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In recent years, Nigeria has made significant strides in promoting financial inclusion, aiming to integrate millions of unbanked and underbanked citizens into the formal financial system. However, a surge in fraud cases threatens to derail this progress, leaving individuals and small businesses increasingly skeptical of digital financial services. According to recent data by the Financial Institutions Training Centre (FITC), there has been a spike in reported fraud cases by banks and the amount involved in fraud. Related Stories Government’s payment initiatives key to achieving 95% financial inclusion in Nigeria – Nandan Mer Financial inclusion, key facilitator to poverty reduction and economic prosperity – 9PSB CEO Specifically, for Q3 2024, fraud cases reported by Nigerian banks jumped by 65% from 11,532 in Q2 to 19,007 in Q3. Similarly, there was also a spike in the amount involved in fraud as the attackers attempted to steal N115.9 billion in the third quarter, marking a 105% surge compared with N56.6 billion recorded in Q2. Going by the FITC Fraud and Forgery reports for the first, second, and third quarters of the year, Nigerian banks and their customers have lost an estimated N53.4 billion to fraud in the first nine months of the year. While the reports show a minimal loss of N468.4 million in Q1, the fraudsters won big in Q2 carting away N42.8 billion in Q2, while topping it with another N10.1 billion in the third quarter. This shows a significant surge in losses compared with the total of N9.4 billion lost to fraudulent activities throughout last year. The reports further confirm the escalation of fraud across all platforms, with the rise of digital transactions further amplifying the risks. For Lagos-based trader Amaka Eze, the promise of convenience turned into a nightmare. She lost N450,000 in July this year after hackers gained access to her mobile wallet through a phishing scheme. “I had just started trusting digital payments to avoid carrying cash around. Now, I don’t know if I’ll ever use my phone for transactions again, ” she lamented Similarly, Daniel Ajayi, a small-scale farmer in Ibadan , saw his savings wiped out overnight. “It took me three years to save that N1.5 million, and just like that, it was gone, ” said Ajayi, who could not understand how his money was wiped out of his account despite keeping his ATM card and PIN secure. Stories like theirs have become all too common, eroding trust in digital financial platforms. The ripple effect of these fraud incidents is profound. Many Nigerians are now hesitant to open bank accounts or adopt fintech solutions, fearing they could lose their hard-earned money. For a country aiming to achieve 95% financial inclusion by the end of 2024, this skepticism poses a major hurdle. Women and rural dwellers, who are critical demographics for inclusion, are especially wary, given their limited exposure to financial literacy programs and fraud protection mechanisms. According to the 2023 Access to Finance (A2F) survey report of Enhancing Financial Innovation and Access (EFInA), despite steady advancements since the survey’s inception in 2008, the pace of progress remains a concern, with 59 million Nigerians excluded from formal financial services in 2020, particularly impacting rural communities and women. The report further notes that the ownership and use of banking services in Nigeria still skews heavily towards the top of the wealth distribution; in the more developed districts and urban areas; as well as towards males, those with better educational achievements, and the middle-aged contributing further to inequalities across and within these categories. As part of measures to stem the tide of rising fraud in the financial system, the CBN recently directed all financial institutions in the country to establish fraud desks to help protect against electronic fraud. The purpose of these desks is to quickly respond to fraud alerts and reduce the number of successful electronic payment frauds. In addition to that, the apex also set up the National Economic and Financial Crimes Forum (NEFF), a collaborative group led by the CBN that aims to reduce fraud in the Nigerian financial system. The NEFF’s functions include: Taking proactive measures against fraud Implementing strategies to reduce fraudulent transactions Reporting fraud as soon as it’s identified Providing detailed data on fraud incidents Despite the regulatory efforts, the issue of fraud still remains a major challenge in the financial industry and a threat to financial inclusion. However, a cybersecurity expert and Unity Bank’s Chief Information Security Officer (CISO), Mr. Zechariah Akinpelu, noted that some of the losses to fraud are caused by bank customers’ carelessness. According to him, the false sense of security many individuals have regarding their ATM card protection, especially when relying solely on PIN security, could lead to major financial losses. While noting that many cardholders believe that if their card is lost or stolen, the attached PIN will prevent unauthorized transactions, he pointed out the danger of “ card-not-present ” (CNP) transactions, where no PIN is required to complete a purchase on certain merchant websites. “If someone gets hold of your card details, they can make transactions on your behalf without needing your PIN,” he warned. Highlighting the global risks, Akinpelu noted that while Nigerian banks have implemented robust security measures, such as PIN and chip technology, the global nature of online shopping exposes Nigerians to vulnerabilities present in other regions. “In Nigeria, you can feel secure that most merchant sites will require a PIN for transactions. However, we live in a global village. I can order a phone from anywhere and have it delivered to me within a few days,” he said. The Unity Bank CISO expressed worry that many Nigerian cardholders care less about the numbers on their cards but only their PIN. “The way people carelessly handle their cards these days is concerning. People think that because they protect their cards with a PIN, even if the card gets lost, they are protected,” he stated. Aside from the need for more awareness for bank customers to be security conscious with their ATM cards and other bank details, stakeholders in the financial industry said the financial institutions still have a lot to do in restoring the people’s confidence in them. While expressing concern that the increasing rate of fraud across banks is eroding trust in the financial sector, the Managing Director and CEO of the FITC, Dr, Chizor Malize, suggested the deployment of Artificial Intelligence by all financial institutions to tackle the problem. According to her, emerging technologies like AI would play a critical role in combating the rise of cyber threats and digital risks, which have been exacerbated by advancements in technology. “There is an urgent need for leveraging AI to mitigate risks and bolster the stability of the financial system,” she said. Mrs. Favour Femi-Oyewole, Group Chief Information Security Officer of Access Bank, also highlighted the need for embedded security in the financial sector due to consumers’ exposure to diverse APIs and multiple digital footprints. She called for broad-based implementation of machine learning to address the growing financial challenges and avert potential risks. Emphasising the need for collaboration among banks to tackle the menace, Femi-Oyewole said: “We can compete on models, we can compete on strategies, on objectives and all that. When it comes to cyber security, we are all faced with the same common enemy. So, that means we have to collaborate.” Similarly, the MD/CEO of Pattison Consulting Limited, Mr. Pattison Boleigha, advocated for the wider adoption of AI tools and software to counter financial fraud. According to him, the issue of governance and regulatory oversight are also very key to ensuring that all financial institutions are doing the right things in terms of security. To that end, he urged regulators to be trained on these technologies while calling for increased consumer awareness and collaboration between consumers, operators, and regulators to combat fraud effectively. This report is produced under the DPI Africa Journalism Fellowship Programme of the Media Foundation for West Africa and Co-Develop.Let's face it – whether you're just dipping your toes into the bass and guitar world (pun intended), or you're a veteran with decades upon decades of experience, one category that doesn't discriminate is guitar accessories . Essentially, they're the cornerstone of every guitarist and bassist's toolkit. From complete essentials like cables, straps, picks, and strings to guitar stands , capos , and patch cables , these tools are arguably the unsung heroes of every guitarist and bassist's setup. And it doesn't stop there – how about earplugs for those loud rehearsals and your band's hell-raising shows? Or perhaps strap locks to prevent your strap from unfastening while you're busy rocking out on stage? Every piece of quality gear means you can rest assured that – whether you're holed up in your studio writing and recording some sick tunes, on tour, or even just jamming with your bandmates in the rehearsal room – you can do your job without worrying about what's going to break in the next few minutes. With the abundance of choices out there, it's sometimes hard to know which accessories to go for – and, most importantly, which ones are reliable and will last. So, to save you the hassle of scouring for deals yourself, we've rounded up some of the best guitar accessories deals for Black Friday and Cyber Weekend – keeping quality top of mind. Bonus!The National Information Technology Development Agency has issued a warning to Spotify users about increasing cybersecurity risks linked to the platform’s playlists and podcasts. The advisory, published on Tuesday, informed users of how cybercriminals are exploiting Spotify’s features to distribute malicious content, including game hacks for popular games like Fortnite, GTA, Apex Legends, and Roblox, as well as pirated software and scam websites. According to the IT agency, “Spotify is being exploited to promote game hacks for video games like Fortnite, GTA, Apex, and Roblox. “Threat actors are also using the platform to advertise pirated software, spam links, and malicious crack sites. They embed these malicious promotions within playlist names and podcast descriptions.” The advisory further emphasised the risks of malicious links embedded in playlist names and podcast descriptions, which boost the visibility of dangerous sites through Spotify’s web player. This exposes users to scams, malware, and other cyber threats. In light of this, the agency has advised Spotify users to avoid playlists and podcasts with suspicious text in their descriptions and to refrain from clicking any links in these descriptions. Related News Review economic policies to provide relief for Nigerians, NANS urges Tinubu Simon Ekpa: Nigerians in Finland panic as search for sponsors begins Why Nigerians must pay for new national ID card - NIMC Additionally, users are encouraged to update their Spotify app to the latest version for improved security. With cybercriminals increasingly exploiting legitimate platforms, the NITDA’s advisory serves as a crucial reminder for users to remain vigilant and protect themselves from evolving online threats. Last week, the IT regulator warned organisations about Ymir ransomware, describing it as a highly sophisticated cyber threat targeting corporate networks. The malware not only encrypts critical data but also exfiltrates sensitive information before encryption, demanding substantial ransoms in cryptocurrency. “This ransomware is highly advanced and poses a significant threat to organisations, especially those in industries like healthcare, finance, and IT services that handle sensitive data,” NITDA said.
BUENOS AIRES (AP) — Thiago Messi, the eldest son of the Argentina star, has made his debut in the “Newell’s Cup” tournament in the countryside city of Rosario. The 12-year-old Messi played with the No. 10 jersey of an Inter Miami youth team, which lost 1-0 on Monday to host Newell’s Old Boys in the traditional under-13 competition. The team also played Tuesday. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
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The Fort Worth ISD school board approved just over $14 million in spending at its Nov. 12 meeting. The two largest purchases were related to campus operations. Trustees approved the district’s school resource officer program for the 2024-25 school year for $5.9 million and the purchase of audio-visual displays for up to $1.78 million. Trustee Kevin Lynch was absent. Here’s what else trustees approved: Financial advisory firms What is it? Trustees appointed two financial advisory firms, HilltopSecurities Inc. and Stifel, Nicolaus & Co., as co-financial advisers for the district. These firms were selected after an evaluation process that included a request for qualifications, committee scoring and in-person interviews. The co-advisory structure, with a 50/50 fee split, is designed to provide comprehensive guidance on managing the district’s large debt portfolio. Upon board approval, contracts will be negotiated with the selected firms. What’s the cost? Costs of issuance are typically 2%-5% of the cost of issuance. Who’s the vendor? HilltopSecurities Inc. ; Stifel, Nicolaus & Co. Where’s the funding coming from? Debt service fund, general fund and capital projects fund. What was the vote? Unanimous, with trustee Kevin Lynch absent. School resource officer program Get essential daily news for the Fort Worth area. Sign up for insightful, in-depth stories — completely free. What is it? The district and the city of Fort Worth entered into an Interlocal Agreement for the school resource officer program. This partnership assigns Fort Worth Police Department officers to schools within the city’s limits to enhance safety and security. Under the agreement, effective Oct. 1, 2024, to Sept. 30, 2025, the district will cover 50% of the personnel and operating costs for the officers assigned to its schools. What’s the cost? $5,896,323.53 Who’s the vendor? City of Fort Worth Where’s the funding coming from? General fund What was the vote? Unanimous Audio-visual displays for classrooms What is it? Trustees approved a continuation of the project to replace outdated interactive whiteboards with new interactive flat panels in 13 elementary schools and at other campuses. Initially funded with $10.4 million approved in January 2022 and supplemented by additional funding in October 2023, the project faced delays and will require updated quotes to proceed. The replacements aim to modernize audio-visual equipment across the district’s schools. What’s the cost? Not to exceed $1.787 million Who’s the vendor? Delcom Group Where’s the funding coming from? TRE What was the vote? Unanimous West Side Transportation and Operations Center What is it? Trustees approved a proposal for a new transportation and operations center to replace the outdated facilities at 3626 Longvue Ave., Fort Worth. Originally planned in 2020, the project’s scope has since expanded to consolidate warehouse functions and staff from multiple sites, aiming to reduce leasing costs and improve operational efficiency. The project is also necessitated by the TxDOT RM 2871 Roadway Improvement Project, which requires the demolition and replacement of existing buildings due to planned roadway widening. What’s the cost? $1.38 million Who’s the vendor? Real Estate Sale Proceeds Fund Where’s the funding coming from? Corgan What was the vote? 5-3, with board President Roxanne Martinez, trustee Tobi Jackson and trustee Anael Luebanos dissenting. New printers and scanners What is it? Trustees funded the replacement and purchase of new printers and scanners as part of the district’s managed print services contract. The contract covers maintenance, repairs and toner for 347 copiers and supports the district’s upcoming digitization project to reduce paper usage. Phase I adds color copiers to 81 campuses, while Phase II replaces the entire fleet districtwide with new copiers from the awarded vendor. The contract previously lapsed, causing issues for campuses across the district. What’s the cost? Not to exceed $1.3 million Who’s the vendor? Novatech Where’s the funding coming from? General fund What was the vote? Unanimous Replacements for campus fire alarms What is it? Trustees approved a request to replace inoperable fire alarm control panels at nine district facilities where the systems have completely failed. The replacement is critical to restore fire detection capabilities, comply with building codes and maintain life safety standards for everyone using these facilities. The new panels will improve compatibility with other safety systems, enhancing overall building management. In the interim, fire-watch personnel have been assigned to ensure safety until the replacements are installed. What’s the cost? $1,154,153.49 Who’s the vendor? Firetrol Protection Systems Inc. ; Century Fire Protection ; Texas Fire & Sound Inc. Where’s the funding coming from? General fund What was the vote? Unanimous Rosemont Middle School renovations What is it? Trustees amended the contract with Huckabee architects for renovations at Rosemont Middle School under the 2021 capital improvement program. Following the February 2024 approval of Guaranteed Maximum Price (GMP) amendments for the project, the architect’s not-to-exceed (NTE) budget must be adjusted from $4.1 million to $5.13 million to align with the updated project costs. What’s the cost? $1,025,233.14 Who’s the vendor? Huckabee architects Where’s the funding coming from? 2021 bond program What was the vote? Unanimous Copier lease extension agreement What is it? Trustees approved an agreement ensuring continued support for the district’s current copier lease program while transitioning to a new vendor. The agreement is designed to prevent any disruptions to copier functionality across the district during the transition period. What’s the cost? Not to exceed $450,000 Who’s the vendor? Xerox Business Solutions Southwest Where’s the funding coming from? General fund What was the vote? Unanimous. Item was on the consent agenda, a list of routine actions that can be approved in one vote. Forest Oak Sixth Grade relocation project What is it? Trustees approved a change order for the Forest Oak Sixth Grade relocation project under the 2021 capital improvement program. It provides additional funding for unexpected requirements from the city of Fort Worth, including constructing a large detention pond and associated storm drainage work. The change order also extends the project’s substantial completion date from Aug. 1, 2024, to Nov. 1, 2024. What’s the cost? $370,000 Who’s the vendor? F.H. Paschen Where’s the funding coming from? 2021 bond program What was the vote? Unanimous Payment of Teacher Incentive Allotment designation fee What is it? The Teacher Incentive Allotment (TIA) is a state program created under Texas House Bill 3 in 2019 to reward and retain highly effective teachers, especially in schools that are hard to staff. It offers teachers a chance to earn higher salaries while staying in the classroom to positively impact students. To participate, districts must pay a $500 per teacher designation fee to the Texas Education Agency, which is reimbursed after final funding is settled in September 2025. What’s the cost? $225,430 Who’s the vendor? Texas Education Agency Where’s the funding coming from? General fund What was the vote? Unanimous. Item was on the consent agenda. Dunbar High School betterment project What is it? Trustees finalized a contract for renovations at Dunbar High School under Phillips/May corporation. Initially approved in April 2023 with a budget of $5.2 million and a completion date of Dec. 31, 2023, the project underwent adjustments, including a $291,042 deduction and a 131-day extension. The final contract amount is $4.9 million with substantial completion achieved on May 10, 2024. After previous payments, a final balance of $205,777 remains due. What’s the cost? $205,777.04 Who’s the vendor? Phillips/May Where’s the funding coming from? 2017 bond program What was the vote? Unanimous. Item was on the consent agenda. Energy and sustainability software What is it? Trustees approved an upgrade of the district’s energy and sustainability management software to improve utility management. Utilities are a major expenditure, and this advanced tool aims to reduce energy consumption and costs, freeing up more funds for classroom needs. The upgrade will transition from manual entry of utility bills to automated monthly imports, providing real-time data to enhance tracking, reporting and analysis. What’s the cost? $93,800.13 Who’s the vendor? EnergyCAP, LLC Where’s the funding coming from? General fund What was the vote? Unanimous. Item was on the consent agenda. Clifford Davis Elementary School playground What is it? Clifford Davis Elementary School is getting a new playground this December, thanks to a partnership between the district and KABOOM! The project is partly funded through KABOOM! donations, and trustees approved to install a durable pour-in-place safety surface instead of traditional wood fibers. This surface, designed to last 10 to 15 years, will improve safety and durability, with installation timed to coincide with the playground construction for a seamless upgrade. What’s the cost? $86,266 Who’s the vendor? Whirlix Design Inc. Where’s the funding coming from? TRE What was the vote? Unanimous. Item was on the consent agenda. Bidirectional amplifier system for Western Hills High School What is it? Trustees approved a safety improvement project at Western Hills High School to ensure public safety radios — like those used by police, fire and EMS — work as effectively inside the building as they do outside. Currently, parts of the building block radio signals, creating a critical safety hazard for first responders. The Benbrook fire marshal has mandated a solution and installing a bidirectional amplifier system is the recommended fix. What’s the cost? $77,958 Who’s the vendor? Aerowave Technologies Where’s the funding coming from? Special revenue What was the vote? Unanimous. Item was on the consent agenda. Facility management software What is it? Trustees approved a contract with a facility management provider to streamline and manage nonschool use of district facilities. The agreement includes creating a public rental marketplace where the community can easily find, request and pay for facility rentals. The provider will handle inquiries, confirm availability and approve schedules, earning 10% of each processed transaction. While an optional work-order management module is available at 14% per transaction, the district is not adopting it at this time. The contract begins Nov. 15, 2024, and runs through Nov. 15, 2027, with options for two one-year renewals. What’s the cost? 10% of rental revenue Who’s the vendor? Facilitron Inc. Where’s the funding coming from? General fund What was the vote? Unanimous. Item was on the consent agenda. Professional Systems Software and Technology to provide current and former employees tracking for Patient Protection and Affordable Care Act What is it? Contract renewal proposal for Professional Systems Software and Technology, a company that has been managing the district’s Affordable Care Act compliance since 2015. This includes notifying employees about their coverage and submitting required IRS reports. The district is considering a new contract through August 2025, with potential yearly extensions through 2030. What’s the cost? Not to exceed $62,000 annually Who’s the vendor? Professional Systems Software and Technology Where’s the funding coming from? Internal service fund What was the vote? Unanimous. Item was on the consent agenda. Software maintenance and support for printing What is it? Trustees renewed the district’s Papercut solution, which secures printing by requiring users to verify their identity with district badges or log-ins before releasing print jobs. The renewal covers a one-year period to maintain this security measure. What’s the cost? $61,416.68 Who’s the vendor? Xerox Business Solutions Southwest Where’s the funding coming from? General fund What was the vote? Unanimous. Item was on the consent agenda. Matthew Sgroi is an education reporter for the Fort Worth Report. Contact him at matthew.sgroi@fortworthreport.org or @matthewsgroi1 . At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here . Your support makes TWICE the impact today. As November draws to a close , time is running out to double your impact. Thanks to the generosity of the Nicholas Martin Jr. Family Foundation, every dollar you give will be matched—up to $15,000. Will you give today to help trusted, local reporting thrive in Fort Worth and Tarrant County? Related Fort Worth Report is certified by the Journalism Trust Initiative for adhering to standards for ethical journalism . Republish This Story Republishing is free for noncommercial entities. Commercial entities are prohibited without a licensing agreement. Contact us for details. This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License . 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If you share our stories on social media, please tag us in your posts using @FortWorthReport on Facebook and @FortWorthReport on Twitter. by Matthew Sgroi, Fort Worth Report November 26, 2024