Digital Payments Loss: Kapersky Proffer Solutions To Users In Nigeria

According to the Kaspersky Digital Payment survey, 37% of respondents from Nigeria, experienced financial losses associated with threats when using online banking and mobile wallet services. The majority of users (97%), lost up to USD $1,000 equivalent as a result of these incidents, while 3% of the respondents reported a loss of more than USD $1,000 equivalent.

According to the Kaspersky Security Network, 161,272 financial threats were blocked in Nigeria by Kaspersky in 2022. These attacks were aimed at stealing financial information such as credit card numbers and login credentials and usually rely on social engineering tactics to lure victims.

The impact of a cyber threat targeting digital payments does not just impose a financial burden on consumers, but also affects them psychologically. For example, 60% of respondents from Nigeria said they were very anxious about getting their money back. 43% of users reported that they have less trust in digital payment providers. 80% also stated that they became more vigilant after experiencing a cyber incident, and 65% installed security solutions like an antivirus on their infected devices.

Emad Haffar, Head of technical experts at Kaspersky said “It is increasingly important to know how to interact securely with any emerging technologies, including online banking and mobile wallet services. To help users embrace digital payment technologies securely, Kaspersky experts suggest the following: – Do not share your PIN, password or any other financial information with anyone online or offline. – Avoid using public Wi-Fi to make any online transactions. – Use a separate credit or debit card to make online transactions. – Set a spending limit on the card which can help keep a track of financial transactions. – Shop from trusted and official websites.

They also suggest using a reliable security solution such as Kaspersky Premium on devices which are used for financial transactions. It helps to detect fraudulent or suspicious activities and check the security of visited websites.

For developers, banks and companies involved in providing digital payment services, Kaspersky recommends: – Investing in holistic cybersecurity solutions that can help detect fraud across multiple levels of online payment processes and consumer touch points. – In-depth visibility and threat intelligence are a necessity to keep customers protected and to ensure business continuity.

Kaspersky, a global cyber security and digital privacy company with deep threat intelligence and security expertise, believes that constantly transforming into innovative security solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe, is key in the present world of increasing cyber fraud.