A selection of tech news from Nigeria and Africa at large.
Cyber Fraud Targeting Social Media | Communications Solution For Businesses | Curacel Insurtech Startup Raises $3 Million | New Data Security Solution | New AI Fraud-Prevention Solution | Enhanced Digital Payment Services
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Sophos identifies two cyber fraud operations targeting social media users – Nairamatrics
Sophos, a global leader in innovating and delivering cybersecurity as a service, has released details of two expansive cyber fraud scams that are specifically targeting social media users. According to the cybersecurity company, the scammers are operating from Asia. In the report seen by Nairametrics, Sophos disclosed that one of the rings, based in Hong Kong, involves a fake gold trading marketplace. The other one, which is based in Cambodia and has ties to Chinese organized crime, netted $500,000 in cryptocurrency in just one month.
In both schemes, Sophos said the scammers are targeting people directly via Twitter and text messages, respectively. This is a slight deviation from the traditional method the scammers used to find and target victims. Read more here
Firm unveils communications solution for businesses – PUNCH NEWS
21st Century Technologies Limited has partnered with Oracle to launch Oracle Exadata@Customer cloud infrastructure.
21st Century Technologies stated that the newly launched cloud infrastructure will enable new and existing partners and customers to deploy solutions that offer high performance, increased agility, efficiency, and innovation for their customers while also complying with all data and security laws.
Speaking at the launch, the Chairman of 21st Century Technologies, Mr Wale Ajisebutu, emphasised that organisations would be able to locate the cloud infrastructure directly in their own data centres or receive the technology as a managed service from the firm.
He said they would be able to simultaneously benefit from the managed service advantages offered by 21st Century Technologies. Read more here
Nigerian insurtech startup, Curacel, raises $3 million in seed funding – Nairamatrics
Insurtech startup, Curacel, has raised $3 million in seed funding to roll out new technology solutions designed to power the next generation of insurance experiences in Africa.
The company said the new funding will also support its expansion into North Africa.
The seed funding round had participation from Tencent, AAF Management (invested in Sure, and Flutterwave), Elefund (invested in Robinhood, Pie Insurance, and Sure), Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, and Y Combinator, as well as James Park (CEO of Fitbit), Olugbenga ‘GB’ Agboola (CEO of Flutterwave), Babs Ogundeyi (CEO of Kuda) and other strategic investors.
Top executives from Covergenius, Zopper, and Pie Insurance will also join Curacel’s advisory board as part of the round. How Curacel operates: The insurtech startup makes it easier for insurers to distribute their products, automate their claims processes, and drive revenue growth by giving them easy-to-use technology solutions that have been specifically designed to drive up insurance inclusion on the continent.
The company said it has processed more than $100 million worth of claims, working with more than 20 insurers and more than 5,000 service providers in 8 countries across the continent. Read more here
Firms launch data security solution – PUNCH NEWS
Zoho Corporation has unveiled its unified communications platform, Trident, and strengthened collaborative technologies to offer businesses easier ways to communicate across channels.
According to the firm, the Zoho Workplace is now a flexible, full-featured business mail and cloud office suite that was built on a common data model and unified through search and AI, enabling users to operate collaboratively and seamlessly through applications.
Commenting on the product, Country Head, Zoho Nigeria, Kehinde Ogundare, said, “In the past year, Zoho Workplace adoption has accelerated as businesses of all sizes transition to digital-forward, hybrid work.
“With a clear focus on continued innovation, Zoho is well-positioned to thrive during this time of readjustment. The goal of Zoho Workplace is to enable businesses to unify their work to a point where the line between apps disappears. It is heartening to see so many new businesses join the Zoho family, using Zoho Workplace as their customisable centre of gravity.” Read more here
Mastercard, Network International launch new AI fraud-prevention solution – TheGuardian
Mastercard on Monday, announced that it was partnering with Network International, an enabler of digital commerce across the Middle East and Africa, to address fraud, declines and chargebacks in order to reduce costs and risk for acquirers.
Through the partnership, Network will launch Mastercard’s Brighterion Artificial Intelligence (AI) technology across the region, providing transaction fraud screening and merchant monitoring to acquirers and businesses.
According to the Nilson Report, payment card fraud losses are projected to hit $49 billion by 2030. Furthermore, 68 per cent of card fraud losses in 2020 were related to transactions where cards were not physically present. McKinsey estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year. With its sophisticated AI, Brighterion learns the warning signs of fraud and alerts acquirers and merchants in real-time to prevent the completion of fraudulent transactions and costly chargebacks. Read more here
Orange Egypt Partners with Fawry to Enhance Digital Payment Services – TechinAfrica
TechInAfrica – Orange Egypt has signed a partnership agreement with Fawry, the leading provider of e-payments and digital finance solutions in Egypt, to enhance digital payment services and expand the features of Orange Cash wallet. The collaboration strengthens Orange Cash’s position as Egypt’s leading digital payment service, providing customers with a comprehensive money management solution answering their needs with a reliable, secured, and fully compliant platform relying on the highest international technologies and security standards.
Money transfer, electricity, water, and gas bills, insurance premiums, union payments, clubs, schools, and universities, donations, ticket purchases, traffic fines, online purchases, real estate installments, bank loan settlement and merchant payments are just a few of the many services offered by Orange Cash.
Fawry is constantly looking to form lasting strategic alliances with important companies and institutions that provide e-payment services through their smart wallets. As Fawry owns the most developed systems for creating and managing e-wallets as well as the most advanced and secure fintech tools in order to support the Central Bank of Egypt’s initiatives and keep up with the digital transformation to achieve a cashless society. Read more here
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Image Credit: Image by liuzishan on Freepik
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