Cybersecurity experts have shed light on the misconception that https guarantees a safe website during a webinar hosted on Thursday by FirstBank.
Moderated by Emmanuel Okoroji, the Head of Threat Intelligence & Incidents Management at FirstBank, the webinar focused on providing valuable insights into protecting accounts and recognizsng potential fraud risks in today’s rapidly changing digital landscape was themed “Safeguarding Your Accounts: Mitigating Common Online Fraud Threats.”
Speakers including Harrison Nnaji, Chief Information Security Officer at FirstBank, and Oluwatosin Obadimu, Head of Industry Fraud Desk at Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, say that while https is an important online security measure, it does not guarantee the safety and security of any website.
During his discussion on the topic of Reinforcement of Cybersecurity Hygiene Practices in Fraud Prevention, Nnaji defines online fraud as “any deceptive or malicious activity aimed at: stealing sensitive information: personal data like financial details (card pan, pin, etc.), gaining unauthorized access: hacking into devices, systems and networks to steal data, disrupt operations, and install malware, manipulating data or transactions, changing account information, making unauthored transactions, extorting money or resources: threatening to release sensitive information, disrupt operations, or cause physical harm unless demands are met.”
Cybercriminals, Nnaji says, do not respect person, age, tribe, religion, or education, but rather respects practices.
Nnaji emphasises the current trends in the Internet of Things (IoT) landscape, including misinformation and disinformation campaigns, AI-enabled threats, cryptocurrency scams, information and credential theft, impersonation scams, as well as benefit and employment scams.
Additionally, he delves into the topic of deepfake technology, describing it as a type of Artificial Intelligence (AI)-generated content that utilises deep learning techniques to manipulate or fabricate fake audio, video, or images.
Nnaji says that adhering to 20% of the preventive measures ensures that individuals are part of the 20% who can avoid falling victim to online fraud.
Importance of cybersecurity in fraud prevention
The significance of cybersecurity in preventing fraud cannot be overstated, according to Nnaji who highlights key points regarding the Importance of cybersecurity in fraud prevention to include:
- Data Protection
- Cybersecurity hygiene helps safeguard sensitive information from unauthorized access, theft, and exploitation, ensuring confidentiality, integrity, and availability. It helps in securing sensitive information and protecting personal data like financial details, from falling into the wrong hands.
- Risk Reduction
- Implementing good cybersecurity hygiene practices reduces the risk of: Data breaches, malware infections, phishing attacks, and ransomware attacks.
- Business Continuity
- Cybersecurity hygiene ensures operational stability and minimizes downtime, allowing continuity in business and activities.
- Financial Security
- Good cybersecurity hygiene helps prevent financial losses due to: Data breaches, Ransomware attacks, Regulatory fines, Reputation damage.
- Customer tips to prevent online fraud.
On his part, Obadimu offers tips that users to prevent online fraud to include:
- Spot red flags
- Don’t click suspicious links, verify before you trust.
- Pause, think and verify before sharing personal or financial information
- Use strong and unique passwords and enable multi-factor authentication.
- Always double check emails addresses and caller identities.
- Do not share your OTP( One Time Password) to anyone.
- Secure devices with updated anti-virus and stay away from jailbroken phones(a device that has been modified to remove software restrictions and give the user full access to the operating system).
- Regularly review account statements for unusual activity.
- Securely keep cards and details.
- Team up against fraud, speak up and report.
Moreover, in order to identify a fraudulent website with https, Obadimu recommends that users should verify the creation date and duration of operation of the domain. While a website may be secured by https, its authenticity must be thoroughly examined, he adds.
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