Experts at Social Media Week Task FG on Best Technologies to Prevent Internet Fraud

A panel at the ongoing Social Media Week Lagos 2020 on Wednesday urged the Federal Government, financial institutions to continue to create more awareness and education on best technologies to guard against internet fraud.

The members of the panel gave the advice while discussing “Friends or Foe: The Place of Humans and Technology in the Fight of Online Fraud’’.

The News Agency of Nigeria (NAN) reports that SMW is one of the world’s foremost conferences and industry news platforms for marketers.

It provides brands, agencies and technology providers with the latest insights, trends and best practices together with access to a global community of marketing decision makers.

Abdul Hassan, Co-founder Voyance, said financial institutions should increase awareness on new technologies used in protecting transactions in the country.

Hassan said internal fraud was a big issue, which affected many businesses and consumers in Nigeria.

“The only way that it can be solved is through education and awareness; telling people what they should not do with their bank cards and financial details.

“The next option is employing new technologies like machine learning, which prevents a card information of a customer from being hacked or defrauded in a transaction,’’ he said.

He implored business owners, entrepreneurs to take advantage of new technologies to safeguard their daily transactions from fraudulent activities.

Also speaking, Shekinah Adewunmi, the Founder of Touchtech Payment, said that it was okay to use public Wi-Fi but at the same time one should know that it was less secure than using a personal network.

“The truth is you do not know who sets it up or who else is connected to it; so there is a serious risk of exposing your personal data to hackers,” Adewunmi said.

Talking on social engineering, he said it was a situation whereby cyber criminals psychologically manipulated people into performing actions or divulging confidential information through emails and alert.

He said that to avoid such attacks, education and awareness were key, urging people to be more alert when they get suspicious emails.

Adewunmi noted that most victims of such attacks were the older generation who were not well educated on the issue of cybercrime.

(NAN)

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