In the course of its routine media review, today, December 15, 2021, the Nigerian Communications Commission (NCC) became aware of publications in some online media channels alleging the involvement of Senator Bola Ahmed Tinubu, former Governor of Lagos State, in Mafab Communications Limited, one of the winners of the 5G spectrum sold by the Commission in a public auction conducted on Monday, December 13, 2021, at the Transcorp Hilton, Abuja.


It bears restating that, consistent with the Commission’s long-established regulatory culture and tradition, the process leading to the auction of the 5G spectrum was open, fair and transparent in the most, as the public auction followed a rigorous due process and was witnessed by a cross-section of stakeholders as observers, including the media, the Association of Telecom Companies of Nigeria (ATCON), the Independent Corrupt Practices  and Other Related Offences Commission (ICPC) as well as civil society groups.

Mafab Communications Limited is a corporate entity duly licensed by the Commission to conduct telecommunications business. The company, which is in good regulatory standing with the Commission, currently holds international data access (IDA), inter-connect data exchange (IDE) and Value-Added Service (VAS) licences.


It is pertinent to state that the Information Memorandum (IM) for the auction of the 3.5 gigahertz (GHz) spectrum clearly set out eligibility criteria for participation of interested bidders in the auction, which included that new companies could participate in the bid.

Mafab Communications website faces glitches after winning 5G licence –  TechEconomy.ng


Over the years, the NCC has had spectrum auctions and as an independent regulatory agency, has maintained an undisputable reputation of successful auctions based on openness, fairness and transparency, a fact widely acknowledged locally and internationally. NCC’s auction proceedings conform to international best practice, devoid of any undue influence or interferences whatsoever.


A higher standard of integrity and openness was emplaced in the 5G auction as the process was, for the first time, witnessed by the public both physically and virtually through a link provided by the  Commission on its official website.
The Commission would like to assure Nigerians that, following the successful auction of the 5G spectrum, it is prepared to drive the implementation of the next phase of the deployment of the new technology, in line with the Federal Government’s approved plan, for the benefit of all citizens.

The Lagos Waste Management Authority (LAWMA) has held its annual Christmas Carol/End of Year Thanksgiving Service to celebrate the goodness of God to the agency in the year 2021.

The event with the theme: “Unlimited Praise”, took place at the Authority’s Headquarters, Ijora Olopa, with LAWMA’s management and staff, as well as friends and well-wishers, in attendance, including representatives of NIPOST Christian Fellowships.

In his welcome address, the Managing Director/CEO of LAWMA, Mr. Ibrahim Odumboni, thanked God for preserving the agency in the course of discharging its duties in the year 2021.

He also gave thanks to the Almighty for making the Authority experience this year’s Christmas Carol and End of Year Thanksgiving in good health despite the challenges encountered in the year.

A guest artiste, Bukola Bekes, led participants in a rapturous praise and worship session, giving glory to God for a successful and eventful year.

The first Bible reading of the day, taken from the book of Isaiah 9: 6-7, was done by the Managing Director/CEO of LAWMA, Mr. Ibrahim Odumboni; while the second Bible reading was taken from Luke 1:26-31, by Mrs. Tawa Oyekanmi, Assistant General Manager, Performance Management.

Special prayers, led by Mr. Tosin Olaniyan, Head of LAWMA’s ICT Unit, were made for Nigeria¸ Lagos State and LAWMA.

The highpoint of the event was the rendition of hymns and special songs by the Emmanuel Chapel Choir, and choreographic presentation by children from the Chapel.

LASG

ForAGreaterLagos

CAPTION:

PIX 1-5: The the Managing Director/CEO of LAWMA, Mr. Ibrahim Odumboni and others during the Christmas Carol/End of Year Thanksgiving Service.

•‘Education access improved, promise kept’ – Governor

There will be no more long-distance trek from home to school for Junior Secondary School pupils in Elemoro community in Ibeju Lekki Local Government Area of Lagos State.

A state-of-the-art school edifice has been handed over to the community by Governor Babajide Sanwo-Olu. Also built in the school premises is a college-size football pitch completed with 50mm-thick pile of grass and soft infills to ensure playability and fall absorption impact.

Built on 1.54 hectares of land, the imposing 18-classroom Elemoro Community Junior Secondary School was designed to offer learning services, recreational activity and extracurricular leisure.

The project, conceived by the Sanwo-Olu administration, was initiated as an intervention to address a shortfall in access to education in the community. Before the school was built, pupils in the town usually trekked a long distance to schools located outside the community.

Inaugurating the school built behind Area J Police Command in Elemoro, the Governor said the project was dear to his heart, as its delivery demonstrated fulfillment of his campaign pledge to Oke Odo-Elemoro-Iwerekun community.
Sanwo-Olu praised the town’s traditional ruler, Oba Tajudeen Elemoro, for freely donating the land on which the education projects are built. The Governor said his administration prioritised provision of infrastructure in education in recognition of the nexus between knowledge and development.

He said: “This newly constructed educational facility is a project that is dear to my heart and has made me extremely pleased, because it is a fulfilment of my promise to provide the Okeodo-Elemoro-Iwerekun community with a secondary school. What is more pleasing to me today is that, with the commissioning of this school, many children in this locality will now have access to quality secondary education.

“The infrastructure installed in the premises offers the platform through which the pupils can fulfill their dreams and ambitions for the future without having to travel kilometres to another community for secondary education. Our administration’s approach to constructing new schools, rehabilitating and revamping existing ones is all-encompassing; it makes a statement that we are taking the issue of security in our public schools very seriously.”

Aside the 18-classroom block, the school also has 12 standard classrooms, six special rooms for Home Economics, Technology, a studio for arts and music, science laboratory, library and ICT room. It also has teachers’ offices, sickbay, standard canteen block and over 30 toilet facilities.

Other recreational facilities built in the school include a six-lane sandwich athletics running track and a spacious seating arena.

Sanwo-Olu disclosed the State Government’s plans to build the senior secondary arm of the school in complementing the junior school. He said his administration’s vision in education was to ensure every child in public schools had unrestricted access to quality education. The obligation, he said, is being fulfilled with the infrastructure being delivered across schools.

The Governor reiterated his administration’s zero tolerance for bullying and organised intimidation in schools. He urged teachers and administrators to dedicate more time to students and give them listening ears.

He said: “To the children of Elemoro Community who will be resuming in this school next academic term, I want to congratulate you for the great opportunity this modern facility will provide to enable you achieve your dreams. The only way you can show your appreciation for this effort is to take your studies seriously and aim for excellent performance in your academics.”

Commissioner for Education, Mrs. Folasade Adefisayo, emphasised the importance of modern infrastructure to the delivery of quality education, stressing that access to conducive facilities would aid pupils realise their full potential.

Adefisayo praised Sanwo-Olu’s passion and sustained commitment to the provision of world-class infrastructure in public schools, describing the gesture as “exemplary”.
Special Committee for the Rehabilitation of Public Schools in Lagos State (SCRPS) supervised the construction of the school and ancillary facilities.

Inaugural football match and a gymnastic display by pupils preceded the formal commissioning of the school by the Governor.

**Gospel Artistes, Choral Groups from across the country minister at annual Aso Villa Carols

Vice President Yemi Osinbajo, SAN, hosted the annual Christmas Praise Concert last night at the Banquet Hall, Presidential Villa, commemorating the Christmas season.
The General Superintendent of the Deeper Christian Life Ministry, Pastor W.F. Kumuyi, who delivered the Christmas message, preached on “the divine revelation, divine realization and the glory of the destined restoration that Christ brought to the world.”

The Carol service also featured gospel artistes including Mercy Chinwo, Ernest Dades, and choirs drawn from different geopolitical zones across the country.
Besides the Aso Villa Chapel Choir, other choral groups that ministered last night at the old Presidential Banquet Hall were the Kaduna Metropolitan Choir, Kaduna State; Unity Choir, from the Lutheran Church of Christ in Nigeria, Yola, Adamawa State; De Avon Chorale and Orchestra, Cross River State; Royal City Chorale, Owerri, Imo State; Lagos City Chorale and the Hallelujah Nigeria African Carol.

Apart from the rendition of Christmas Carols, there were also the reading of selected Scriptures by the Delta State Governor, Dr. Ifeanyi Okowa; Head of Civil Service of the Federation, Folashade Yemi-Esan; the United States Ambassador to Nigeria, Mary Beth Leonard, and His Royal Majesty, the Tor Tiv, Prof. James Ayatse, from Gboko, Benue State.

In his sermon, Pastor W.F. Kumuyi, spoke about the story of the desired expectation, song of divine visitation, symphony of delightful jubilation, and sanctity of dutiful proclamation.

Referencing the Scriptures, especially the Gospels, the guest preacher spoke on the fact that the angels came to announce joy and peace (which is personal and perpetual) on earth. He said, “the message is the angel’s announcement from on high to meet us, this nation and to every nation of the world at this time until Christ comes again.”

He went on to say that “there is the irreversible decree that the Saviour would come, as we believe in Him, the decree is fulfilled in our lives” as well as “the irresistible dominion that God has remembered us… by giving us a saviour.”

The State House Chaplain, Pastor Joseph Seyi Malomo, who led a brief special prayer for Nigeria and its leaders, quoted from the Psalms that “it is a good thing to give thanks unto the Lord, to proclaim His lovingkindness in the morning, and His faithfulness every night.”

“We thank God for bringing us to the end of this year; also, for the fact that last year, we could not gather physically, it means therefore that now we are overcoming the war against COVID-19. Eventually, COVID-19 will be history by the grace of God,” he prayed.

The yearly Praise Concert did not hold last year due to the COVID-19 pandemic and the attendant restriction protocols.

Aside from the Vice President, other dignitaries who also graced the Carol service included his wife, Mrs. Dolapo Osinbajo; Secretary to the Government of the Federation, Boss Mustapha; Deputy Governor of Nasarawa State, Dr Emmanuel Akabe; Federal Ministers; members of the National Assembly; heads of Ministries, Departments and Agencies; members of the Diplomatic Corp; His Royal Majesty, the Olu of Warri, Ogiame Atuwatse III, and his wife, Olori Atuwase III, His Royal Highness, King Alfred Diete-Spiff, Amanyanabo of Twon-Brass, Bayelsa State amongst others.

Nigeria will keep pledges made to the ECOWAS Parliament, and to the sub-regional body at large, President Muhammadu Buhari has said.

The President spoke Tuesday at State House, Abuja, while receiving a team from ECOWAS Parliament, led by the Speaker, Dr Sidie Mohammed Tunis.

He commended the parliament for planning to fill its positions subsequently through elections, which would be incorporated into general elections of member countries, noting that “it would be cost effective.”

On the construction of a parliament building in Abuja, President Buhari said he was pleased that the body was collaborating with the Minister of Federal Capital Territory, adding: “We will try to encourage the contractor. All promises we made to ECOWAS Parliament, and the sub-regional group at large, would be fulfilled.”

Speaker Tunis expressed sympathy to the government and people of Nigeria on the recent losses from terror attacks, saying Nigeria was resilient to defeat the terrorists.
He also applauded Nigeria for its many supports to the ECOWAS Parliament, informing that the plan is now to strengthen the body through electing its officials rather than their being appointed.

“When they are elected, they will be more committed, and the election would be tied to national polls of member countries,” the Speaker said.

He added that the vision for a parliament building in Abuja is that it would be completed before May, 2023, so that President Buhari would commission it before leaving office.

The Unprecedented achievement recorded in the Implementation of the National Digital Economy Policy and Strategy (NDEPS) launched barely two years ago has placed Nigeria’s Economy amongst the fastest growing in the world.
This was announced by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami) at the closing ceremony of the 9th Regular Meeting of the National Council On Communications And Digital Economy (NCCDE) held in Abuja.

Prof Pantami described this year’s theme, ‘Utilizing Digital Technology To Accelerate Economic Recovery In A COVID 19 Era And Beyond’, as apt as it consolidates the present administration’s effort in driving the Nation’s Economy Digitally.

Quoting from the NBS report, Pantami said in the last Q2 of 2020, ICT was the fastest growing sector, adding that the growth rate of ICT sector in 2020 was more than four times the performance of the second most performing sector of the nation’s economy.

“The 14.7 percent growth rate of the ICT sector was greater than the combined 14.21 percent growth of the 2nd to 7th fastest growing sectors in Nigeria in 2020. The Telecommunications sector also recorded a growth rate of 15.90 percent, and this was it’s highest growth rate in the last 10 years.

“National Bureau of Statistics (NBS) released the Q1 2021 report and the ICT sector retained its position as the fastest growing sector of the economy, thereby contributing 14.91 percent, also in the Q2 of 2021 ICT contributed an Unprecedented 17.90 percent to the nation’s GDP”, he said.

Professor Pantami noted that in view of the remarkable achievements, President Muhammadu Buhari in May 2021 commended the ICT sector by admitting that ICT sector played a very vital role in ensuring that the country exited recession.

Another milestone recorded by the sector according to Pantami in 2021, was how Startups in Nigeria raised 1.37 billion US Dollars, followed by South Africa and Egypt with 800 billion and 500 billion respectively, which he said is a clear indication that the Digital Economy sector is doing well in the country.

The Minister therefore task Council members to ensure effective implementation of the policies in their respective states as contained in the policy document, with a view to further growing the nation’s Digital Economy sector.

Oyo state emerged the overall winner in the implementation of the development pillars of the National Digital Economy Policy and Strategy (NDEPS.)

Heads of various Parastatals under the Ministry of Communications and Digital Economy such as Director General, National Information Technology Development Agency (NITDA) Kashifu Inuwa CCIE; Managing Director, Galaxy Backbone, Professor Muhammad Bello; Managing Director, NigComSat, Ms Abimbola Alale, and representative of the Executive Vice President, Nigerian Communication Commission (NCC), presented winners with medals for their outstanding performance.

Commissioners of Science and Technology from the 36 states of the federation and those from the FCT graced the occasion.

Anyim Pius Anyim (60), a former Senate President of Nigeria was in the senate for only one term and shocked Nigerians when he announced that he will not go for re-election unlike majority of his colleagues and typical of Nigerian do-or-die Politicians.

He went back to Private Legal Practice and farming in his village. Senator Anyim next agenda centred on education, youths Vocation training (funds to traders) and charity work.
The former Senate strongman announced his intention to vie for the office of the President of Nigeria in 2023 during the last PDP national convention.

Anyim promised that he will reposition and reunite Nigeria if given the opportunity to serve as the next president of the country.

According to him, he will refocus, reunite and bring everybody together to have a sense of nationhood, and also lift youths out of unemployment through training and re-training of graduates, job focused education in line with global trends and standards and funds for start-up businesses.

Anyim disclosed this when he paid a consultation visit to the Emir of Lafia Barebari and Chairman Nasarawa State Council of Chiefs, Hon. Justice Sidi Bage Muhammed.

He said, ” I am here today because I, desire to reposition the country to catch up with the future. We will be proud of it if I am given the opportunity.

“In the next few years, the type of employment we will be talking about will not be the type we are talking about right now. And sir, we need to reposition this country to catch up with the future so that we can preserve the future for our children. That is what I stand for, that is what I want to bring to the table and that’s why I have come to meet you.

“I want to assure you that we are into a new season, a season that will set out a new future for the younger generation, a season that will refocus Nigeria, a season that will reunite Nigeria, a season we must not make mistake about, a season we must bring everybody together to have a sense of nationhood. We have no other country than this country,” he said

Responding, Hon. Justice Sidi Bage Muhammed, assured Anyim of his partnership and wished him well in presidential ambition.

“I want to assure you that I will not be part of the people that will discuss those issues that will not matter. We shall educate our people. I wish you well in your endeavours.”

Recall that Sen. Anyim is the only person from the South-East of Nigeria that has made his intention to run for the office of the President of Nigeria for now.

This strongman from the east of Niger is one of the most experienced Nigerian to go for the office of the president. He know how the president works, understands how the presidency works and as a former senate president, is verse with the working of the National Assembly. With these, Anyim will start work on the day one.

…Sets Stage for Main Auction on Monday

The Nigerian Communications Commission (NCC) has successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the Fifth Generation (5G) network in the country.

The simulated auction, which took place on Friday, December 10, 2021 at the Transcorp Hilton Hotel, Abuja, was preparatory to the main auction scheduled to take place on Monday, December 13, 2021 at same venue.

The conduct of the simulation exercise was in line with the requirements stipulated in the Information Memorandum (IM) for 3.5 GHz spectrum auction. The IM is a document that defines the process for the licensing of the 3.5 GHz spectrum band, earlier published on the Commission’s website at the inception of the auction process.

Using the Ascending Clock Auction System for the mock session, the three qualified bidders for the 3.5 GHz spectrum, namely MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, participated in the software-based simulated auction exercise.

The mock auction was witnessed by the Chairman, Board of Commissioners, NCC, Prof. Adeolu Akande; the Executive Vice Chairman and Chief Executive Officer of the Commission, Prof. Umar Garba Danbatta; Executive Commissioner, Technical Services, Ubale Maska and the Executive Commissioner, Stakeholder Management, Adeleke Adewolu.

Others, who witnessed the mock auction include representatives from the bidding companies, senior management staff from relevant departments of the Commission, technical consultants, software consultants, legal consultants and other external observers.

Following the successful mock auction, the stage is set for the Commission to license two slots in the 3.5 GHz spectrum band, expected to be picked by successful bidders at the end of the Main Auction on Monday, December 13, 2021.

The auction on Monday will mark a turning point in Nigeria’s determination to harness the benefits of 5G for the nation’s socio-economic growth, as concrete roll-out of 5G commences in 2022.

In a brief remark at the Mock Auction, Danbatta said the Commission had taken all necessary steps to ensure due diligence on the credibility of the consultants and to safeguard the integrity of the software solution being used to carry out the implementation of this historic national assignment.

“This is consistent with the open, credible transparent and fair manner by which the Commission is known to have conducted previous auction processes, which have been locally and globally applauded,” Danbatta said.

In order to ensure a fail-proof process, the Commission also carried out a simulation of the manual process of the auction, aside the electronic mock. This is to ensure that bidders are also familiar with the manual auction in case of any circumstances on the Main Auction Day that may warrant a need to switch to the Manual Auction. It is pertinent to note that the two forms – electronic and manual – are clearly stated in the IM and they follow the same process.

Representatives of the bidding companies, the Commission, the consultants and other observers at the Mock Auction expressed satisfaction with the conduct of the simulation exercise, which also provided opportunity for the Commission to perfect the auction process ahead of the Main Auction.

The Commission had commenced the process for the auction of the 5G spectrum in the last quarter of the 2021 and had, since then, carried out a number of activities ahead of the Main Auction.

October 7, 2021, the Commission had published the Draft Information Memorandum (IM) on the auction of the 5G spectrum on its website (www.ncc.gov.ng) and issued a public notice in major channels, including print, electronic, and new digital media. Comments on the draft IM were received by the Commission up until October 28, 2021.

On November 3, 2021, the Commission held a stakeholders’ engagement forum in Lagos at which comments received from a broad segment of stakeholders, including the major operators, were exhaustively discussed and considered.

On November 10, 2021, the Commission published the Final IM, and Stakeholders’ comments thereon on its website and the national dailies, and set the deadline for the submission of bids on Wednesday, November 24, 2021.

As a responsive regulator, the Commission also proceeded to accommodate concerns raised by some stakeholders, due to social disruptions, and extended the date for submission of the bidding applications to Wednesday, November 24, 2021 to Monday, November 29, 2021.

On December 1, 2021, the NCC announced the three companies – MTN Nigeria Limited, Mafab Communications Ltd, and Airtel Networks Ltd – as having successfully submitted their bids in line with the requirements of the IM.

The Commission therefore wishes to thank all stakeholders for all the support, collaboration and partnership they have offered to get to this stage, and implores all stakeholders not to rest on their oars until the bidding processes are concluded successfully. Thereafter, the Commission, as it has now become its culture, will rally stakeholders into the next phase of the implementation of the 5G policy.

Following the reporting of the Apache Log4Shell vulnerability, Sophos has provided new threat intelligence on how cyberattackers are already exploiting or attempting to exploit unpatched systems.

The threat intelligence as detailed in the SophosLabs Uncut report, Log4Shell Hell: Anatomy of an Exploit Outbreak, shows that Sophos is seeing a rapid uptick in attacks exploiting or attempting to exploit this vulnerability, with hundreds of thousands of attempts detected so far.

The report also indicated that Cryptomining botnets are among the earliest “attack” adopters; botnets focus on Linux server platforms, which are particularly exposed to this vulnerability.

Sophos has also seen attempts to extract information from services, including Amazon Web Services keys and other private data.

The company said it observed that attempts to exploit network services start by probing for different types.

Around 90 percent of the probes Sophos detected were focused on the Lightweight Directory Access Protocol (LDAP.) A smaller number of probes targeted Java’s Remote Interface (RMI,) but Sophos researchers noted that there seem to be a larger variety of unique RMI-related attempts

Sophos said it expects adversaries to intensify and diversify their attack methods and motivations in the coming days and weeks, including the possibility of leveraging for ransomware. 

According to Sean Gallagher, senior threat researcher at Sophos, in the SophosLabs Uncut report issued on Dec. 9, Sophos has detected hundreds of thousands of attempts to remotely execute code using the Log4Shell vulnerability.

“Initially, these were Proof-of-Concept (PoC) exploit tests by security researchers and potential attackers, among others, as well as many online scans for the vulnerability. This was quickly followed by attempts to install coin miners, including the Kinsing miner botnet. The most recent intelligence suggest attackers are trying to exploit the vulnerability to expose the keys used by Amazon Web Service accounts. There are also signs of attackers trying to exploit the vulnerability to install remote access tools in victim networks, possibly Cobalt Strike, a key tool in many ransomware attacks.

“The Log4Shell vulnerability presents a different kind of challenge for defenders. Many software vulnerabilities are limited to a specific product or platform, such as the ProxyLogonand ProxyShellvulnerabilities in Microsoft Exchange. Once defenders know what software is vulnerable, they can check for and patch it. However, Log4Shell is a library that is used by many products. It can therefore be present in the darkest corners of an organization’s infrastructure, for example any software developed in-house. Finding all systems that are vulnerable because of Log4Shell should be a priority for IT security.

“Sophos expects the speed with which attackers are harnessing and using the vulnerability will only intensify and diversify over the coming days and weeks. Once an attacker has secured access to a network, then any infection can follow. Therefore, alongside the software update already released by Apache in Log4j 2.15.0, IT security teams need to do a thorough review of activity on the network to spot and remove any traces of intruders, even if it just looks like nuisance commodity malware”, Gallagher added,

New and additional information on how Log4Shell works is also available in the Sophos Naked Security article, Log4Shell Explained – How it Works, Why You Need to Know, and How to Fix It, by Paul Ducklin. 

According to Paul Ducklin, principal research scientist at Sophos:

“Technologies including IPS, WAF and intelligent network filtering are all helping to bring this global vulnerability under control. But the staggering number of different ways that the Log4Shell ‘trigger text’ can be encoded, the huge number of different places in your network traffic that these strings can appear, and the wide variety of servers and services that could be affected are collectively conspiring against all of us. The very best response is perfectly clear: patch or mitigate your own systems right now. Our article provides practical advice that explains how the vulnerability works, why it works, what it can do, and how to fix it.”

Sophos threat intelligence experts are continuing to monitor Log4Shell.

……………………………….


The truth is, all businesses are at risk of being scammed at some point, and just one incident can cost a company millions of Rand. Ryan Mer, CEO, eftsure Africa, a Know Your Payee™ (KYP) platform provider, says that fraudsters are constantly finding new ways to exploit vulnerabilities and attack corporate payment systems and it’s critical that we all work together and share information to remain one step ahead of scammers.

Accounts payable fraud is one of the most damaging and is common in companies large and small, targeting the department responsible for paying suppliers and other vendors. A report from JP Morgan ​ found that 81% (source) of organisations were hit with payment fraud in 2019, and only a relatively small portion of losses are recovered because the scam worked so well.

Here are some of the top scams to look out for:

Internal fraud


More often than not many companies realise fraud is perpetrated from within. According to the Global Economic Crime and Fraud Survey, 41% of economic crimes in South Africa are committed by employees, compared to only 36% by external fraudsters and 21% a collusion between the two.

“Employees have access to internal systems and knowledge of internal processes, and so they know where any vulnerabilities lie in your organisation’s internal controls,” explains Mer.

Some ways they can scam your organisation include:

Changing the banking details of suppliers, rerouting funds to their own account or an accomplice’s account. This happens especially with ad hoc suppliers.

Adding fictitious suppliers or employees onto the payroll or colluding with suppliers to issue fake invoices.

Submitting illegitimate reimbursements for expenses.

Issuing fake refund payments to customers.


Social engineering


Social engineering is the attempt to convince a person to perform an action or divulge information against his or her own interests and forms the basis of many scams. “It is a tool used to manipulate targetsby relying on human impulses of being helpful, avoid conflict and problem-solve quickly,” reveals Mer. “By deceiving an employee into revealing confidential information, the way is paved for scammers to initiate fraud against your organisation.”

In an example scenario, a scammer could contact your accounts payable team and pretend to be a supplier trying to update their banking details on your system. The next time you pay the supplier, the funds are sent to a bank account controlled by the scammer.

Business email compromise (BEC)


These scams are on the increase due to the ease of attack combined with the problem of staff being unable to tell the difference between real and fake emails. The FBI’s Internet Crime Complaint Centre says losses from BEC scams topped $12billion globally in 2018, with97% of losses attributed to ‘false billing’ scams. One form of BEC is supplier email compromise, which involves fraudsters first infiltrating the email systems of the target companies’ suppliers and then using that access to imitate the supplier company and send the target company fraudulent emails.

Impersonations


Mer says that advances in artificial intelligence are making it easier for fraudsters to use impersonation to their advantage. One of the ways they do this is by creating realistic audio and video impersonations. They feed an audio or video sample of your organisation’s CEO or CFO into a software programme and create a fake recording of that person giving payment instructions to accounts payable staff. This message is then sent to unsuspecting staff, who make the payment, unaware that the message is fake.

Social media also plays a role here, particularly LinkedIn, which fraudsters use to create fake profiles and impersonate legitimate businesspeople.

Phishing


Email is the favoured medium for phishing. Usually, a message is designed to get its reader to download a file or click on a link. By clicking or downloading, the unsuspecting employee unintentionally infects the organisation’s IT systems with malicious software or gives away confidential information.

To inspire action, phishing messages either warn readers of account inactivation or cancellation or threaten financial losses if the message is not acted on, or cause alarm by reporting suspicious account activity.

Payments scams are becoming increasingly sophisticated, requiring extreme vigilance from accounts payable staff. Your organisation’s best defence is to share information on what to look out for, keep up to date on the latest scams and review your company security controls. Making a big difference in many organisations’ security systems is eftsure’s SaaS platform, which digitises and automates key checks and processes that would otherwise be vulnerable to manipulation. “Through our KYP technology, the verification of payees and eft payment data is done on a continuous basis, protecting companies from fraudulently changed or maliciously altered payee information,” concludes Mer.