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Nigeria witnesses about 300,000 phishing attacks in Q2 and SMEs are main target

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Nigeria witnesses about 300,000 phishing attacks in Q2 and SMEs are main target

Kaspersky, a cybersecurity company, has found that about 300,000 Nigerian Small and Medium Enterprises witnessed phishing attacks in the second quarter of 2020. This was disclosed in the Kaspersky’s new spam and phishing in Q2 2020 report.

The report also revealed that a number of new tricks have also been found – from HR dismissal emails to attacks disguised as delivery notifications. As a result of such tendencies, the report detected 2,023,501 phishing attacks in South Africa, Kenya, Egypt, Nigeria, Rwanda and Ethiopia.

Phishing is one of the oldest and most flexible types of social engineering attacks. They are used in many ways, and for different purposes, to lure unwary users to the site and trick them into entering personal information. The latter often includes financial credentials such as bank account passwords or payment card details, or login details for social media accounts.

READ MORE: Crypto-Scammers stole $24 million worth of BTCs in 2020  

Breakdown of most influenced nations

  • South African users have been influenced the most by this type of threat: there were 616,666 phishing attacks detected in 3 months in the Nelson Mandela country.
  • Kenya 514,361 phishing attacks
  • Egypt 492,532 phishing attacks
  • Nigeria  299,426 phishing attacks
  • Rwanda 68,931 phishing attacks
  • Ethiopia 31,585 phishing attacks

Phishing is a strong attack method because it is done at such a large scale. By sending massive waves of emails under the name of legitimate institutions or promoting fake pages, malicious users increase their chances of success in their hunt for innocent people’s credentials. The first six months of 2020, however, have shown a new aspect to this well-known form of attack.

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READ: BTC scammers breach Twitter accounts of Bill Gates, Obama, Google, Apple, Uber

SMEs are main targets

As Kaspersky analysis has indicated, in Q2 2020, phishers increasingly performed targeted attacks, with most of their focus on small companies. To attract attention, fraudsters forged emails and websites from organisations whose products or services could be purchased by potential victims. In the process of making these fake assets, fraudsters often did not even try to make the site appear authentic.

Once a fraudster has gained access to an employee’s mailbox, they can use it to carry out further attacks on the company the employee works for, the rest of its staff, or even its contractors.

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READ: Twitter freezes password reset to address cyberattack

New tricks

The news agenda, following the COVID-19 outbreak, has already influenced the “excuses” fraudsters use when asking for personal information. This includes disguising their communications with unsuspecting users as:

Delivery services: At the peak of the pandemic, organisations responsible for delivering letters and parcels were in a hurry to notify recipients of possible delays. These are the types of emails that fraudsters began to fake, with victims asked to open an attachment to find out the address of a warehouse where they could pick up a shipment that did not reach its destination.

Postal services: Another relatively original move used by fraudsters was a message containing a small image of a postal receipt. The scammers expected that the intrigued recipient would accept the attachment (which, although it contained ‘JPG’ in the name, was an executable archive) as the full version and decide to open it.

Financial services: Bank phishing attacks in the second quarter were often carried out using emails offering various benefits and bonuses to customers of credit institutions due to the pandemic. Emails received by users contained a file with instructions or links to get more details.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Financial Services

CBN reveals framework for the N75 billion Youth Investment Fund

The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.

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CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

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Objectives of the scheme:

  •  Improve access to finance for youths and youth-owned enterprises for national development.
  •  Generate much-needed employment opportunities to curb youth restiveness.
  •  Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

Explore Data on the Nairametrics Research Website

What you should know
Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.
The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
  • The fund targets young people between the ages of 18 and 35 years.
  • Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
  • Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
  • Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
  • The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
  • The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
  • The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

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As a huge percentage of youths are engaged in the informal sector, the NYIF will facilitate the transition of informal enterprises owned by youths into the formal mainstream economy, where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development.

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MSME

Paystack partners Google to empower SMEs in Nigeria, Kenya, and South Africa

Paystack partners with Google to empower over 500,000 SMEs in Nigeria, Kenya, and South Africa.

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Paystack partners with Google to Empower SMEs in Nigeria, Kenya, and South Africa

Tech startup, Paystack has disclosed that it partnered with Google to aid over 500,000 Small and Medium-sized enterprises (SMEs) in Nigeria, Kenya and South Africa.

This was revealed via its Twitter handle.

READ: Airtel is partnering Standard Chartered Bank as it expands its fintech business

Shola Akinlade, Founder of the company, stated that the partnership would enable the reliability of their work, “which would guarantee that all businesses paid via Paystack are thoroughly checked for legitimacy and credibility.

“In a low-trust environment like Nigeria, where many people are paying online for the first time, it’s important to deliver a safe, fraud-free experience, and this is a responsibility that Paystack takes extremely seriously.”

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READ: Nairametrics announces Strategic Data Partnership with Statista

Explore Data on the Nairametrics Research Website

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(READ MORE:Paypal to offer Cryptos by early 2021)

Why it matters: Paystack’s partnership with Google is to help SMEs to grow and digitise their businesses with new tools, financial support, and training. This would also help business communities in Nigeria, Kenya, and South Africa to rapidly grow.

What you should know: Google is an American multinational technology company that specializes in internet-related services and products.

READBTC bounty: 69,000 Bitcoins worth $700 million waiting for you

Nairametrics reported that the company had a partnership with Truecaller in 2018 to aid in the facilitation of online payments across Africa. The deal states that Paystack will use Truecaller’s database of verified phone numbers to authenticate payments for transactions executed on its platform.

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Business

Buhari approves free business name registration for 250,000 SMEs

President Buhari has approved free business name registration with the CAC for 250,000 businesses across the nation.

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Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhamadu Buhari has approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the nation.

This was announced on Tuesday evening by the Media aide to the President, Bashir Ahmad.

READ: Nigerian firms risk delisting over failure to file annual returns – CAC

READ: CAC may reduce Business registration fee

READ: #EndSARS: Lagos State Judicial Panel has my full support – Buhari

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READ: SMEDAN to move 40 million informal businesses to formal sector, registers MSMEs

READ: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc

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READ: Healthplus: NASSI asks FG to intervene

“President Buhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406,” he tweeted.

“The free registration commences today, visit cac.gov.ng for details” he added.

READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

READ: FIRS gives tax defaulters a 30-day ultimatum

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What you should know

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This comes after Nairametrics reported earlier this month that the CAC had announced it would begin registering companies within 48 hours, approve names the same day, and ensure 5-day completion for other post-incorporation services not available electronically.

READ: Where to invest your N5m to N500m safely and securely

READ: CAC delists over 40,000 dormant companies

Bottomline

Since the end of the #EndSARS protests, the Federal Government has been working on packages that are perceived as necessary for addressing the issues of large youth unemployment, which is viewed as a catalyst for the massive turnout during the protests.

READ: CAC to reduce business registration period to 6 hours

READ: Nigerians indifferent to lower CAC registration fee

The National Economic Council (NEC) has set up a committee to meet the needs and demands of Nigerian youths behind the #EndSARS protests. The head of the Committee is Vice President Yemi Osinbajo, with one of the frameworks being “A social security framework for the youths and Nigerians to deal with the problem of unemployment and poverty in the country.”

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The free business registration coming this period will help businesses that can’t afford the registration fee to get their business registered and timely.

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