cyber fraud Archives - AfricaBusiness.com

8Jan

By Africa BusinessNo Comments

South Africa News

How each department in every SA business can mitigate fraud in 2024

Fraud of all kinds increased by a shocking 600% over the last four years in South Africa. Clearly, it’s more important than ever to follow best practices when doing due diligence before sealing a business deal with someone – whether client or enterprise. Robust Know Your Customer (KYC) or Know Your Business (KYB) checks are one of the best ways to mitigate fraud risk, says Sameer Kumandan, Managing Director of SearchWorks, South Africa’s largest and most innovative data aggregation platform. “Having reliable data is crucial before making any significant business decisions. Whether it’s hiring a new employee or partnering with a supplier, having accurate information will not only reduce the risk, but also provide confidence in the decision-making process.” But such in-depth checks can pro...

8Nov

By Africa BusinessNo Comments

South Africa News

South Africans play a greater role in becoming scam victims than they care to admit

The South African fraud landscape is becoming increasingly risky as fraudsters and scammers look to target individuals with highly sophisticated scams in an environment where it is becoming increasingly difficult for lawmakers and authorities to bring these criminals to justice. "International Fraud Awareness Week is held from 12 - 18 November, and it is important to remain actively aware about the risks fraud poses to us locally as well as globally. In particular, South Africans need to be aware how they are impacted by fraud and the urgency of implementing proactive prevention measures in their daily lives," says Nazia Karrim, Head of Product Development at the Southern African Fraud Prevention Service (SAFPS). As the custodians of fraud in Southern Africa, and to mark International Fr...

Protect against Business Email Compromise – or it may cost you dearly

26Jan

By Africa BusinessNo Comments

South Africa News

Protect against Business Email Compromise – or it may cost you dearly

Don’t let your business be punished for, and by cyber fraud As the business landscape rapidly evolves, a general awareness of security vulnerabilities is no longer enough. Cyber fraud, data and payment breach risks need to be managed urgently and strategically with the right tools, says Ryan Mer, CEO at eftsure Africa, an automated Know Your Payee™ (KYP) platform provider. South African companies are facing a surge in Business Email Compromise (BEC) and other cyberattacks, exposing gaps in organisations’ payment systems with serious financial, reputational, and legal consequences. In January 2023, leading South African law firm, Edward Nathan Sonnenbergs (ENS) was ordered by the High Court in Johannesburg to pay R5.5 million including interest to a property buyer, Mrs. Judith Harwarde...

29Jun

By Africa BusinessNo Comments

Fintech, South Africa News

BEC Attacks: Who is legally responsible?

Business Email Compromise (BEC) and cyber attacks are on the increase worldwide. Conveyancing firms, their clients, and other organisations effecting many large non-recurring type transactions are particularly vulnerable to BEC fraud. Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider says gaps in organisations’ payment systems not only pose massive financial and reputational risks, but can have serious legal implications as well. According to a global survey conducted by Mimecast Cyber Security Services in 2020, six out of ten companies globally were infected with ransomware and there was a 64% increase in email threats. An Accenture report from May 2020 confirms South Africa had the third most cybercrime victims globally, resulting in losses toppin...

19May

By Africa BusinessNo Comments

Events, South Africa News, Tech

A challenging, risk driven environment awaits us

As many parts of the world deal with the Third Wave of Covid-19 infections, there are growing concerns that South Africa may face harsher lockdown measures in the future as the country ramps up its vaccine roll out program. This will have a telling impact on society and will only accelerate the reliance on ecommerce business models as the public prioritizes their health and safety. Unfortunately, this also means that there will be a challenging, risk driven environment ahead of us when it comes to fraud. This was highlighted at the Southern African Fraud Prevention Service (SAFPS) & Insurance Crime Bureau International Fraud Summit which was held virtually on 19 May 2021. Increased Risk “We are really reaching a critical point when it comes to the economy and the extreme measures that...

10Jan

By Africa BusinessNo Comments

Fintech, South Africa News

Fighting Fraud in 2021

The COVID-19 pandemic has had a drastic impact not only on people’s health and wellbeing, but on that of businesses too. This was especially poignant for many companies that had to venture into the online world for the first time. Unsurprisingly, the uncertainty that coincided with the sudden digital migration created the perfect opportunity for fraudsters looking to capitalise on the confusion. In fact, South Africa has the third most cyber victims worldwide, losing R2.2 billion a year, with low investment in cybersecurity and immature cybercrime legislation making the country the ideal target.[i] So, what can companies do to ensure that their business is safe from cyber-fraud in 2021? “The first step towards insulating your business from cyber-crime and fraud is to make sure you’re using...