Over N1 billion in fraud went undetected in West Africa in H1 2026 — Report

A new report by cybersecurity firm esentry has uncovered that over N1 billion in fraudulent activity went undetected by automated security systems in West Africa during the first half of 2026. The Eye of Horus H1 2026 Threat Landscape Report identified three major fraud incidents in Nigeria’s fintech, payment and core banking sectors that went undetected by security alerts, only surfacing through routine audits, customer support, and settlement warnings.

The report attributes these incidents to attackers exploiting legitimate credentials, compromised sessions, and weaknesses in security logging rather than technical vulnerabilities. Nigeria's cybersecurity environment is described as increasingly exposed, with an average of over 4,700 attacks per week during the period. However, the report emphasizes that faster threat detection does not guarantee comprehensive security, especially without the necessary logs to identify suspicious activities.

Esentry’s Chief Business Officer, Gbolabo Awelewa, notes that cybercriminals are increasingly targeting trusted systems instead of solely relying on technical exploits. He stresses the need for continuous visibility, proactive threat hunting, and the ability to detect malicious behavior before it results in financial or operational losses.

Similar cybersecurity challenges were reported in Ghana, where the national Computer Emergency Response Team recorded more than 3,500 incidents in the first quarter of 2026. One threat actor, traced to Thessaloniki, Greece, claimed responsibility for breaches involving over 35 organizations across 26 countries since June 2025, allegedly including a Nigerian bank's database.

The report highlights the importance of logging outbound network traffic and retaining authentication source IP addresses as essential security measures. Another report by Check Point Research revealed that Nigeria recorded an average of 4,906 cyberattacks per organization weekly in August 2026, a 45% increase from the previous year, placing it among the most targeted markets in Africa.