Africa Could Lose Up To $5b To Mobile Fraudulent Activities From $4b Last Year

Africa’s losses to mobile fraud will keep on transcending a year ago’s USD 4 billion to top at a record USD 5 billion before the finish of 2021 if nothing is done to forestall worldwide cybercriminals from plundering the continent.

That is as indicated by Paris-based anti-fraud campaigner David Lotfi, CEO of Evina who said “In Africa, we have the perfect storm of a youthful population using almost a billion mobile money accounts coupled with the Coronavirus-related one-third increase in Internet traffic.”

Proficient cybercriminals from around the globe are costing the world’s developing economies billions consistently that could be spent on other programs like infrastructure, healthcare and education. Mr. Lotfi went on to say that mobile forms of payment are being hit by two primary types of fraud;

“Today clickjacking and malicious app are the two most common forms of mobile fraud. Through the clickjacking technique, a fraudster intercepts a legitimate click and unknowingly directs the user to a website where sensitive financial and other details can be stolen.

Malicious apps are trickier, these apps have been injected with malware during a disguised app update or right from the start when the user unwittingly downloads the app from the app store, with the same purpose of defrauding the user.”

His company claims that in the Middle Eastern and African areas the fraudulent activities stand at 27 percent rate a, 60% are clickjacking and 19% are malignant applications.

Malware is usually passed on through malicious apps and websites. People easily become a victim by clicking on suspicious links or accepting conditions that in turn lead to theft of personal information But clickjacking is an exceptionally essential kind of extortion that has been around for at any rate five years and generally eradicated in the developed world especially.

“It’s easy to combat and there really is no excuse for the fact that one in three mobile subscriptions in South Africa, for example, is fraudulent. Evina has repeatedly communicated the fact that the fraudsters who continue to loot Africa’s wealth can be beaten with the right tools that we already use to protect millions of mobile transactions worldwide every day.”

Evina is currently protecting up to 90% of mobile transactions in Ivory Coast, Morocco and Senegal. Evina additionally secures traffic in some African nations like Mali, Ghana, Algeria. Congo, Tunisia, Kenya, Botswana, Libya, Egypt, Angola and all nations in the Middle East.

In Africa, Evina DCBprotect was shortlisted for AfricaCom’s Most Innovative Product or Service Award. The award focuses on companies that build innovative products and services for users in Africa. In addtion, the also received the Best Anti-Fraud Solution on a global scale at the Global Carrier Billing Summit. The company says they have and can help even more nations recover the billions lost to mobile fraud.