Mastercard and the Committee of E-Banking Industry Heads for Nigeria have joined forces to organize the inaugural Fraud and Cyber Security Forum in Lagos, Nigeria, according to a statement released by Mastercard. The forum aims to support Mastercard's objective of establishing a secure and seamless payments environment, providing customers with the necessary knowledge and tools to protect their businesses against cyber threats.

The statement highlights alarming statistics, including the Nigeria Inter-Bank Settlement System's discovery that 91 percent of fraudulent attacks were successful between 2020 and 2021. Additionally, the Anti-Corruption Agencies of Nigeria reported an annual loss of nearly $18 billion to illicit financial crimes.

Ebehijie Momoh, the Country Manager & Area Business Head, West Africa at Mastercard, expressed enthusiasm about the forum, emphasizing that cyber risk is a significant concern for organizations today. With the increasing adoption of digital services, evolving payment flows, and interconnected supply chains, it is crucial for organizations to understand and manage this risk effectively in order to safeguard themselves and their customers.

source; The Punchng.com
https://punchng.com/mastercard-cebih-partner-to-curb-cyber-fraud/