At the Nigeria Fintech Week 2024, industry experts convened to discuss the growing threats of fraud and cyber attacks in the financial ecosystem, providing key insights into tackling these challenges. The panel, themed “Dealing with Fraud and Cyber-Attacks: Barriers to an Expanding Digital Economy,” addressed emerging fraud trends, cybercrime, and the importance of data privacy regulations in today’s digital age.

Tobiloba Olusoga, Chief Operating Officer at i-invest, a prominent digital platform for treasury bills, stocks and other investment services, highlighted the importance of striking a balance between innovation and safeguarding investor funds. According to Olusoga, innovation is crucial, but financial institutions must be cautious to avoid losses, emphasising the need for robust cybersecurity measures while driving technological advancements.

“I’m a strong believer in the ‘fail fast – learn faster’ concept,” Olusoga said. “But in an environment like ours, it’s crucial to ensure that if you’re putting money into something, you don’t lose it. Businesses are often at a crossroads: they want to invest in research and development, but they also can’t afford to lose money. This requires investment in cybersecurity—strong security systems and threat detection—while simultaneously pushing forward with product development.”

Olusoga stressed the need for embedding security from the start. “Security should be part of the product life cycle, risk management, and business development strategies. Bypassing security to move faster will only lead to challenges down the road. Companies need to stay ahead of cyber threats by utilising tools like AI to detect patterns and protect against potential attacks.”