Technology
New Visa Study Reveals Overconfidence Contributes to Scam Success
By Adedapo Adesanya
A new research from global payments giant, Visa, done across 17 countries in Central and Eastern Europe, the Middle East and Africa (CEMEA) has revealed a disconnect between consumers’ confidence in recognising fraud and their online behaviour, highlighting the importance of staying alert and mindful of fraud attempts.
The study forms Visa’s Stay Secure Campaign, focused on raising consumer awareness, strengthening education, and building confidence to combat social engineering threats.
Despite more than half of consumers (56 per cent) claiming to be savvy enough to sidestep online and phone scams, it was found that 90 per cent were likely to disregard the warning signs that suggest online criminal activity.
As cybercrime persists in an increasingly digital world, Visa has moved to curb this rising threat. The company has invested over $10 billion over the past five years in technology, including to reduce fraud and enhance network security. This includes $500 million on Artificial Intelligence (AI) and data infrastructure and has reportedly prevented $27.1 billion in potential fraud.
The campaign aims to pave the way for a secure and seamless digital payment experience. Through this initiative, Visa provides educational content, including videos, infographics, and tips designed to equip consumers with the knowledge and skills to recognize and prevent fraud.
Some of the key findings in the study point to the existence of a knowledge gap as false confidence can propel someone to click on a fake link or respond to a scam offer. It found that those who consider themselves more knowledgeable are more likely to respond to a requested action from scammers compared to those who say they are less knowledgeable, including positive news (74 per cent to 67 per cent) or urgent action (65 per cent to 55 per cent).
There is also concern for the vulnerability of others as respondents feel confident in their own vigilance, over half (52 per cent) were concerned that their friends or families will fall for a scam email offering a free gift card or product from an online shopping site, which offers customers ways to buy iTunes gift cards in Nigeria. Over a third (36 per cent) of respondents are concerned about children or minors, as well as retired people falling prey to online scams.
In addition to notices involving orders, product offers, or feedback, people are most suspicious of password requests. Less suspicious types of communications are updates regarding delivery or shipping (just 42 per cent listed as a top three source of suspicion), marketing communications regarding a sale or new product offering (41 per cent), or an invitation to provide feedback on a recent experience (37 per cent), all of which can be used by scammers.
The study also found the case of overlooking telltale signs. Only 57 per cent reported looking to ensure communications are sent from a valid email address, while 52 per cent will check if the company name or logo was attached to the message. Fewer than half of correspondents look for an order number (45 per cent) or an account number (43 per cent). Only 33 per cent look to ensure words are spelt correctly.
The company warned that scammers try different approaches to craft messages that appear genuine and compel recipients to take immediate action. The Visa Stay Secure Study identified prevalent patterns in the language most associated with scams – and how vulnerable are respondents in the surveyed countries.
It warned that cybercriminals often feign urgency to spur people into action, such as clicking a link or responding to a sender. Up to 40 per cent of respondents will fall for messages about a security risk, such as a stolen password or a data breach, while a notice from a government entity or law enforcement can trick 36 per cent.
Another method is sharing positive news with 71 per cent of respondents saying they would take action if a message had a positive hook, like “free gift,” “you’ve been selected,” or “you’re a winner.”
The research also found that Gen Zers are more likely to act on a giveaway (39 per cent) than a notice from the government (31 per cent), while 44 per cent of respondents would click on a link or reply to a message that offered a financial opportunity.
There is also the Action Required approach to which 60 per cent said they would respond to action-required phrases, though respondents are most suspicious of requests to reset their password.
Speaking on this, Mr Charles Lobo, Regional Risk Officer for Central and Eastern Europe, Middle East and Africa at Visa said, “In today’s digital-first world, scams are evolving in sophistication, with criminals using new approaches to trick unsuspecting consumers. Whether it’s a parcel held up at customs, a streaming subscription claiming to have expired, or a free voucher for a favourite brand, scammers are adopting persuasive tactics to deceive. Understanding the language of fraud is increasingly essential, and our Visa Stay Secure educational platform provides the knowledge and skills to help stay ahead of fraudulent activity online,”
Visa warned that consumers can better protect themselves by taking a few extra moments before clicking, including understanding the language scammers use. These include, “keep personal account information to yourself; don’t click on links before verifying that they’ll take you where they say they will; regularly check purchase alerts, which provide near real-time notification by text message or email of purchases made with your account; and call the number on corporate websites or the back of your credit and debit cards if you are unsure if a communication is valid.”
By Modupe Gbadeyanka
Nine African organisations, including Nigeria, will join 33 others from the USA, Australia, India, the UK and others for the fourth Social Entrepreneur Accelerator cohort of Amazon Web Services (AWS).
The companies from Africa chosen for the 2026 edition of this programme are from Nigeria, Kenya, Ghana, South Africa, Cameroon and Tanzania.
These founders are using cloud and AI technology to solve skills shortages, youth unemployment and food security. Building from the ground up, they are creating African solutions for African challenges.
Nigeria leads the selection with three organisations, namely Sabi Scholar, Kayode Alabi Leadership and Wetech Incorporated.
The chief executive of Sabi Scholar, Mr Divine Iloh, said he is creating an “operating system” for African higher education, enabling any university to launch online degrees in 30 days, a potential game-changer for the continent’s 200M+ youth population.
For Kayode Alabi Leadership, the founder, Hammed Kayode Alabi, is reducing inequalities by empowering underserved young people to lead and innovate through transformative education and technology-driven solutions to solve local challenges and thrive as community changemakers.
As for Wetech Incorporated, established by Gabriella Uwadiegwu, it is building Africa’s largest pipeline of women in technology, from training to mentorship to direct employment pathways.
Kenya follows with two organisations, KuzeKuze and STEM Centre Africa. According to the CTO of KuzeKuze, Enock Sangaka Mong’are, the organisation is building “education passports,” as digital records that follow learners throughout their lives, making personalised education measurable and scalable.
While STEM Centre Africa, a non-profit launched in 2017 by two brothers, Dancun, the CTO and Denish Akoum, the CEO, to promote hands-on STEM education, including coding, robotics and 3D design, reaching over 18,000 + students since inception, with 90 per cent gaining proficiency in Python, Scratch and electronics. Operating two centres in Homa Bay County with 10 organisational partners, SCA aims to reach 100,000 learners by 2030.
The remaining four spots are shared by Ghana, South Africa, Cameroon and Tanzania.
In Ghana, BASICS International, founded by CEO Patricia Wilkins, is breaking cycles of poverty by providing education, certified digital skills training and holistic support to underserved children and youth, equipping them to thrive academically, economically and socially.
For South Africa, FunHouse Digital, founded by Ayabulela Yokwana, is turning gaming lounges into self-sustaining education hubs in rural communities – profits from gaming directly fund free coding and digital literacy programs.
In Cameroon, EduCloud, founded by Rosius Ndimofor Ateh, delivers hands-on Cloud and AI workshops across Africa, bridging the gap between academic theory and industry-ready skills.
From Tanzania is Fiqra Academy, founded by CEO Gerald Revocatus. The firm is creating a direct pipeline from digital skills training to employment for East African youth, with certifications that lead to real careers through their digital learning platform.
In collaboration with Deloitte, the accelerator provides technical training, strategic business planning, and ongoing AWS and Deloitte support to help mission-driven organisations scale.
Since 2023, the programme has supported more than 100 social entrepreneurs across 34 countries, bringing together a global community of social entrepreneurs who are working to address some of the world’s most urgent challenges across education, health and climate resilience.
“Africa’s representation in this cohort reflects what we’re seeing across the continent: a generation of founders who don’t wait for conditions to be perfect. They build anyway.
“Our role is to ensure they have access to the same world-class cloud and AI technology as any startup in Silicon Valley and the support to scale impact across borders,” the General Manager for Sub-Saharan Africa at AWS, Jyoti Ball, stated.
By Adedapo Adesanya
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory requirement mandating prior approval for significant changes in the ownership structure of telecommunications companies operating in Nigeria.
This was contained in a statement jointly signed by the Director of Public Affairs at the NCC, Mrs Nnenna Ukoha and Head of Public Affairs at the Corporate Affairs Commission, Mr Rasheed Mahe.
According to a joint press release issued by the two agencies, the directive, which takes immediate effect, requires all licensed telecom operators seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to first obtain a Letter of No Objection from the NCC before such transactions can be registered by the CAC.
The statement reads in part, “The directive, which takes immediate effect, requires all licensed communications companies seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to obtain a Letter of No Objection from the NCC before such transactions can be registered with the CAC.
“The requirement is in line with the provisions of Section 90 of the Nigerian Communications Act 2003, Regulation 28(2) of the Competition Practices Regulations 2007, and Regulation 42 of the Licensing Regulations 2019, which empower the NCC to monitor transactions involving licensees and ensure fair competition within the sector.
“Under the new arrangement, the CAC will only process and register requests for changes in shareholding structures of telecommunications companies where the transaction involves 10 per cent or more of the company’s shares and is accompanied by evidence of prior approval from the NCC.
“According to the two regulatory agencies, the measure is aimed at strengthening oversight of significant ownership changes, preventing anti-competitive practices, and preserving a fair and competitive communications market. It is also expected to enhance transparency, boost investor confidence, provide greater regulatory certainty, and support the long-term stability and sustainability of Nigeria’s telecommunications industry.
The NCC and CAC reaffirmed their commitment to fostering a transparent, stable, and investor-friendly business environment. Both agencies pledged continued collaboration to promote fair market practices, strengthen regulatory compliance, and ensure the orderly development of Nigeria’s communications sector.”
By Modupe Gbadeyanka
The relevant stakeholders have been urged to take urgent action to curb the rising sophistication of cyber threats, which could undermine business sustainability and profitability.
This call was made by the Information Security Society of Africa – Nigeria (ISSAN) during its monthly meeting held in collaboration with MAXUT Consulting.
The group noted that identity theft, mobile fraud, ransomware, and social engineering attacks are threats to organisations, especially those who may struggle to protect information assets, maintain operational resilience, and address vulnerabilities before they can be exploited.
The president of ISSAN, Mr David Isiavwe, who doubles as the Executive Director for Risk Management at Nova Bank, stressed that cybercriminals are deploying increasingly sophisticated attack methods targeting individuals, businesses, critical national infrastructure, and strategic assets.
Among the threats highlighted were identity theft, Business Email Compromise (BEC), phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related attacks, and other forms of social engineering.
According to him, the increasing frequency and sophistication of cyberattacks mean cybersecurity can no longer be viewed solely as an IT issue but as a critical business and national security priority.
To address these challenges, he urged organisations to adopt proactive risk management practices, implement continuous monitoring systems, promptly address vulnerabilities, and invest in regular cybersecurity awareness programmes for employees and customers.
Also, the importance of leveraging emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation to enhance threat detection and response capabilities was emphasised.
“No organisation can successfully confront today’s cyber threats in isolation. Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” the ISSAN leader said at the event, which featured a technical presentation titled, Confronting the New Mobile Threat Landscape: Beyond User Authentication.
ISSAN reaffirmed its commitment to promoting cybersecurity awareness, capacity building, information sharing, and industry collaboration to strengthen Nigeria’s cyber resilience and support a secure digital economy.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn