Ben Allen is a cross-border fraud investigation and financial security specialist. Licensed as a private investigator in Texas, he holds a master’s degree in business administration (MBA) from Lincoln University in Oakland, California. Allen holds certifications in fraud examination, anti-money laundering and cybersecurity. His books, Cross Border Deception and Cybersecurity Essentials, serve as valuable resources in the industry. A member of the Forbes Technology Council, he speaks to IJEOMA THOMAS-ODIA on how Nigeria can harness technology and improve cybersecurity.

A recent report shows that Nigerian banks lost over $700 billion to Internet fraudsters last quarter. What is the country doing wrong to counter this challenge?
The startling $700 billion lost by Nigerian banks in just a single quarter underscores the magnitude of the cybersecurity threats the country’s financial sector is grappling with. This colossal loss is symptomatic of a more significant issue that transcends mere lapses in online security measures adopted by individual banks. The delicate interplay between rapid digitisation and the imperative for robust cybersecurity frameworks is at the heart of this issue. As Nigeria steadily marches towards a digital economy, digitising financial services has undoubtedly brought immense benefits, from improved accessibility to banking services for remote areas to streamline banking processes and beyond. Yet, this digital evolution has also opened the gates to cyber adversaries, perpetually, looking for vulnerabilities. One of the core challenges is the need for a uniform, comprehensive and up-to-date regulatory framework that mandates banks to adopt specific minimum cybersecurity standards. Such a framework will ensure that all banks are at par regarding cybersecurity and guarantee continuous evolution to keep pace with the ever-transforming cyber threat landscape. Additionally, there is a cavity regarding investment in cutting-edge cybersecurity infrastructure. While banks may be allocating budgets for cybersecurity, the real question is whether these investments are channeled rightly. Are they keeping pace with the rapid advancements in cyber threats? Are they focused on not just reactive but also proactive measures?

Moreover, the challenge isn’t just technological, but also human. Cybersecurity awareness training is an overlooked facet. Most cyber breaches can be traced back to human errors – from clicking on phishing links to using easily decipherable passwords. Thus, a robust cybersecurity posture necessitates an informed workforce aware of cybercriminals’ modus operandi and trained to thwart such attempts. Furthermore, collaboration is vital.

The interconnectedness of the digital banking ecosystem means that vulnerability in one entity could be vulnerability for all. Banks, regulatory bodies, cybersecurity firms and educational institutions must foster a collaborative spirit, sharing knowledge, best practices, threat intelligence, and resources. Lastly, a broader cultural shift is imperative.

Cybersecurity needs to be viewed not as an IT challenge, but as a core business risk. It requires buy-in from top leadership and needs to be ingrained in the very ethos of the banking institution.

While the challenges are multifaceted and daunting, they are not insurmountable. With a concerted effort that harmonises technology, policy, collaboration, training, and culture, Nigeria can fortify its financial sector against the relentless onslaught of cyber threats.

With insurgents also well-heeled in ICT, data protection by the military is of immense importance in the fight against insurgency. What assistance are cyber experts giving the military in its bid to rid the country of insurgents?
In today’s interconnected digital world, the significance of the electronic battlefront is as pivotal as the physical one. Awareness of the power of Information and Communication Technology (ICT), insurgents are increasingly harnessing this tool for communication and strategic planning, recruitment, propaganda dissemination, and potentially, even cyber-attacks against vital infrastructural targets. Therefore, the military’s top priority extends beyond traditional warfare to safeguarding its digital assets. A breach in their communication or intelligence systems could have catastrophic results, not just regarding information leaks, but potentially giving adversaries an upper hand.

Therefore, the role of cyber experts in this milieu becomes valuable and indispensable. Cybersecurity professionals can provide several layers of assistance. For starters, they can assist in developing and implementing secure communication protocols, ensuring that critical data transmitted between military bases, personnel, and strategic units remains encrypted and impenetrable to prying eyes. Moreover, by conducting regular vulnerability assessments and penetration tests, these experts can identify potential weaknesses in the military’s digital defence and recommend remedial actions. Furthermore, as cyber threats continue to evolve, there’s a necessity for the military to stay updated with the latest cyber intelligence.

With their finger on the pulse of global cybersecurity trends, cyber experts can offer insights into potential threats, helping the military anticipate and prepare rather than merely react.

Beyond defence, there’s also the element of offence. Cyber experts can potentially aid the military in reconnaissance missions, gathering crucial intelligence about insurgent operations, their digital footprints, communication channels, and more. Such intelligence can offer invaluable insights that could be pivotal in countering and neutralising insurgent activities.

Lastly, the issue extends beyond merely tools and tactics. Cyber experts actively train military personnel, ensure they master best practices in digital communication, grasp the nuances of digital threats, and equip them to respond effectively during any breaches.

While the Nigerian military possesses the might and strategy to confront physical threats, collaboration with cyber experts amplifies their effectiveness in the digital age, ensuring a comprehensive approach to national security in all its facets.

Nigeria produces some of the best hands in medicine, ICT and other fields of human endeavour. So, what is responsible for its failure to subdue cybercrime and fraudulent online practices?
Nigeria stands as a beacon of intellectual prowess in Africa and across the globe. With many talents emerging in fields as diverse as medicine, information and communications technology, arts, and much more, it often becomes perplexing why the nation still grapples with issues such as cybercrime and fraudulent online activities.

To dissect this problem, one must delve into the intricate tapestry of Nigeria’s socio-economic fabric. Firstly, the nation’s demographic bulge, with a significant chunk of its population being young, dynamic, and tech-savvy, is a double-edged sword. On one hand, this demographic could steer the country toward a digital renaissance.

On the other hand, in the absence of ample opportunities and avenues to channel this energy, some get lured into nefarious online activities.
Furthermore, Nigeria brims with individual talents in the field of cybersecurity. However, the systemic structures necessary to harness this potential are still developing. The nation needs a cohesive strategy that promotes technological advancements and ensures that state-of-the-art cybersecurity protocols protect these innovations. Such a strategy will involve infrastructure and human capital investments, fostering a culture where cyber hygiene is second nature to every digital citizen.

The regulatory landscape also plays a pivotal role. While there have been steps in the right direction, there’s a pressing need for more robust, dynamic, and responsive legal frameworks. These should deter potential cybercriminals with stringent penalties and empower and encourage ethical digital behaviour. Another dimension worth mentioning is the global nature of cybercrime.

The digital realm transcends borders, and as such, many cyber threats originate from international sources, making jurisdiction and prosecution complex.

While Nigeria’s intellectual reservoir is vast and formidable, effectively curbing cybercrime necessitates a synergistic approach that marries this individual excellence with institutional fortitude, proactive regulatory frameworks, and continuous societal engagement in the ever-evolving cyberspace narrative.

Despite enormous awareness creation, hordes of Nigerians still fall prey to fraudsters. What is responsible for this, and what tips can they use to protect themselves?
In today’s digital era, even as we witness the crescendo of awareness campaigns regarding cyber fraud, it remains a disheartening reality that many Nigerians still find themselves trapped by malicious actors online. The question then arises: Why do these threats persist at such alarming rates despite the proliferation of information? Awareness, while pivotal, is just the foundational layer in this intricate web of cybersecurity.

The real challenge lies in transforming this awareness into tangible, protective action. The cybercriminal world is dynamic, constantly mutating, and employing increasingly intricate tactics. Modern day scams have transcended the rudimentary methods of the past. They are now meticulously crafted operations, leveraging psychological techniques to prey on individuals’ emotions, be it their fears, sympathies, or the innate human response to urgency.

These subtle manipulations often lead even the most vigilant to divulge sensitive information inadvertently. We need a two-pronged approach to inoculate the Nigerian populace against these malicious endeavour effectively.

First, there should be a relentless drive towards deepening and expanding the scope of cybersecurity education. This education shouldn’t just be limited to identifying threats. However, it should arm individuals with the ability to discern the subtle nuances of sophisticated scams.

Regularly updated training modules, widely accessible online webinars, and community-driven workshops can be potent tools. On the technical front, the emphasis should be on fostering a digital environment that is inherently secure. Promote the adoption of layered security protocols to achieve this. Encourage, or even mandate, individuals to use mechanisms such as two-factor authentication, which adds a secondary layer of verification before granting access.

Additionally, encrypted communications for sensitive transactions and regularly updating software and firewall settings can be strong deterrents against potential threats.

In essence, while awareness provides the map to navigate the treacherous terrains of the cyber world, it is actionable knowledge and robust technical defenses that genuinely give the armour against the ever-evolving world of cyber fraud.

Despite the existence of Federal agencies that curb Internet fraud and sundry crimes, the clan of these scammers keeps expanding. Why are there no visible improvements in curbing fire fraud, among others?
The pronounced increase in cyber scammers underscores the fluid, constantly evolving tactics these malicious entities employ. In their determination, Federal agencies often find themselves racing against time as these cybercriminals consistently harness newer technologies and more sophisticated techniques. Relying on traditional punitive measures alone has yet to prove enough.

What’s truly needed is a holistic approach that encompasses advanced cyber defense technologies like machine learning and artificial intelligence for real-time threat detection and an emphasis on strengthening international collaborations.

Such partnerships can provide a broader threat intelligence network, enabling quicker identification and neutralisation of threats.Furthermore, constant education and public awareness campaigns are invaluable. By equipping individuals and corporations with the knowledge to recognise and ward off deceptive and fraudulent attempts, we create a first line of defense against these threats.

Additionally, as the digital landscape shifts, our regulatory environment must adapt in tandem. Regularly updating policies and laws to mirror current challenges will effectively address the loopholes that scammers often exploit.

In summary, while the challenge might seem daunting, with a combination of technology, informed policy, and global cooperation, we can significantly curtail the influence and impact of these cyber adversaries.

Illicit Financial Flows (IFFs) have mainly depleted the nation’s resources. Why are professionals like you not leading the way in helping the government to solve the riddle?
IFFs present one of the most intricate challenges in financial forensics and crime prevention. These flows are stealthy and frequently operated across international borders, exploiting different countries’ varying regulatory landscapes and economic frameworks.

As professionals in this domain, our commitment to curbing these unscrupulous activities is unwavering. Now, while the frontline of defence against such illegal flows might seem to be regulatory bodies and law enforcement, the battle against IFFs also heavily relies on the specialised expertise of financial forensic professionals.

Our involvement is crucial for numerous reasons. First, our deep domain knowledge allows us to analyse and understand the complex pathways through which these funds move. Second, our experience with financial patterns gives us an edge in predicting and preempting potential illicit transfers. At Allen Forensics Inc., we pride ourselves on offering holistic consultancy services to clients, not just in understanding the current landscape but also in anticipating future challenges. We emphasise the importance of proactive detection, utilising cutting-edge technologies and in-depth investigative methods. By partnering with financial institutions, we push for real-time monitoring of transactions, which is crucial for swift identification and subsequent action on dubious activities.

Furthermore, our advocacy extends beyond just providing solutions. We converse with regulatory bodies, suggesting possible policy changes and adaptations to strengthen the net against IFFs.

While the task is monumental, we and our peers are deeply entrenched in the mission to safeguard our nation’s resources from these concealed yet substantial financial drains.

As a fraud investigator and financial security expert, how can the country improve its financial sector and make it watertight when every penny matters like now?
The financial landscape of Nigeria, as with many rapidly developing economies, is at a crossroads, particularly, given the multifaceted threats it faces in the digital era. A multi-dimensional approach is essential to fortify the financial sector and make it as waterproof as possible, especially when safeguarding every penny is paramount.

The need for Nigeria to robustly invest in cutting-edge cybersecurity infrastructure is at the core of this strengthening process.
Given the evolving nature of cyber threats, the nation’s defenses must be adequate and advanced, always a step ahead of potential threats. This strategy involves not just purchasing the latest software, but also, ensuring that the software addresses the specific vulnerabilities and potential threats faced by the Nigerian financial sector. However, the most advanced infrastructure is only as robust as the individuals operating it. Hence, the emphasis must also shift towards rigorous and ongoing training for financial professionals.

This training should not be one-off, but a continuous process, updated to keep pace with the rapidly changing cybersecurity landscape.
Financial institutions must prioritise knowledge acquisition, regularly updating their personnel about emerging threats and ensuring they have the tools and skills to mitigate them.

Another crucial component in fortifying our financial bastions is the establishment of public-private partnerships. These collaborations can serve as platforms for knowledge and resource sharing. Drawing from global best practices and leveraging insights from private-sector innovators can help the public sector implement effective strategies and methodologies. Equally vital is the cultural shift towards continuous learning and adaptation.

Resilience in the face of cyber threats isn’t just about the immediate response, but also the long-term transformation, ensuring that the financial sector is responsive and proactive.

As a fraud investigator and financial security expert, my constant advocacy revolves around integrating technology, hands-on training, forging partnerships, and cultivating a spirit of tenacity and vigilance. This amalgamation will provide Nigeria’s financial sector the armor it needs to withstand and triumph over modern challenges.