VoguePay to Address Cyber Security Challenges
African Payment Processor, VoguePay, has been introduced to address all cyber security challenges, through the monitoring of secret geographical locations, analyzing behavioural pattern of people and closing up on criminal gang.
As people rely more on technology as part of their daily activities, the challenges to security become ever more prevalent, as businesses are faced with several cyber security challenges, including hacking and fraudulent transactions. It is for this reason that the the African Payment Processor, VoguePay, s introduced.
VoguePay, was borne out of the need to help millions of businesses process their payment links to and from Africa, notably in Nigeria. It helps both large and small businesses collect their payments in local currency and convert to and or pay out in major internal currencies such the British Pound, Dollar and Euro.
According to the technical team of VoguePay, criminal syndicate may commit what they regard to be ‘perfect crime’, but would be exposed as soon as they attempt processing fraudulent transactions through the VoguePay, even after they must have beaten the security systems put in place by foreign and local banks and credit card companies.
In January this year VoguePay’s technical team reported that its system’s security algorithm detected an increase in deliberate collaboration between a company named BYO-YONDEB Investments Limited (www.yondeb.com) and other criminal groups. They had been evading detection and prosecution thus far due to shortages in geo-location monitoring and behavioural pattern analysis systems on other platforms from where they migrated to VoguePay in January this year, the technical team said.
According to the team, the fraudsters were using a similar deception, the detail of which cannot be divulged due to ongoing investigation. The criminals will obtain a set of credit card numbers issued in the USA. These are cloned on to a UK issued card, and the card is then used in the UK by the criminal gang for transactions via a merchant in China.
“The technique takes full advantage of the lack of cross-border coordination when it comes to fighting cyber-crime. In addition, due to the data protection act, payment processors can only provide the name that appears on a card, when suspicious transactions are under investigation. Additionally, if the card is cloned the bank fraud investigators are usually unable to confirm whether a transaction is genuine or not. Cyber criminals are well aware of the constraints affecting cyber-security and exploit this to their advantage,” the VoguePay technical team said.
The team explained that the Head of BYO-YONDEB Investments Limited, Mr. Yusuf Babalola and his accomplices, visited the office of VoguePay office in Lagos with the sole purpose to intimidate its staff, destroy properties and issue stern death threats.
“Accompanied by his enforcers, Babalola ordered us to cease our investigations and pay him the six figure sum of the victim’s US Dollars that yondeb.com had stolen. He added that if the instruction was not adhered to, it would be settled by loss of life. In related phone calls, Babalola swore by his life to ensure that members of VoguePay are murdered and the company’s property perish,” the team said.
Despite the level of intimidation, the VoguePay team stood their ground and concluded investigations, coordinating with the local security agency to arrange arrests.