Financial phishing attacks increased in Kenya and Nigeria in the second quarter of 2022

A report by Kaspersky, a multinational cybersecurity solutions company and antivirus provider, showed that in the African region, Kenya and Nigeria saw an increase in financial phishing attacks in the second quarter (Q2) of 2022.

Data from the company’s security network showed that the number of financial phishing attempts increased significantly in the two countries from the first to the second quarter of 2022. Banks, payment systems and e-commerce websites were attacked.

A total of 100,192 financial phishing attacks targeting businesses were detected in Kenya in Q2 2022, a 201% increase compared to Q1.

The largest proportion of attacks were directed against e-commerce websites (58%), followed by banks (21%) and payment systems (also 21%).

A total of 61,344 financial phishing attacks targeting organizations were detected in Nigeria in Q2 2022, a 79% increase compared to Q1.

The largest proportion of attacks were directed against e-commerce websites (52%), followed by payment systems (42%) and banks (6%).

The Head of Technical Experts at Kaspersky speaks about the report Emad Haffar, said: “Life without the Internet is alien to us. So much so that our financial life is now digital. That is the magic of digitization. But we must also be aware of an unprecedented wave of challenges.

“Financial threats are one such challenge that has advanced and will continue to increase in the exploitation of human behavior.

“Companies trying to stay ahead of such evolving, sophisticated cyberattacks should make fraud prevention a priority to control fraudulent transactions, ultimately reducing the risk of fraud in the future and avoiding reputational damage.”

Kaspersky also reported that in the second quarter (Q2) of 2022, phishing attacks skyrocketed with over 1 million observed, in what has been described as the worst quarter for phishing on record.

Phishing attacks targeting the financial sector, which includes banks, remained the largest group of attacks, accounting for 27.6 percent of all phishing attacks.

The most targeted industries in the second quarter of 2022 are as follows:

  1. Financial Institution – 27.6%
  2. SaaS/Webmail – 19.1%
  3. Social Media – 15.3%
  4. Payment – ​​6.3%
  5. Ecommerce/ Retail – 5.6%
  6. Cryptocurrency – 4.5%
  7. Logistics/ Shipping – 4.3%
  8. Telecom – 2.6%
  9. Other – 14.7%

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