The Cyber attacks of our Fintech, is our data secure?

[Amphenomenon]

How many of us have come across the news of the number fintechs including Remita, Sterling banks and FCMB falling into cyber attacks?

When I saw the news I wasn't shocked or surprised because I have been quite aware of the fact that these banks do not effectively protect our data. Aside the amount of money stolen, something more important was stolen which is data of customers especially for Sterling bank and Remita.

The truth is that data breach happens to many of these banks but we are not informed, many other platforms in Nigeria live like this. It is a sad thing that the government hasn't done much to protect our identity, setting laws and regulations for businesses to follow and ensuring they follow, and those eho fail to meet requirements are punished, including ensuring that these businesses makes data breaches or attack public to customers.  Security in Nigeria is bad including the cybersecurity aspects.

We need to be cautious and some of our local none scam are through this. I remember years ago when the first day I requested for a debit card from a bank, that very day or next I was getting calls from a scammer.

How was that possible except my data was leaked,many have suffered and fall victim through this.

Cyber attack is real and we should be cautious. This will also improve social engineering attack sadly, which has an higher tendency of success.

https://x.com/i/status/2039263634723864841

[Orpichukwu]

And this stolen data will soon find its way to the dark web, where many scammers with different tactics will use it to attack victims. There should be an awareness campaign carried out by these companies where this leakage happens to educate their customers on possible ways to protect themselves and how to identify fraud and not fall victim to it.

The money stolen is on the bank; if the hacker actually does conduct the transaction on zero account, they will carry the loss and somehow recover it even if they hackers are not caught. For the meantime, they should swallow their pride, accept the mistake and address the public on how to survive this; they can only learn from it by spending more on security rather than focusing on how to milk customers as all the banks do.

[Ronsbit]

And this stolen data will soon find its way to the dark web, where many scammers with different tactics will use it to attack victims. There should be an awareness campaign carried out by these companies where this leakage happens to educate their customers on possible ways to protect themselves and how to identify fraud and not fall victim to it.

The money stolen is on the bank; if the hacker actually does conduct the transaction on zero account, they will carry the loss and somehow recover it even if they hackers are not caught. For the meantime, they should swallow their pride, accept the mistake and address the public on how to survive this; they can only learn from it by spending more on security rather than focusing on how to milk customers as all the banks do.

This is the least they would ever think of doing, as they are just nonchalant and do not care about their customers' safety and privacy. All they care about is investment to get more, and in situations like this, one of the major things they ought to do is to make sure a message is sent to all their customers, raising their awareness of the hack and the possibility of they reciveing any messages that could help their customer care in reaching out to the customers for their safety.

[Yablee0]

And this stolen data will soon find its way to the dark web, where many scammers with different tactics will use it to attack victims. There should be an awareness campaign carried out by these companies where this leakage happens to educate their customers on possible ways to protect themselves and how to identify fraud and not fall victim to it.

The money stolen is on the bank; if the hacker actually does conduct the transaction on zero account, they will carry the loss and somehow recover it even if they hackers are not caught. For the meantime, they should swallow their pride, accept the mistake and address the public on how to survive this; they can only learn from it by spending more on security rather than focusing on how to milk customers as all the banks do.

This is the least they would ever think of doing, as they are just nonchalant and do not care about their customers' safety and privacy. All they care about is investment to get more, and in situations like this, one of the major things they ought to do is to make sure a message is sent to all their customers, raising their awareness of the hack and the possibility of they reciveing any messages that could help their customer care in reaching out to the customers for their safety.

That's is the more reasons we shouldn't hope on our local banks, they probably don't have our interest at hand perhaps all they pretty cares about is how they can make fat profits from the little you have worked so hard to keep in the bank. However, where you can't find the safety of your personal data is not worth dealing with, as a matter of fact your personal data (information) is you, so losing it to scammers is like presenting or exposing your entire life to them and you knows what that means.

That is why I prefer using Bitcoin in most of my transactions and Bitcoin innovation stand out in terms of security and privacy. Not like back in the days when we weren't experience yet, Bitcoin innovation has opened our eyes and will can now understand better. However, since I know about Bitcoin to be topnotch in terms of security and all that, I have diverted all my financial dealings to it and I am even doing better than before.

[Btcdeybodi]

The truth is that data breach happens to many of these banks but we are not informed, many other platforms in Nigeria live like this. It is a sad thing that the government hasn't done much to protect our identity, setting laws and regulations for businesses to follow and ensuring they follow, and those eho fail to meet requirements are punished, including ensuring that these businesses makes data breaches or attack public to customers.  Security in Nigeria is bad including the cybersecurity aspects.

Cyber attacks is a major concern, which is why we shouldn't keep all our money in centralized monetary platforms. However, the government cannot fully protect your data inasmuch as they are in their custody. Apart from our data facing breaches through cyber attacks, it can still be compromised willingly by some bad eggs in the government. Setting laws and regulations does not even guarantee that your data will not be exposed, some of these platforms have very weak security protocols because of the cost of cybersecurity, they don't want to spend much just to protect our personal information. If you want to minimize the possibility of your data facing exposure then you should consider using decentralized platforms.

[Tonimez]

How many of us have come across the news of the number fintechs including Remita, Sterling banks and FCMB falling into cyber attacks?

This data leakage is no longer news as it's becoming a daily routine and the worst part of it is that the companies involved don't tend to release the full effect of the cyber attack probably in order to reduce panic among customers or to avoid loosing their customers. This is not a fair practice as the Data protection Act of 2023 and 2019 and beyond has proven very inefficient in protecting citizens data.

I remember years ago when the first day I requested for a debit card from a bank, that very day or next I was getting calls from a scammer.

This same incident happened to my madam back then, in the evening of the day she collected her access Bank ATM card, A scammer called claiming that the card she registered earlier that day was having an error and requested that she should send her OTP for correction. That was how she lost her entire life savings.

This cyber security laws has to get more transparent and effective and some of these people that breach the law have not been made to face the full weight of the law. Again, if the companies are to pay up to 2% of their earnings as a fine, a percentage should be released to the real victims of the crime to cushion the effect of the scam.

[Fiatless]

Most of these financial institutions use third parties to manage customers' data. They do it to cut costs and also to exonerate themselves if there are security breaches.

Some globally recognised companies would normally inform their customers that there was a hack or security challenge that affected a third-party service provider that manages their customer information. In this case, you would have to hold the service providers responsible instead of the financial institution.

Bear in mind that any personal information given out to any organisation has gone public. It can easily be leaked or sold to other parties.

[Agbe]

Snip

No be today the attack starts. Since from di beginning nd nai make unknown people dey call you from your back, dem dey call you name well and di bank. Come tell u to update your bio Information nd make u send dem ur otp and some information and once you do am your funds go just disappeared. Dat one been dey on ground since. Our information in Fintech and real banks e never dey save.

[Mhizlove]

Wetin you yarn about cyber attack Na true and every real but If I may say it's not that all the banks are not protecting us some attacks dey happen because of how we take dey careless with our information. If we already always at alert and we make sure that our passwords are strong, and again not sharing our data anyhow, I don't think there will be the chance for a ammers to succeed it will lesson or reduce scammers to succeed, and again this don't mean that security for we country dey totally bad sometimes na our carelessness dey cause everything

[Joy- maker]

Am just coming across the news for the first time, and this is the exact reason why I don't save money in the bank. And how will the government do something about it when those in government are only after stealing public funds to enrich themselves.

Protecting our identity is the last time our government would think of right now. Beside how can a government who have not protect her citizens from terrorism protect them from cyber attack.

Nigerians should be very care because we are on own, I know Bitcoin is very volatile, but save your money in Bitcoin e get why, instead of saving it in the bank.

We should always remember that the creation of Bitcoin was a result of Banks failure. So if you value privacy go with Bitcoin, and to avoid stories that would touch the heart go with Bitcoin.

[Ronsbit]

And this stolen data will soon find its way to the dark web, where many scammers with different tactics will use it to attack victims. There should be an awareness campaign carried out by these companies where this leakage happens to educate their customers on possible ways to protect themselves and how to identify fraud and not fall victim to it.

The money stolen is on the bank; if the hacker actually does conduct the transaction on zero account, they will carry the loss and somehow recover it even if they hackers are not caught. For the meantime, they should swallow their pride, accept the mistake and address the public on how to survive this; they can only learn from it by spending more on security rather than focusing on how to milk customers as all the banks do.

This is the least they would ever think of doing, as they are just nonchalant and do not care about their customers' safety and privacy. All they care about is investment to get more, and in situations like this, one of the major things they ought to do is to make sure a message is sent to all their customers, raising their awareness of the hack and the possibility of they reciveing any messages that could help their customer care in reaching out to the customers for their safety.

That's is the more reasons we shouldn't hope on our local banks, they probably don't have our interest at hand perhaps all they pretty cares about is how they can make fat profits from the little you have worked so hard to keep in the bank. However, where you can't find the safety of your personal data is not worth dealing with, as a matter of fact your personal data (information) is you, so losing it to scammers is like presenting or exposing your entire life to them and you knows what that means.

That is why I prefer using Bitcoin in most of my transactions and Bitcoin innovation stand out in terms of security and privacy. Not like back in the days when we weren't experience yet, Bitcoin innovation has opened our eyes and will can now understand better. However, since I know about Bitcoin to be topnotch in terms of security and all that, I have diverted all my financial dealings to it and I am even doing better than before.

It is good that you made a good resolution on how to go about your finances in Bitcoin, and I believe that would be safer than having them under the custody of a third party, which is the bank. The banks are just after your money and how to make a profit from your holdings under their custody, and they do not care what happens as long as they get what they want from your earnings, they are good to go.
But with crypto and bitcoin, you have your assets under your custody and no one would charge you for any reasons unnecceessarily, it is you and your funds and assets no third party to interfare eit your transactions. So no doubt with bitcoin your security is guaranteed and your privacy is secured.

[Dr.Bitcoin_Strange]

There's a saying that when your personal information is not only known to you but to other parties, it's no longer 100% safe, that's true but you as an individual can not have account with this fintech companies or bank without having your personal information released to them which includes your picture and your address. Someone so dear to me lost a significant amount from their bank account few years ago because of they received a call from someone who pretended to be a bank official and when the person called, he told the victim every information about the person, their address, account number, bvn number which made the victim to think that they were actually speaking with a real bank official, not knowing it was just a scam. The question is, how did this scammer got to know the whole information about the victim, it means they have gotten it from the bank.

[Felicity_Tide]

An average black man doesn't understand the importance of data privacy, so i'm not surprised by all this nonsense and nonchalant attitude toward the protection of customers data by banks and other services that stores large amount of personal data of individuals. I have always had so many reasons to believe that these data leaks, are never as a result of a breach in security. I think every bank has that one employee that sells customers contact info, or perhaps, they don't dispose customers used forms properly.

And on the part of the government, well, that should even be the very last thing to rely on at the moment. For a government that can't even  protect the lives of its  people, I'm not sure how you want them to strictly impose laws that governs the protection of personal customer data.

[Mr Reporter]

Most of these financial institutions use third parties to manage customers' data. They do it to cut costs and also to exonerate themselves if there are security breaches.

Bear in mind that any personal information given out to any organisation has gone public. It can easily be leaked or sold to other parties.

You are very right about this most company’s do give out your personal information just to manger some costs and some other stuff like which is very bad at some point how can you clams to keep a person information save and later finds it somewhere which is even lead to hack or something in which we hear every day story on how most companies are been hacked on a daily basis..

Just as you have said yiu are very correct even some financial institutions like  Opay, Moniepoint, plampay, to me feel most of our financial information are been share to third parties film companies to help them manage at a very small amount so this is why I no that sometimes it the company fault not to use the best technology…

[Biirakedee]

How many of us have come across the news of the number fintechs including Remita, Sterling banks and FCMB falling into cyber attacks?

When I saw the news I wasn't shocked or surprised because I have been quite aware of the fact that these banks do not effectively protect our data. Aside the amount of money stolen, something more important was stolen which is data of customers especially for Sterling bank and Remita.

The truth is that data breach happens to many of these banks but we are not informed, many other platforms in Nigeria live like this. It is a sad thing that the government hasn't done much to protect our identity, setting laws and regulations for businesses to follow and ensuring they follow, and those eho fail to meet requirements are punished, including ensuring that these businesses makes data breaches or attack public to customers.  Security in Nigeria is bad including the cybersecurity aspects.

We need to be cautious and some of our local none scam are through this. I remember years ago when the first day I requested for a debit card from a bank, that very day or next I was getting calls from a scammer.

How was that possible except my data was leaked,many have suffered and fall victim through this.

Cyber attack is real and we should be cautious. This will also improve social engineering attack sadly, which has an higher tendency of success.

https://x.com/i/status/2039263634723864841

It’s not even about money anymore, it’s about personal informations (names, number, account detail), one e all this gets exposed then that’s all . Also getting scam calls after interacting with banks is the kind of thing that makes people lose trust. The truth is cyber attacks are real and they are happening everywhere not only in Nigeria but what people really wants is to feel protected and informed because when things go wrong, being silent or lack of clarity just makes things worse. At the same time this is also a reminder that we have to be very careful on our ends too. These scammers are also getting smarter day by day and sometimes all they need is small information to take advantage, so yes your data is not completely unsafe but it’s also not something you can just relax about, we all need to stay alert and just hope that the system meant to protect us, our personal information are actually doing there job.