Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

As per the news reports published MTN’s Mobile Money Bank suffers N22B Fraud, Drags 18 Banks to court for recovery The newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) a banking subsidiary of MTN Communications Limited has in less than a month operation suffered a massive fraud worth over N22 billion on its network. The suspicious transfers were due to the fact that the MoMo PSB suffered system exploitation which led to the said debits.

The National Crime Record Bureau (NCRB), in its report, recorded 50,035 cybercrime cases in 2020, and it is alarming to see that the numbers have surged exponentially ever since the pandemic. This opened the gates to remote onboarding and the use of facial recognition algorithms to distinguish users’ unique features, enhancing their onboarding experience. On the flip side, this has also given scamsters and fraudsters ample opportunities to manipulate and employ technologies for wrongful gains.

Globally, the telecom service providers are under massive pressure to add new revenue streams because of the commoditization of voice and data services and dropping margins. In this regard, several service providers have started offering financial services to leverage their distributor network and existing relationship with the subscribers.

With the speed of technological advancements, one term is ubiquitous, Artificial Intelligence. Across various fields, AI is changing how we look at current technologies. One technology transformed with the implementation of AI is OCR, Optical Character Recognition. OCR can process images of text and convert them into a machine-readable format. It can take handwriting and printed documents and convert them into a digital format.

With the growing risk of identity-driven breaches, as seen in recent ransomware and supply chain attacks, businesses are starting to appreciate the need for identity security. As they assess how best to strengthen identity protection, there is often an urge to settle for security features or modules included in enterprise bundles from the same vendor providing their identity or identity and access management (IAM) layer.

The Union Budget 2022 has been primarily focused on creating a digitally growing economy. The government has started prioritizing its expenditure on building a faster and more efficient environment for its consumers. The purpose of introducing virtual assets is to boost the digital economy. The introduction of legal regulations has now led the government to create a secure platform for these transactions to flow through effectively.

Did you know that the household data of 123 million Americans were recently stolen from Alteryx’s Amazon cloud servers in a single cyberattack? But the blame for this cannot fairly be laid at the feet of Jeff Bezos. No – the origin of this theft, and many other cybersecurity crimes began long before this data was uploaded to any cloud server. In another high-level cyberattack, financial data on 47,000 Americans was exposed on an S3 bucket from the US National Credit Federation in 2017.

Did you know that the household data of 123 million Americans were recently stolen from Alteryx’s Amazon cloud servers in a single cyberattack? But the blame for this cannot fairly be laid at the feet of Jeff Bezos. No – the origin of this theft, and many other cybersecurity crimes began long before this data was uploaded to any cloud server. In another high-level cyberattack, financial data on 47,000 Americans was exposed on an S3 bucket from the US National Credit Federation in 2017.

Concepts like AI-based video editing and augmented video processing are not just buzzwords anymore. Fraudsters now have easy access to plug-and-play products that enable them to use the power of deep learning and advanced AI to anonymize, mask, and alter images and videos. These spoofs also known as presentation attacks include printed photos, cutout masks, digital and video replay attacks, and 3D masks.