Seamfix Limited, a prominent player in identity management and cybersecurity solutions, underscored its commitment to bolstering Nigeria’s financial sector’s defenses against cyber threats at the 2025 Committee of Chief Information Security Officers of Nigerian Financial Institutions Annual Conference held in Uyo, Akwa Ibom State. This high-profile gathering brought together leading cybersecurity experts, IT executives, and Chief Information Security Officers from various Nigerian financial institutions to deliberate on the escalating cybersecurity challenges and formulate robust strategies for enhancing resilience within the rapidly evolving digital financial landscape. Seamfix’s participation as a platinum sponsor highlighted the company’s dedication to contributing proactively to the collective effort of safeguarding the nation’s financial ecosystem.
A central theme of Seamfix’s message at the conference was the urgent need for financial institutions to embrace biometric-based Multi-Factor Authentication (MFA) as a crucial defense mechanism against the escalating threat of insider fraud. This form of authentication, which involves verifying user identities using multiple factors, including biometrics, significantly strengthens security by adding layers of protection beyond traditional password-based systems. Insider threats represent a growing concern within the financial industry, and Seamfix positioned its biometric MFA solution as a key tool in mitigating this risk.
Chimezie Emewulu, Group CEO and Co-founder of Seamfix, articulated the company’s perspective, emphasizing the paramount importance of identity-driven security in the current context of multi-cloud environments. These environments, while offering enhanced flexibility and scalability, also present significant challenges related to visibility and access control. Emewulu highlighted the vulnerability of traditional security measures to insider fraud, which often exploits weaknesses in access control and limited visibility into user activities. He advocated for Seamfix iAM, the company’s identity and access management solution, as a robust countermeasure against insider threats.
Seamfix iAM operates on the principle of incorporating biometric-based MFA at the application layer, a more granular level of authentication than traditional device-based security. This approach ensures that users are verified directly at the point of access to specific applications, preventing unauthorized individuals from circumventing internal controls even if they gain access to a device. By integrating identity verification directly into the application access process, Seamfix iAM effectively transforms identity into a non-negotiable prerequisite for system access, strengthening security and reducing the risk of unauthorized access.
The benefits of Seamfix iAM extend to enabling financial institutions to implement and maintain strict access governance policies, prevent lingering access by former employees, and react swiftly to any unauthorized login attempts. These capabilities are particularly critical in the current environment where insider breaches represent a substantial proportion of fraud incidents within organizations. The ability to revoke access promptly and efficiently when an employee leaves the organization is essential to prevent potential misuse of credentials and minimize the risk of data breaches. Similarly, real-time monitoring and alerts for unauthorized login attempts enable rapid response and containment of potential security incidents.
The urgency of addressing insider threats is underscored by recent statistics highlighting the growing prevalence of such incidents in the Nigerian banking sector. According to Tekedia, a leading provider of market intelligence, Nigerian banks witnessed a significant 23.4% quarter-on-quarter increase in insider fraud cases during Q2 2024, with incidents rising from 47 in Q1 to 58 in Q2. This alarming trend further reinforces the need for robust security measures to combat insider threats effectively. The Economic and Financial Crimes Commission (EFCC) also reported in 2024 that approximately 70% of fraud within the Nigerian banking sector stems from insider collaboration, highlighting the significant role that internal actors play in facilitating fraudulent activities. These statistics underscore the critical need for financial institutions to strengthen their internal security posture and implement effective measures to mitigate insider risks. Seamfix, through its proactive participation in the conference and its advanced identity management solutions, is actively contributing to the ongoing efforts to enhance cybersecurity within Nigeria’s financial sector.
