Connect with us

Tech

FCCPC addresses loan apps on method of obtaining customers’ contact list

Published

on

THE Executive Vice-Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission, (FCCPC), Babatunde Irukera has vowed to address the way loan apps obtain and download the phone contact list of customers.

Irukera who spoke in a Twitter space organised by The ICIR on how fintechs shame, and threaten customers over loan payments, stressed that the process was unlawful.

He said, “One of the key issues we are addressing is the application process that allows the apps download contacts. The telephone number is your own proprietary information.

“That is one of the issues that must be addressed. There is harassment, coercion, and threats in violation of the FCCPC act. The act prohibits the use of physical force, or unfair tactics in the conduct of loan recovery.”

Advertisement

Also speaking at the event, the Head of compliance, Gabs Financial Services, Oyelowo Ayodeji said that his organisation vets customers before giving out loans to them.

“Loan disbursement isn’t the end game. It is the easiest because you can easily put up an app to give loans. The end game is the recovery of the loan. What is important is your business model for the recovery of loans. We don’t give out loans to everyone and we do our personal investigation before giving out loans to people. We have a specific target market to give out the loan.”

Going further, Ayodeji said that his organisation conducts checks to assert that the customer can pay back what he gets.

ALSO READ  Take Nigerian Football to the next level – Sports Minister urges NFF

He also added that the firm signs a contract with the customer and employer of the customer to make sure loans are recovered.

Last month, digital rights experts criticised the Nigerian Federal Government for allegedly failing to protect Nigerians from the activities of loan sharks.

Advertisement

A researcher and co-founder at Tech Hive Advisory, Ridwan Oloyede, said the space of digital lending had become “a complete mess” as loan sharks had succeeded in blackmailing people from low-income households.

A programmes officer at Global Rights, Moyosoreoluwa Oluwasegun, said the nation had failed to get its act together “and that is the reason why these loan apps continue to operate with impunity.”

Oluwasegun said, “The government announced a decision to delist some of the apps from Play Store, but what we find happening is that there are some loan apps that the government is unaware of. What we have now is that some of these loan apps reach out to you via Whatsapp due to gaining access to people’s information, baiting you to download the apps and borrow money.”

He noted that the companies were targeting people at the bottom of the pyramid, whom he described as not having enough to live by.

An ICIR report revealed that this act of shaming people publicly clearly violates Article 2.2 of the Nigeria Data Protection Regulation (NDPR), which bans illegal data sharing with third parties without a legal basis.

Advertisement

In the report, The ICIR reviewed the terms of service of some loan apps hosted on Google Play Store. These included NairaPlus, EasyCredit, TrueNaira, GoCash, CashLion, FairMoney and LCredit.

ALSO READ  Binance ends services in naira

They all failed to disclose to users downloading the apps that their rights of access to users’ contact lists would be shared with third parties if they defaulted. This did not conform to Google Play Store’s policies.

Continue Reading
Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Global IT outage: Microsoft says ‘mitigation actions’ ongoing

Published

on

Global IT outage: Microsoft says ‘mitigation actions’ ongoing

Following a major outage which wrought havoc on global computer systems on Friday, Microsoft has said it was taking “mitigation actions” in response to service issues.

It was not clear if those were linked to the global outages.

 

Also read: Researchers sound alarm over metaverse’s potential to cause harm

 

Advertisement

“Our services are still seeing continuous improvements while we continue to take mitigation actions,” Microsoft said in a post on social media platform X.

The outage had earlier grounded flights in the United States, derailing television broadcasts in the UK and impacting telecommunications in Australia.

CrowdStrike could not immediately be reached for comment.

Major US air carriers including Delta, United and American Airlines grounded all flights on Friday over a communication issue, according to the Federal Aviation Administration.

Flights were suspended at Berlin Brandenburg airport in Germany due to a “technical problem”, a spokeswoman told press.

Advertisement

“There are delays to check-in, and flight operations had to be cancelled until 10:00 am (0800 GMT),” the spokeswoman said, adding that she

could not say when they would resume.

All airports in Spain were experiencing “disruptions” from an IT outage that hit several companies worldwide on Friday, the airport operator Aena said.

Hong Kong’s airport also said some airlines had been affected, with its authority issuing a statement in which it linked the disruption to a Microsoft outage.

The UK’s biggest rail operator meanwhile warned of possible train cancellations due to IT issues, while photos posted online showed large queues forming at Sydney Airport in Australia.

Advertisement
ALSO READ  Designer, Toyin Lawani, Reveals Slain Bolanle Raheem Was Pregnant

“Flights are currently arriving and departing however there may be some delays throughout the evening,” a Sydney Airport spokesman said.

“We have activated our contingency plans with our airline partners and deployed additional staff to our terminals to assist passengers.”

Australia’s National Cyber Security Coordinator said the “large-scale technical outage” was caused by an issue with a “third-party software platform”, adding there was no information as yet to suggest hacker involvement.

• Banks, airports hit –

Sky News in the UK said the glitch had ended its morning news broadcasts, while Australian broadcaster ABC similarly reported a major “outage”.

Advertisement

Some self-checkout terminals at one of Australia’s largest supermarket chains were rendered useless, displaying blue error messages.

New Zealand media said banks and computer systems inside the country’s parliament were reporting issues.

Australian telecommunications firm Telstra suggested the outages were caused by “global issues” plaguing software provided by Microsoft and cybersecurity company CrowdStrike.

• ‘Enormous’ –

University of Melbourne expert Toby Murray said there were indications the problem was linked to a security tool called Crowdstrike Falcon.

Advertisement

“CrowdStrike is a global cyber security and threat intelligence company,” Murray said.

“Falcon is what is known as an endpoint detection and response platform, which monitors the computers that it is installed on to detect intrusions (i.e. hacks) and respond to them.”

University of South Australia cybersecurity researcher Jill Slay said the global impact of the outages was likely to be “enormous”.

Advertisement
ALSO READ  Commonwealth Games Medal Table: Team Nigeria moves up with second gold medal
Continue Reading

Tech

Researchers sound alarm over metaverse’s potential to cause harm

Published

on

People concerned about their data have for years had to think carefully about matters such as social media app settings and internet browser cookies, as well as increasingly sophisticated email-based phishing scams.

But the addition of so-called artificial intelligence platforms and the metaverse could make these worries seem trivial, if a new report by Queen’s University Belfast is anything to go by.

In the wake of mounting research confirming the mental health harm of social media, the university’s researchers are now calling for investigations into the impact of the metaverse on society and how the companies behind these platforms operate.

“Privacy, data collection, especially of personal data and biometric data, and the harm online platforms can cause, are all issues of concern to the public,” the university’s team warned.

Advertisement

Proponents believe the metaverse will ultimately replace the current internet with a 3D space accessed by headset, offering virtual concerts, meeting rooms and collective gaming. Apple, Microsoft, Google and Meta are all investing heavily.

“[T]he next generation of internet technologies will be highly immersive, compelling and largely driven by AI,” said Jesus Martinez del Rincon, research director of security intelligence at the Belfast university’s Centre for Secure Information Technologies.

However researchers say their focus groups showed many of the online harms experienced in current internet and social media environments will transfer to the metaverse and proliferate there.

The metaverse remains at least a decade away due to the massive amount of data it would require, which in turn would entail a vast increase in internet availability, bandwidth and speed – and matching investments in not only electricity-hungry data processing hubs but the power-generation needed to keep it all ticking over.

ALSO READ  PDP Displaces APC Senator As Tribunal Declares Akpoti Winner Of Kogi Central Senatorial Election

And the blend of AI and the virtual 3D-style internet worlds promised – if the metaverse ever gets going – will, del Rincon believes, “make it very difficult for us to discern between what is real and what is imaginary within these virtual worlds.”

Advertisement

Continue Reading

Tech

Glo gives 6 months data bonus on iPhone 15 models

Published

on

Digital telecommunications services provider, Globacom, has announced the availability of the latest iPhone 15 models for purchase in its Gloworld shops nationwide. Those who purchase these choice devices in Gloworld shops stand to reap huge benefits from Globacom.

The company announced in a statement in Lagos that customers who buy any model of iPhone 15 from any Gloworld store will receive a 6-month data incentive of 18GB. This deal, the statement added, is available to Glo subscribers alone.

Said Globacom: “We are excited to offer the much-coveted iPhone 15 and iPhone 15 Plus, made with a gorgeous new durable aluminum and color-infused back glass design with the Dynamic Island, a 48MP Main camera with 2x Telephoto option, as well as A16 Bionic chip, and USB-C in Gloworld outlets across Nigeria.”

“Also on offer are the iPhone 15 Pro and iPhone 15 Pro Max, Apple’s lightest Pro models ever, featuring a strong and lightweight titanium design with powerful camera upgrades including a more advanced 48MP Main camera system, A17 Pro chip for next-level gaming and pro performance, a new Action button, and USB-C with USB 3 speeds”, the statement added.

Advertisement

In addition, there is Apple Watch Series 9 model which comes with several exciting features to thrill users. They include an all-new S9 SiP, a magical new double tap gesture, a brighter display, faster on-device Siri and Precision Finding for iPhone. Globacom also revealed that customers can also choose a carbon neutral option of any Apple Watch, the first time such is happening.

ALSO READ  Meta chief AI scientist says AI won’t threaten humans

Also available is the Apple Watch Ultra 2, which Globacom said which has all the capabilities that fans of Ultra adore. This is in addition to the powerful new S9 SiP, a magical new double tap gesture, which is Apple’s brightest display ever. It also has enhanced features for outdoor and aquatic activities, an extended altitude range, on-device Siri, and Precision Finding for iPhone.

The new 2nd generation AirPods Pro with USB-C charging capabilities and additional dust resistance are also available for purchase at Gloworld shops.

Advertisement
Continue Reading

Trending

Copyright © 2022 TheHeute.