Social Engineering Result In Theft of Bitcoin worth $64 Million


Market source has disclosed that $63.92m worth of Bitcoin has been stolen from the NiceHash, a cryptocurrency marketplace based in Slovenia.

Explaining the incident on its official website, the company stated “our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken”. Sources has however gathered from NiceHash’s Head of Marketing Andrej P Škraba, the hack was “a highly professional attack with sophisticated social engineering”.

Bitcoin value has soared over the last couple of weeks making cryptocurrency market,  viable target for Hackers.

“While the full scope of what happened is not yet known, we recommend, as a precaution, that you change your online passwords,” NiceHash has warned his platform users.

Biometric Authentication for ATM Transaction Nation wide

atm cards

The Central Bank of Nigeria has disclosed Biometric authentication will soon be introduced as authentication for Automatic Teller Machine (ATM) transaction across Nigeria.

Making a presentation at a National retreat held in south west Nigeria, the Director in Charge of Banking Payment Systems, CBN Mr. Dipo Fatokun, disclosed Biometric authentication will help in the fight against electronic fraud.

The move towards Biometric authentication on ATM nationwide will be facilitated by the Bank Verification Number (BVN) which has biometric information of Millions of Nigeria already stored.

Ahead of $1Billion IPO, Interswitch name Kenneth Olisa as New Chair


Interswitch a leading integrated payment and switching company with offices in Lagos, Nigeria and other part of Africa has named Kenneth Olisa as its new Chairman.

Olisa’s appointment followed investment by TA Associates in Interswitch in March, the management business expansion drive, and plan for $1Billion IPO scheduled 2018.

Olisa brings on board the wealth of experience as a British Business man with a career in technology spanning over 40 years.

400 Apps Plagued with Trojans on Google Play Store…

In the wake of Wannacry Ransomware that infected 50,000+ systems globally, it is becoming important users take extra caution of app download particularly for Android users.

In a recent, massive incident, more than 400 apps on Google Play (and nearly 3,000 in other app stores) turned out to be plagued with the DressCode Trojan.

Read more:

2014 Nigerian Cyber Threat Barometer- Read it here first!


Ninety Six (96) page research paper.

Input provided by 11 Nigerian Banks (Inducing Central Bank of Nigeria), NITDA, and EFCC; document endorsed by Nigerian Inter-Bank Settlement System (NIBSS), and sponsored by British High Commission in Nigeria.

Document available on demand, kindly request download @

File size: 11.5 GB

NDIC Report- Fraud figures is on the rise


A release from the Nigeria Deposit Insurance Corporation (NDIC) reveals fraud figures is on the rise within Deposit Money Banks in Nigeria. According to the NDIC report, the banking sector recorded a total of 3,380 cases in 2012 alone, with ATM Fraud topping the list. Other fraud sources include those perpetuated through Internet Transfer/Withdrawals, and suppression of customer deposit.

Card-Not-Present Fraud- Who Bears the Risk?

Christabel Onyejekwe, Executive Director, NIBSS Plc

Giving the increasing volume of electronic payment transaction in the Nigerian Sector, a pertinent question to ask is who bears the risk in the event of Card Not Present (CNP) fraud- Is it the customer, the card issuer  or the merchant?

In its simplest form CNP fraud involves the unauthorized use of a customer card details to purchase product or service from a merchant in a non-face-to-face setting. What usually happens is the merchant never physically inspects the card used for transaction, thus the term “card not present” applies. The transaction happens over a merchant website or through the phone/email purchase order, the merchant subsequently release the goods or render service with the understanding that the customer authorized the purchase and will make the required payments.

In a card not present transaction, typically, the customer information used to perpetuate the fraud includes the card number, the card verification code, and the expiration date all of which are printed on the physical card. In most cases the PIN which is known secretly by the customer is not used.

So who bears the brunt in the event of fraud?

Generally, if a merchant accepts a card for a purchase and the card is physically present, the liability for loss fall on the card issuing financial institution, not the merchant; however, under Card Association rules of most developed economies (US inclusive), the risk of loss falls on the merchant. The implication of this is that the full value of a purchase will be charged back to the merchant if the transaction turns out to be a fraud.

Fraudulent transaction trough Card Not Present transaction seems to be on the rise. A reliable source reveals that 62 percent of the bank in Nigeria has recorded this type of customer fraud claims in the last three years.