FINANCIAL FITNESS BY JESSIE TAYLOR SAFEGUARDING AGAINST CYBERCRIME South Africa sits sixth in ranking among the countries with the most cybercrime and has shown the sharpest rise in cybercrime compared to any country in the world. According to research, South Africa has around 51 cybercrime victims for every one million internet users.
Whaling and Phishing 2.0! Beware of online fraud Increased online activity makes South Africans more at risk for cybercrime
S
outh Africans lose more than R1.5billion in banking and card fraud in a year, according to estimates from the South African Banking Risk Information Centre (SABRIC). The country has one of the ten highest rates of cybercrime in the world, yet many of these crimes can be avoided, with just a few simple safety tips to protect your hard-earned money.
On average, three billion cybercrime attempts are sent out via email every day, and one in every 100 emails is a phishing attempt. The three most common types of cybercrime are phishing, vishing, and whaling. •
Phishing relies on the sending of emails, purportedly from reputable companies, to trick the recipient into sharing personal information, such as passwords and credit card numbers. These emails often appear to be from recognised senders and may include malicious codes or links. This is the most common cybercrime.
•
Vishing is a form of crime in which fraudsters will attempt to seal private information during a telephone call. These criminals use social engineering tactics to convince victims to divulge their details, especially banking information, over the phone. Very often, these criminals will pose at a reputable institution, such as a bank, to request personal information from their victim.
•
Whaling involves business email compromise. In these instances, cybercriminals use a compromised senior executive’s information to carry out fraud. The hacker will use the executive’s account to infiltrate a company, making use of personal information, for financial gain. This approach usually entices the receiver to click on a malicious URL or attachment to gain access to their personal information.
According to the Ombudsman for Banking Services Reana Steyn, fraud continues to pose a risk to banking customers with new scams launched every day. The ombudsman investigated more than R295 million worth of banking fraud in 2021 alone.
44 | Public Sector Leaders | March 2022
