CBN Backs Cybersafe Foundation, CCISONFI As Cybersecurity Awareness Campaign Gains Steam

… Launches NoGoFallMaga Campaign

Following the increase in digital and cyber activities, especially in the financial sector, it is expected that activities of cybercriminal will also increase as technologies evolve. To this end, the Central Bank of Nigeria (CBN) has backed the partnership between Cybersafe Foundation and the Committee of Chief Information Security Officers of the Nigeria Financial Industry (CCISONFI) to put structures in place in a bid to create awareness of cybersecurity among Nigerians.

Speaking at a Media Parley to flag off the campaign, Executive Director of Cybersafe Foundation, Confidence Staveley acknowledged the changing tide in cybercrime and the need for awareness: “With Social engineering being the method of choice by cybercriminals to perpetuate electronic fraud in the country, efforts to educate customers of financial institutions on cyber hygiene best practices, especially the most vulnerable, must be stepped up.”

She noted that the launch of the new campaign, NoGoFallMaga, in partnership with CCISONFI will enable them join forces to reach the 40million Nigerians who currently access financial services across the country, raising mass cybersecurity awareness and consequently reducing the success rate of cyberfraud attacks against customers.

In his speech at the launch, Director of Banking Supervision at the CBN, Haruna Mustafa noted that cyberattacks are major threat to financial system stability, not only through their impact on one institution, but also through their impact on multiple components of the financial system.

According to him: “The development of robust mechanisms to ensure that financial institutions have in place the necessary safeguards to protect against loss of data, fraud and cyber incursions in their respective systems was part of the Governor of Central Bank’s 5-year  policy thrust 2019-2024.

Mustafa, who was represented by the Deputy Director, Banking Supervision, Adedeji Adetona Sikiru, disclosed that the CBN has taken some measures to improve cyber-resilience of supervised institutions including the issuance of the CBN Risk-Based Cybersecurity Framework and Guidelines for Deposit Money Banks in 2018, but that the campaign to also reach customers will help achieve the aim of curbing cyberfraud.

“Despite the significant investment by the CBN, banks, Fintechs and other industry players to thwart the success rate of cyber-attacks, the human element remain a weak link. Cybersecurity awareness is a key in mitigating cyber-risk, and the CBN is ready to partner with industry stakeholders to sustain efforts at educating staff and customers on fraud information and cybersecurity hygiene practices.”

In his response, CCISONFI Chairman, Abumere Igboa explained, “This initiative looks at tackling cybercrime that poses a threat to customers & the Nigeria citizenry in conducting reliable and safe financial services. As Chief Information Security Officers, we have also witnessed an increased adoption of digital/technology platforms post the Covid-19 pandemic crisis by our different financial institutions for delivering innovative financial solutions, expanding its operations, and being able to reach both existing and potential customers.

He said the campaign will help in “successful achievement of our target objectives which include reaching more than 40million customers in the first two years of its launch and finally delivering awareness contents and messages in major Nigerian languages including pidgin English.”

Staveley called on the media to play a proactive role in the campaign. “Talking about the media, your importance in shaping society cannot be over emphasized, we acknowledge this huge role you play and that is why a meeting with you is the first activity on our agenda. Simply put, we need you. We need you to come with us on this journey and work closely with us in fighting the monster called Cyberfraud. Just like you helped the Health sector fight ebola and you are currently helping with fighting misinformation around COVID, we need you to work passionately with us to fight this problem that is threatening digital innovation around financial services.”

CyberSafe Foundation is Nigeria’s foremost non-Governmental organization in the information security domain, on a mission to facilitate pockets of changes human capacity and behavioural changes that ensure inclusive and safe digital access in Nigeria. the Foundation’s Flagship initiative #NoGoFallMaga, also adopted as the name for this cross-financial industry cyber awareness campaign, is a national movement of young people, working to combat preventable digital fraud with consumer-centred sensitization and education. Digital fraud in this context includes, email deception, phone-based scams, online fraud – particularly where cybercriminals impersonate trusted organizations. We leverage fun experiences and content, to catalyse the decline of cyber-related fraud, one trickle of knowledge at a time.

Nairainflow (nairainflow.com): An Investigation

While doing our usual investigations of investment platforms making the rounds, we came across Nairainflow with the domain nairainflow.com. The site promises huge earnings, from ₦40,000/$100 to ₦100,000/$400 Weekly.

Intrigued by this, we decided to take a look at their “how it works” page to find out how they intend to pay out such huge earnings. This is what was written there:

How Can I Earn ?

As soon as pay your reg fee of ₦2,500, we will give you a product worth ₦10,700, which has a lot earning opportunities you may never find anywhere, this is an electronic guide where you will learn over 100 types of businesses in fullest details. This product will open you up to divers career opportunities you never thought could make you rich and how to completely set them up A-Z with support.

Earning opportunities like

How to create a Clickbank account and how to earn $250 through it
Earning at least $100 daily through Bitcoin
Creating a PayPal account that can send and receive funds and how to earn $10 daily with it
How to earn at least $50 daily through AD link and how to withdraw from it and many other premium products that will be discussed as soon as you become a member

The Second way to earn money is through the affiliate part which gives you ₦2,000, ₦4,000, ₦8,000 and beyond till you reach ₦40,000 cash in commission, when people purchase our product with your affiliate link, most members earn up to ₦40,000 cash in a 4 days, kindly read below an example that illustrate how you can earn using your affiliate network

All you have to do is to invite four persons (affiliates) to purchase our product and the system takes it up from there !!!

Your Own Personal Work

Bronze cost ₦2,500, so you will enter this level by paying ₦2,500, the four affiliate you have been inviting will upgrade to you which gives you ₦8,000 or more, once you earn your first ₦8,000, quickly move to silver.

The System Works For You

Silver cost ₦6,000, so you will enter this level by upgrading with ₦6,000, once you have upgraded the system brings 4 affiliates or more that will pay you ₦5,000 each = ₦20,000 and beyond, once you have earned ₦20,000 in silver, quickly upgrade to Gold

Gold cost ₦12000, so you will enter this level by upgrading with ₦12,000 and the system automatically brings 4 affiliates or more that will pay you ₦10,000 each = ₦40,000 and beyond, this is only a glimpse that shows how the affiliate system works, it is possible to earn ₦100,000 in a day if you put your little effort

This process barely take a week to complete, once you have redeemed, you will be out from the affiliate income to start over again

Disclaimer : this is only an illustration of how the affiliate system works, most affiliate earn up to ₦200,000 cash weekly, which is totally possible because their is no limit to the amount of money you can earn using the affiliate system

All this can only be possible once you register and activate your account with just ₦2,500. Don’t miss this opportunity for any reasons.

Why we are Dynamic
With a one time fee of ₦2,500 you will make ₦40,000 or more weekly, because there is no limit to the amount of money you can earn with the affiliate system of NairaInflow.

While we do agree with the website disclaimer stating that this is not a Ponzi scheme, this is clearly a pyramid scheme. Pyramid schemes unlike Ponzi schemes give their victims the opportunity to recruit others into the scam.

The next thing on the website that caught our eye was the testimonials.

testimonial

A reverse image search showed several other websites with the same photos

So we see clearly the website is making use of fake testimonials. Following this, we decided to take a closer look at other pages on the website. We found another red flag on the eshop page. We found a reference to a Chop40k.

A quick google search of the term Chop40k leads to a website called biz7days.com that has a review of a platform called Chop40k. It has similar wordings as Nairainflow and is owned by the same company, Jcyber Tech.

The website also has a link to the Chop40k site which is currently not accessible. But a quick visit to the way back machine revealed the website chop40k.com is a replica of nairainflow.com, also they both have the same contact number 0903 2989 974 on their “vendor-acquisition” pages.

A google search of this number revealed several connections. First, it is listed as the support contact for biz7days.com and is also found on the “vendor-acquisition” page of another pyramid scheme called Global Alat.

So far, we’ve discovered that the platform nairainflow.com is a pyramid scheme, uses fake reviews, and is connected to other pyramid schemes. Next, we decided to check out the company behind all these on the CAC website. We find that J CYBER TECHNOLOGIES is a business name and has a listed address of “No. 12 Idris bori street off abacha road.”

Going back to the website biz7days.com, we find a review of a platform called payobilz.com, it has a similar address with J CYBER TECHNOLOGIES listed on its contact page.

Obviously, this platform belongs to J CYBER TECHNOLOGIES, even though on its “how-it-works” page there’s a claim that it “created under the auspices of Anoxzzy Global International a registered company in CAC with number RC 1199677,” a CAC search showed there is no company with that name. Furthermore, the website showed similarities to nairainflow.com and chop40k.com

Putting it all together, we can conclude all the websites are run by the same individual and all should stay clear of them.

The post Nairainflow (nairainflow.com): An Investigation appeared first on #NoGoFallMaga.

How To Spot An Agricultural Investment Scam

Nigeria has a teeming population estimated to be over 200 million people, and this figure is expected to rise to over 400 million by 2050. What this translates to is that food production and sufficiency will always be on the front burner, as such, agriculture will always be a critical sector of national development. Recently, there has been an influx of investors, entrepreneurs, and innovators applying technology to solve the myriad of challenges bedeviling the agricultural sector. Unfortunately, the sector has also seen an influx of individuals with malevolent motives. Such individuals prey on the unsuspecting through various scams, a notable example being Ponzi Agriculture Investment Schemes (PAIS).

Below, we elucidate the key factors you should be on the lookout for when you’re about to invest in an agricultural scheme, following this advice judiciously will save you from falling prey to scammers and their ilk.

Verify physical presence

Before investing in any agricultural platform it is necessary to visit the physical location of the farm as stated on their website. If you can’t visit, get someone else who can confirm the farm is at that location. Some fraudulent agricultural platforms state farm addresses that are non-existent or belong to other people. Visiting their stated locations will enable you to fish out such scams.

Conflicting or hidden details of the team/individual behind the scheme

Every business is managed and run by a team or an individual. It would be proper to run a background check of the individual or directors of the company to determine their credibility. If the team lacks credible or traceable digital details or doesn’t explicitly tag themselves to the investment platform. That is a warning sign.

Unrealistic Return On Investment (ROI)

The first question to ask about returns is how it is calculated. Is it paid per product cycle or per annum? Keep in mind that most agricultural investment scams give outrageous rates in a bid to lure their clients into investing in their platforms. Hence, review the prevalent market rates and compare it with what you’re being offered. The best bet here is to seek the services of an investment professional and ask that a cost–volume–profit analysis (CVP) be done to evaluate the reality of the advertised return on investment.

Verify that it is insured

As most agricultural products are perishable and farming cycles could become untenable due to weather or other conditions, it is important to make sure the scheme is insured. Also, make sure to contact the insurance provider to understand the type and extent to which the farm is insured. Is the insurance for the produce, equipment, livestock, or all of the above? Usually, most premiums don’t cover the ROI, so in a case where something bad happens, you will not get your expected returns till the farm can begin operating again.

Verify Accreditations and Partnerships

The business should be duly registered with the Corporate Affairs Commission and its fillings up to date. Also, accreditations from the Security & Exchange Commission and NAFDAC are a plus. Verify partnerships such as extension service providers (agencies that provide advice and information to improve production), suppliers for raw materials, and off-takers (people who buy off harvests or farm produce), if any or all of these missing then you should not proceed.

Finally, it is less risky to invest in an already existing agricultural business looking to scale up or one looking for a second round of funding after start-up. As always, don’t be in a hurry, take your time and investigate all that has been recommended and you can be sure you’ll keep scammers at bay.

Contributors:

Temitayo Oloruntoba

Agbaze Jeremiah

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