of cybersecurity, including common attack methods used by cybercriminals, their motivations, the assets they target, and the best practices to safeguard against attacks.

Attendees gained valuable insights into the regional cyber threat landscape, with a focus on the financial services sector, which has become a prime target for cybercriminals in recent years. It also presented an avenue for Mastercard to showcase its latest fraud prevention techniques and tools, including the Mastercard Decision Intelligence, a real-time authorisation decisions solution that empowers issuers to approve more genuine transactions while effectively managing risk.