Technology
Experts, Regulators Warn on Rise of AI Voice Cloning Scam
By Adedapo Adesanya
Experts and regulators have warned that Artificial Intelligence (AI) scams using voice cloning are the new frontier for fraudsters targeting consumers.
According to the Southern African Fraud Prevention Service (SAFPS), impersonation attacks increased by 264 per cent for the first five months of the year compared to 2021.
According to iiDENTIFii, a remote biometric digital authentication and automated onboarding technology platform, the format involves receiving a call, email or SMS from the authorities urgently requesting payment.
“The details of the request are clear and professional and include personal information unique to you, so there is no reason to doubt it. This scam is fairly common, and the majority of consumers are on the lookout for it,” it noted.
“Now imagine receiving a call from a loved one and hearing their unmistakable voice on the other end of the line saying that they need money or your account information right away. This may sound like a fraud lifted straight out of science fiction, but – with the exponential development of AI tools – it is a growing reality,” it added in a statement.
Mr Gur Geva, founder and CEO of iiDENTIFii said the threat of voiceprint has become easier since it has become cheaper and more accessible.
“The technology required to impersonate an individual has become cheaper, easier to use and more accessible. This means that it is simpler than ever before for a criminal to assume one aspect of a person’s identity.”
“Historically, voice has been seen as an intimate and infallible part of a person’s identity. For that reason, many businesses and financial institutions used it as a part of their identity verification toolbox,” he explained.
This also raised worry among regulators in the United States; the Federal Trade Commission (FTC) last week issued an alert urging consumers to be vigilant for calls in which scammers sound exactly like their loved ones.
“All a criminal needs is a short audio clip of a family member’s voice – often scraped from social media – and a voice cloning program to stage an attack,” it warned.
iiDENTIFii warned that the potential of this technology is vast. Microsoft, for example, has recently piloted an AI tool that, with a short sample of a person’s voice, can generate audio in a wide range of different languages.
“While this has not been released for public use, it does illustrate how voice can be manipulated as a medium.”
Audio recognition technology has been an attractive security solution for financial services companies across the globe, with voice-based accounting enabling customers to deliver account instructions via voice command.
Voice biometrics offers real-time authentication, which replaces the need for security questions or even PINs, with companies like Barclays and Visa adopting voice-based authentication platforms for e-commerce.
“As voice-cloning becomes a viable threat, financial institutions need to be aware of the possibility of widespread fraud in voice-based interfaces. For example, a scammer could clone a consumer’s voice and transact on their behalf,” Mr Geva warned.
The rise of voice-cloning, according to the expert, illustrates the importance of sophisticated and multi-layered biometric authentication processes.
“Our experience, research and global insight at iiDENTIFii has led us to create a remote biometric digital verification technology that can authenticate a person in under 30 seconds, but more importantly, it triangulates the person’s identity, with their verified documentation and their liveness.
“While identity theft is growing in scale and sophistication, the tools we have at our disposal to prevent fraud are intelligent, scalable and up to the challenge,” he concluded.
By Modupe Gbadeyanka
Nigeria’s telecom landscape is about to be abuzz, with the much-anticipated launch of Flexmobile from Hazon Technologies.
Feelers indicate that the company will soon make a commercial debut, as the regulatory approval is now in the final stage.
It was gathered that the commercial rollout for Flexmobile should be June 1, 2026, as this depends on the authorisation of the Nigerian Communications Commission (NCC), which regulates the sector. The telco will have the distinctive 081 number series.
Early signals suggest a product ecosystem engineered around flexibility, data-centricity, and user control—an approach aligned with the evolving expectations of Nigeria’s digitally connected population.
For seamless operations, Flexmobile has sealed commercial agreements with its MVNE, IMBIL, and Airtel Nigeria.
“What lies ahead is more than a launch—it is the beginning of a new way to experience telecoms in Nigeria,” the chief executive of Hazon Technologies, Mr Victor ‘Gbenga Afolabi, said at a recent media briefing.
“After years of building the right partnerships and infrastructure, we are approaching a defining milestone. Flexmobile is designed to challenge conventions and introduce a smarter, more flexible telecom experience for Nigerians,” he added.
While full details of its offering will be unveiled at launch, Flexmobile is expected to introduce a suite of value-added services designed to go beyond traditional connectivity—positioning the brand at the intersection of telecoms, lifestyle, and digital enablement.
Backed by strong institutional partnerships and a robust MVNE framework, Flexmobile enters the market not just as another operator, but as a platform with the potential to reshape how telecom services are consumed and experienced.
By Aduragbemi Omiyale
A leading Information and Communications Technology (ICT) company, ipNX Nigeria, is joining forces with the Nigerian Communications Commission (NCC) to accelerate broadband penetration and drive inclusive digital growth across the country.
Recently, an executive delegation of the organisation paid a visit to the chairman of the regulatory agency, Mr Idris Olorunimbe.
“We are pleased to engage with the new chairman of the NCC and show our support as he takes on this important role.
“Strong leadership and a clear policy direction are essential to unlocking the full potential of Nigeria’s digital economy.
“At ipNX, we remain committed to working closely with the commission and other stakeholders to expand broadband access, enhance connectivity in educational institutions, and ultimately bridge the digital divide.
“This collaboration will empower millions of Nigerians and further position the country as a leader in Africa’s technological evolution,” the Managing Director of ipNX Nigeria, Mr Ejovi Aror, said at the visit.
In his remarks, Mr Olorunnimbe thanked the firm for the show of support, reiterating the commission’s commitment to fostering an enabling environment for private sector participation in achieving universal broadband access across Nigeria.
This collaboration is expected to advance Nigeria’s transformation agenda in technology and help boost the federal government’s broadband agenda for the country.
ipNX Nigeria has said it remains at the forefront of delivering cutting-edge broadband and ICT solutions, and this engagement underscores its unwavering dedication to supporting national development through technology-driven initiatives.
By Adedapo Adesanya
MTN Nigeria is restructuring its fintech business by bringing in its parent company, MTN Group, as a major investor to help cushion against losses that have plagued the units.
Yesterday, MTN Nigeria announced that its parent firm, based in South Africa, will acquire a 60 per cent stake in MoMo Payment Service Bank Limited (MoMo PSB) and Y’ello Digital Financial Services (YDFS) Limited.
MoMo is a payment service bank business that provides financial services, including deposits, payments, transfers and digital wallets to individuals and small businesses in Nigeria via digital and mobile‑based platforms.
Y’ello Digital is a licensed super-agent that provides agency banking and financial services, including cash deposits, withdrawals and bill payments. It operates through the MoMo network.
In an explanatory note in respect of the proposed transaction on Tuesday, MTN Nigeria said the transaction will cost N95.5 billion and reduce its exposure to the “loss-making” financial technology (fintech) companies.
According to the Nigerian subsidiary, the acquisition, which the South African company will conduct through another subsidiary, MTN Group Fintech, is a restructuring that consists of two phases.
MTN Nigeria said the first phase is the acquisition of a 60 per cent stake in each of the two fintech companies by MTN Group.
“MTN Group Fintech will acquire a 60 per cent stake in each of the Fintech Companies through a combination of primary issuance of shares by the Fintech Companies and a secondary acquisition of shares in MoMo PSB from MTN Nigeria, at an agreed valuation of N95.5 billon (on an intra-group debt free and cash free basis), resulting in an implied capital injection of N152.06 billion payable in cash or consideration other than cash, or a combination (the “Investment Amount”) into the Fintech Companies; and MTN Nigeria will retain a 40% stake in the Fintech Companies,” the statement read.
According to the explanatory note, the second phase is the creation of a financial holding company named Fintech HoldCo, which will be 60 per cent owned by MTN Group Fintech and 40 per cent owned by MTN Nigeria.
The fintech units are currently loss-making, and this move will help MTN Nigeria to reduce financial risk and share future losses and investment burden. However, it will still keep a significant minority stake (40 per cent)
The network provider said the transaction phase will be completed with Fintech HoldCo acquiring the shares held by MTN Group Fintech and MTN Nigeria in MoMo and Y’ello Digital.
“Subject to obtaining the approval of the CBN, Fintech HoldCo will become the 100% owner of the shares in the Fintech Companies, having acquired all the shares held respectively by MTN Group Fintech and MTN Nigeria in the Fintech Companies,” the telecommunications company said.
MTN Nigeria said an annual general meeting (AGM) will be held on April 30, for shareholders to consider and, if thought fit, approve the proposed transaction.
The telco said the proposed transaction distributes operational risks, allowing MTN Group Fintech to share future capital risks, such as losses, regulatory burdens and execution risks.
In August 2024, MTN Nigeria acquired a 7.17 per cent stake held by Acxani Capital Limited in MoMo.
The acquisition increased MTN Nigeria’s total stake in MoMo to 100 per cent.
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