Business A.M
No Result
View All Result
Saturday, October 17, 2026
  • Login
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
Subscribe
Business A.M
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
No Result
View All Result
Business A.M
No Result
View All Result
Home Technology

Two million Nigerians, S/Africans, Egyptians, others suffer phishing attacks in Q2, say report

by Admin
July 29, 2025
in Technology

By Omobayo Azeez

Africans faced a double whammy in the second quarter of 2020 as they were confronted by cyber-attacks and the coronavirus (COVID-19) pandemic within the period.

The latest report by Kaspersky shows no fewer than two million people suffered from phishing attacks within the period as it detected exactly 2,023,501 phishing attacks in South Africa, Kenya, Egypt, Nigeria, Rwanda and Ethiopia.

It said a number of new tricks have also been found – from HR dismissal emails to attacks disguised as delivery notifications.
The report noted that phishing is one of the oldest and most flexible types of social engineering attacks.

The report read: “They are used in many ways, and for different purposes, to lure unwary users to the site and trick them into entering personal information.

“The latter often includes financial credentials such as bank account passwords or payment card details, or login details for social media accounts. In the wrong hands, this opens doors to various malicious operations, such as money being stolen or corporate networks being compromised. This makes phishing a popular initial infection method.

”South African users have been influenced the most by this type of threat: there were 616,666 phishing attacks detected in 3 months. It was followed by Kenya (514,361), Egypt (492,532), Nigeria (299,426), Rwanda (68,931) and Ethiopia (31,585).”
Kaspersky further described phishing as a strong attack method because it is done at such a large scale.

“By sending massive waves of emails under the name of legitimate institutions or promoting fake pages, malicious users increase their chances of success in their hunt for innocent people’s credentials. The first six months of 2020, however, have shown a new aspect to this well-known form of attack,” the company added.

The latest findings also indicated that phishers increasingly performed targeted attacks, with most of their focus on small companies.

To attract attention, it found that fraudsters forged emails and websites from organisations whose products or services could be purchased by potential victims.

“In the process of making these fake assets, fraudsters often did not even try to make the site appear authentic.
“Such targeted phishing attacks can have serious consequences. Once a fraudster has gained access to an employee’s mailbox, they can use it to carry out further attacks on the company the employee works for, the rest of its staff, or even its contractors,” the report showed.

The firm also realized that the attackers are capitalizing on services that are more required during the pandemic era to create victims among people.

“The new agenda, following the COVID-19 outbreak, has already influenced the “excuses” fraudsters use when asking for personal information.”

This included disguising their communications with unsuspecting users as delivery services, postal services, financial services, human resources services, among other most sought after services during the pandemic era.

 

Admin
Admin
Previous Post

Nigeria bourse maintains bullish stride as investors gain N18.2bn, index gains 14bps

Next Post

Covid-19: Julius Berger donates to Zaria, Kano communities, NIS too

Next Post

Covid-19: Julius Berger donates to Zaria, Kano communities, NIS too

  • Trending
  • Comments
  • Latest

How UNESCO got it wrong in Africa

May 30, 2017

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025
MMA2 enters new commercial era after 20-year concession dispute

MMA2 enters new commercial era after 20-year concession dispute

August 28, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

Rivers, China's CNCECC sign deal for $3.5bn methanol, fertiliser plant

Rivers, China’s CNCECC sign deal for $3.5bn methanol, fertiliser plant

October 17, 2026
Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026
LCFE links petroleum trading to capital market in pricing transparency drive

LCFE links petroleum trading to capital market in pricing transparency drive

October 17, 2026

Popular News

  • How UNESCO got it wrong in Africa

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • MMA2 enters new commercial era after 20-year concession dispute

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Glo, Dangote, Airtel, 7 others prequalified to bid for 9Mobile acquisition

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

Rivers, China's CNCECC sign deal for $3.5bn methanol, fertiliser plant

Rivers, China’s CNCECC sign deal for $3.5bn methanol, fertiliser plant

October 17, 2026
Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE

© 2026 Business A.M