Nigerian Bank Faces Reality of Cyber Crimes - the Cost $40 million
Monday,15/09/2014|22:09GMTby
Adil Siddiqui
An African Bank has been on the back-end of a $40 million cyber-theft. The bank witnessed an inside-job by an employee that stole funds, the crime raises concerns for the financial services industry.
News of a forty million dollar cyber crime has given firms operating in the financial services sphere a cause for concern. A Nigerian bank has been plagued with a hefty financial loss at the hands of technology. The report shows the sensitive impacts of technology despite defence mechanisms in place.
According to reports, a Nigerian man is wanted by police for his part in a scam that has cost a bank USD forty million. A gang disguised as maintenance staff unfolded the crime with the help of an insider. The culprits were identified as they attempted to withdraw the illegal money. Financial services firms spend a significant amount on safeguarding their infrastructure in the modern technological world, data from the BIS shows that UK firms spend over $1.1 billion on cyber security software. The systematic threats of cyber crimes have been present for several years, however with the increasing dependence on electronic methods, its systems come complete with ‘so- called safety software’ with accompanying solutions, similar to the way a home computer comes with standard anti-virus software.
Like in all developing economies with the deployment of technology, Nigeria has seen a rise in cyber threats, the country's central bank working alongside the main financial institutions in order to address the problems through collective solutions. The central bank estimates annual losses in excess of $245 million as a result of cyber crime.
DoS and FX
Financial services brokers operating in the margin derivatives sector face the difficulties of cyber crime, the popular Denial of Service (DoS) attacks are common in the sector and are increasing across the board in scale and effectiveness.
Brokerage firms face a higher level of threat as softwares such as MetaTrader 4 have limited safety protocols offered by providers, thus putting greater pressure on a firm's resources.
Piyush Parekh, CEO of VIBHS, a Dubai-based financial services firm, responded to Forex Magnates in light of the cyber crime faced by the Nigerian bank: “The mentioned case highlights the Volatility and danger firms face, our IT teams constantly review and test our facilities in order to prevent any issues.”
News of a forty million dollar cyber crime has given firms operating in the financial services sphere a cause for concern. A Nigerian bank has been plagued with a hefty financial loss at the hands of technology. The report shows the sensitive impacts of technology despite defence mechanisms in place.
According to reports, a Nigerian man is wanted by police for his part in a scam that has cost a bank USD forty million. A gang disguised as maintenance staff unfolded the crime with the help of an insider. The culprits were identified as they attempted to withdraw the illegal money. Financial services firms spend a significant amount on safeguarding their infrastructure in the modern technological world, data from the BIS shows that UK firms spend over $1.1 billion on cyber security software. The systematic threats of cyber crimes have been present for several years, however with the increasing dependence on electronic methods, its systems come complete with ‘so- called safety software’ with accompanying solutions, similar to the way a home computer comes with standard anti-virus software.
Like in all developing economies with the deployment of technology, Nigeria has seen a rise in cyber threats, the country's central bank working alongside the main financial institutions in order to address the problems through collective solutions. The central bank estimates annual losses in excess of $245 million as a result of cyber crime.
DoS and FX
Financial services brokers operating in the margin derivatives sector face the difficulties of cyber crime, the popular Denial of Service (DoS) attacks are common in the sector and are increasing across the board in scale and effectiveness.
Brokerage firms face a higher level of threat as softwares such as MetaTrader 4 have limited safety protocols offered by providers, thus putting greater pressure on a firm's resources.
Piyush Parekh, CEO of VIBHS, a Dubai-based financial services firm, responded to Forex Magnates in light of the cyber crime faced by the Nigerian bank: “The mentioned case highlights the Volatility and danger firms face, our IT teams constantly review and test our facilities in order to prevent any issues.”
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How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
