esentry report reveals N1 billion fraud in West Africa

A report by cybersecurity firm esentry revealed that over N1 billion in fraud went undetected by automated security systems across West Africa in the first half of 2026. The Eye of Horus H1 2026 Threat Landscape Report indicated that three significant fraud incidents in Nigeria's fintech, payment, and core banking sectors occurred without triggering any security alerts.

These incidents were discovered through routine audits and customer support tickets, highlighting the limitations of automated systems when attackers exploit legitimate credentials. The report stated that the incidents were not mainly due to sophisticated software vulnerabilities but rather due to attackers abusing existing access privileges and compromised sessions.

Nigeria's cybersecurity environment was described as increasingly exposed, with organizations facing over 4,700 attacks weekly during this period. Gbolabo Awelewa, Chief Business Officer at esentry, emphasized the need for continuous visibility and proactive threat hunting to identify malicious behavior before it leads to financial losses.

Similar cybersecurity challenges were noted in Ghana, where over 3,500 confirmed incidents occurred in the first quarter of 2026.