Browsing: financial sector threats

 The penetration of Information Communication Technology use in Africa has grown tremendously in the new millennium. Close to 600 million (43%) Africans now have access to the internet, up from 4.5 million in 2000. This growth in the use of ICT has brought with it a rise in illicit online activities.

 The information found on the internet is largely unfiltered and this exposes the population to fake news and manipulation by scammers. One common scam is the ‘419’ email scam, which derives its name from Nigeria’s criminal code section 419. These scams were common in Nigeria in the 1990s’ and are also referred to as the advance fee scam. It basically involves promising someone a large sum of money if they can pay a certain processing fee.

Even though the tactic may seem ineffective to the techno savvy who are very aware of this old trick, it can be very