Tech

Cybersecurity firm, Kaspersky rates Africa among top 3 regions prone to financial scams

Published

2 years ago

June 12, 2023

Global cybersecurity firm, Kaspersky has ranked Africa as the third region prone to mobile financial scams in the world.

In a report released on Monday, Kaspersky said throughout 2022 and the first quarter of 2023, “14% of potentially unwanted mobile financial apps on Android phones were made by users in the Middle East, Turkiye, Africa (META) region.”

The report also ranks META third among the world regions behind APAC and LATAM in terms of the number of installations of such apps.

“As Android holds a dominant market share of 78% in the Middle East, 80% in Africa and 70% in Turkiye, cyberthreats for this mobile operating system remain persistent,” the report put together by Igor Golovin, a senior Malware Analyst at Kaspersky, said.

“Kaspersky experts continuously monitor the mobile threat landscape and track threat trends to provide the most up-to-date intelligence about the potential dangers.”

It added that certain mobile financial apps offered seemingly legitimate microlending services, but were found to engage in scam and collect personal data from users’ smartphones.

“These apps request access to text messages, contacts and photos/videos before a loan can be provided. In case the user delays the debt payment, app operators may use the data collected from the smartphone for blackmailing and forcing the user to return the debt,” the report said.

“For instance, information can be dispatched to all of the user’s contacts informing them of the user’s debt accompanied by photos from the gallery.

“The threat landscape evolves, and mobile financial cyberthreats become more sophisticated and pervasive. While downloading smartphone apps from official app stores is less risky than obtaining them from elsewhere, apps can still request the user to give access to different types of personal data that could then be misused.

“As smartphones are used to store an increasing amount of personal data, granting access to it raises security concerns and places additional demand on the security of mobile devices and privacy-preserving ways of storing the data,” said Golovin.

The report also gave tips on how Africans could protect themselves from financial scams.

“To protect yourself from mobile threats, Kaspersky has urged users to download their apps only from official stores like Apple App Store, Google Play or Amazon Appstore.

“Users should also check the permissions of apps that you use and think carefully before permitting an app, especially when it comes to high-risk permissions such as Accessibility Services,” it added.

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Tech

20 African tech-preneurs embark on Korean innovation tour

Published

3 hours ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.