Electronic Financial Crimes destroying Nigeria through Online Shopping applications
If you don’t believe that shopping online will become general as shopping at a brick and mortar store, then you haven’t been noticing the trend. Shopping online or otherwise known as E-Commerce has matured to the point that every person involved in a business has a website where they sell their products and where consumers also purchase such products. It is expedient that any person who has a business that involves selling their products to consumers should have an online presence. The absence of this means that such a person is missing out on a huge income stream.
In a report by Mckinsey, it was stated that in the food and consumer goods industry, It Is estimated that there will be $40 billion growth opportunity in food and consumer goods between 2008 and 2020 in Nigeria, the highest of any African nation. Even though Nigeria’s GDP per capita is $1,443, they trust that formal retail chains have a significant opportunity to capture the growth in this market.
The growth of online apps is Nigeria is flooding the country. Due to its increase, the rate at which electronic financial crimes is evident in the country is alarming. The agencies responsible for curtailing these crimes are finding it challenging to tackle.
Cybercrime is a menace against various institutions and people that are linked to the internet either through their computers or mobile technologies. The rampant rise of this crime in the society has become an issue that should not be overlooked. The impact of this kind of crime can be felt on the lives, economy and the international reputation of a nation.
There is crime where money exists.
Crooks go where the money is, and the money is now in E-Commerce. Purchasing products on the internet can be very beneficial but it comes with its own danger. A cyber security group, Cyber Security Experts Association of Nigeria (CSEAN), has estimated that Nigeria loses about N127 billion to cybercrimes yearly.
Imagine that a customer’s credit card is stolen. Not only can thieves use it to make additional purchases online, but they can also make a physical purchase. In an example by Tyler Atwell, he asserted that those who are excellent crooks could manufacture an original credit card from blanks and program the magnetic strips to effectively create a replica of the card you still have in your possession. With this, they can use the duplicate to buy merchandise at any store.
Theft of information through data breaches can also run deeper than simply using a credit card number. Criminals on the dark web are willing to purchase information from thieves and will likely use it to apply for credit or make purchases.
How do we combat cybercrimes in Nigeria?
It is glaring that cybercrimes cannot be easily eliminated, but they can be reduced. It calls for the collaborative efforts of all the stakeholders like individual corporate organizations and government to nip the scourge in the bud. Government at all levels should also ensure that its laws apply at cybercrimes. It is important that Nigeria as a nation takes measures to ensure that its penal and procedural laws are adequate to meet the challenges posed by cybercrimes. Not only this, government should ensure that policies are formulated and strictly adhered to irrespective of the status and personality of the people involved. Also, there are many great articles online that can give you guidance on steps to take to protect customer data. Here are some of the most common:
· Keep only the information necessary: Law requires certain records to be kept for a certain period. Once that time elapses, archive or destroy the content.
· Don’t save your card details on E-commerce websites.
· Encrypt data: In addition to securing your site, make sure you encrypt transactions.
· Familiarize yourself with, and follow, the Payment Card Industry Data Security Standard.
· Consult with an expert: Chances are you aren’t a cyber security expert either. That’s why you should consult with a reputable company that deals in such matters. They can provide you with a website audit as well as recommendations on how to protect your customers’ data.
If you are running an online store or thinking of starting one for your gaming shop, make sure to stay ahead of the curve. One data breach could cost you everything.