As we approach the festive season, criminals are aware that people are receiving their year-end bonuses and will spend extra time and money online- making cyber scams more lucrative, says Mark Sturrock, Capitec’s head of cyber security.
As a result of this, criminals will be on high alert, waiting to exploit banking clients’ vulnerabilities, said Sturrock.
South Africa had 230 million cyber threat detections between January 2020 and February 2021, according to a 2021 Interpol report. On top of that, the country recorded a 100% increase in mobile banking application fraud.
South Africa is considered to have the third-highest number of cybercrime victims worldwide, said Capitec.
Criminals don’t often commit digital crimes by hacking a product, but rather by tricking the client of that product, said the bank.
“So, although banks can implement stringent cybersecurity protocols to protect clients and make digital banking safer, cybercriminals will still devise new ways to leverage data to defraud victims just as quickly by exploiting clients’ vulnerabilities.”
Earlier this year, the South African Banking Risk Information Centre’s (SABRIC) Annual Crime Statistics showed an increase in calls from fraudsters impersonating bank officials, in an infamous type of fraud referred to as vishing (or voice phishing).
“In this instance, the cybercriminal poses as a bank official to persuade victims to divulge sensitive information they can use to defraud them.”
If…
