06 August 2012

Cyber criminals plan new ways to beat cashless policy

With Nigeria gradually transiting from cash to an electronic based economy, by virtue of the implementation of the Central Bank of Nigeria’s (CBN) cashless policy, cyber criminals and hackers in the country who hitherto attacked businesses and individuals across the Atlantic, are re-directing their energies towards exploiting possible loopholes in the electronic payment system in order to perpetuate fraud.
Analysts have warned financial institutions and other stakeholders in the electronic payment industry to step up investments in security of electronic transactions, or risk been overwhelmed by the spate of sophisticated cyber attacks that would soon arise as a result of the sheer volume of financial transactions online............

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