Cybercrime South Africa
Beware of Scammers – 4 Tips to Spot Digital Banking Fraud
Sourced from Pure Cloud Solutions To prevent becoming the victim of fraudsters, it’s vital to be on guard, especially when using transactional, card-based accounts linked to cheque and savings accounts. Vijay Naidoo, CIO at Old Mutual Finance, pointed out that “…transactional accounts are among the most commonly used accounts, which means they are prime targets for scammers.” “Scammers are continually finding new ways to gain access to personal banking information and use it to defraud unsuspecting customers. So, banks need to continually upgrade their security systems, while consumers need to be informed and alert.” Phishing involves sending what appears to be an official email notification from an institution. If you open the message, malware is installed on your computer and account inf...
Digital Transactions Fraud Rise 187% in South Africa
As more consumers go online for banking and other financial transactions, new research from TransUnion, an American consumer credit reporting agency, has found that fraudsters are ramping up their efforts in the financial services industry. When comparing the last four months of 2020 (September 1 – December 31) and the first four months of 2021 (January 1 – May 1), the company found the percentage of suspected digital fraud attempts coming from South Africa in financial services increased by 187%. Globally, the rate of financial services fraud attempts increased by 149%. Across industries, the rate of suspected digital fraud attempts globally rose 24% when comparing the first four months of 2021 with the last four months of 2020. In South Africa, the overall percentage of fraud attempts in...
South African Organisations Lag Behind Global Average of Cybersecurity Resilience
Email and data security company, Mimecast, unveiled its fourth-annual State of Email Security 2020 report. This report summarises details from 1,025 global IT decision-makers on the current state of cybersecurity. The findings in this year’s report demonstrate that despite high levels of confidence in respondents’ cyber resilience strategies, there is a clear need for improvement. While a large majority (77%) of respondents say they have or are actively rolling out a cyber resilience strategy, only 62% of South African organisations are doing the same. Yet an astounding 47% of local organisations – and 60% of global ones – believe it is inevitable or likely they will suffer from an email-borne attack in the coming year. South African respondents cite data loss (35%), a decrease in employee...
Web Skimming – A New Way to Steal Payments from Online Shoppers
Sourced from IOL. Researchers from cybersecurity and antivirus experts, Kaspersky, have uncovered a new technique for stealing users’ payment information on online shopping websites – a type of attack known as web skimming. Web skimming is a popular practice used by attackers to steal users’ credit card details from the payment pages of online stores, whereby attackers inject pieces of code into the source code of the website. This malicious code then collects the data inputted by visitors to the site (i.e. payment account logins or credit card numbers) and sends the harvested data to the address specified by attackers. Often, to conceal the fact that the webpage has been compromised, attackers register domains with names that resemble popular web analytics services, such as Google Analyti...
