Mobile banking apps now prone to cyber attacks ― Experts

EXPERTS have warned that considering the increase in cyber crimes, criminals are now targeting mobile banking applications to initiate fraudulent transactions.

They disclosed that the country became vulnerable to various cyber attacks due to lack of policy direction and leadership by the government to combat the scourge.

Cyber Security Experts Association of Nigeria (CSEAN) National President, Remi Afon, in a statement issued in Abuja on Monday, explained that the rapid technological advances such as cloud adoption, blockchain implementation, artificial intelligence and data science, the potential for cyber attacks and data breaches remained a top concern in the current digital landscape.

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According to him, active mobile phones users have increased to over 146 million people, adding that: “60 per cent of fraud is from mobile devices; of that figure, 80 per cent is from mobile apps, thus cybercriminals are continuously targeting mobile banking app to initiate fraudulent transactions.”

However, he said the forthcoming cybersecurity conference tagged, “Implementing Cybersecurity and Data Privacy Practices in Nigeria”, scheduled to hold in Abuja, would create public awareness about the trend and proffer clear solutions that the government could consider and effectively implement.

“In the past few years, Nigeria has become more vulnerable to various cyber-attacks with no adequate controls and legal framework in place to combat this menace. As an established and leading voice in the cybersecurity space, CSEAN seeks to open discussion to address these challenges during the conference.

“The increase in cybercrime in Nigeria can be attributed to a lack of policy direction and leadership by the government to combat the scourge. While cybercriminals are collaborating, sharing information and providing everyday support services in the dark web on various cybercrime activities ranging from malware creation, compromised passwords sale, zero-day vulnerabilities, the government and private sectors in Nigeria are working in silos. To adequately tackle cybercrime in Nigeria, the government must partner and engage with industry and cybersecurity organisations.

“Cyber Secure Nigeria Conference has become an annual event; this year is the fifth of its kind and promises to invoke collaborative effort of cyber security industry practitioners, business owners, academia, industry, government, military and law enforcement agencies with a view to identify areas of common interests and proffer inter-workings on ways to tackle cybercrime,” Afon noted.

He further noted that although mobile technologies are transforming Nigerian society by providing a major form of connectivity and social networking platform, the country has become both source and target of cybercrime activities.