FEATURE
It ’ s not just the volume of attacks that have increased , but also the type ; in March 2023 the Nigeria Deposit Insurance Corporation ( NDIC ) warned that fraudsters are getting more creative , requiring extra vigilance from the Nigerian public .
“ Nigerians are facing multi-dimensional fraud such as social engineering including phishing , smishing and vishing ; authorised push payment fraud or impersonation ; identity theft ; account takeover and mobile sim swap fraud ; chargeback fraud and even internal collusion . Merchants , on the other hand , are struggling with identity theft , chargeback fraud and man-in-the middle attacks ,” shared Adelola Agbebiyi , Managing Director , Network International – Nigeria .
The result of the rise in fraud is a population that has become wary of shopping online and Owolabi says his company has found that around 60 % of users would rather opt for payon-delivery options than share their card details when using online payment options .
“ This loss of confidence in the payment systems impacts e-commerce growth . Users are missing out on a low-friction customer experience because of the far-reaching security and control options deployed in order to safeguard customers .
“ Online sales can still take place but they are happening in a less than optimal environment . E-commerce is seen as high risk by shoppers , impacting sales , and new merchants are wary of entering the market , cutting off earning potential for young entrepreneurs ,” said Owolabi .
THE WORK ALREADY DONE BY THE INDUSTRY PLAYERS SUCH AS BANKS , MERCHANTS AND PAYMENT SERVICE PROVIDERS IS HELPING EDUCATE CUSTOMERS ON RISKS AND HOW TO AVOID THEM . www . intelligentcxo . com
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