payment systems in Africa Archives

The anatomy of a scam: Psychological tricks payment fraudsters use to get their way

13Mar

By Africa BusinessNo Comments

South Africa News

The anatomy of a scam: Psychological tricks payment fraudsters use to get their way

The rise in finance and accounting cybercrime through phishing and Business Email Compromise (BEC) has made headlines with massive implications for South African companies with gaps in their payment systems. “However, robust financial controls together with strong server, IT, and email monitoring processes aren’t enough if staff aren’t savvy to the psychological tricks scammers use to manipulate people, making them more vulnerable to tricker and deception,” says Ryan Mer, CEO at eftsure Africa, a Know Your Payee™ (KYP) platform provider. Mer says it’s a myth that only gullible, unskilled professionals are susceptible to scams. “The misconception that only foolish individuals fall victim to cybercrime and payment fraud is dangerous because it leads to complacency in the highly educated who...

South Africa’s Leading Payment Aggregator and Secure Payment Solutions Provider Expands into Africa

With the African Continental Free Trade Agreement set to generate combined consumer and business spending of $6.7 trillion by 2030[i], the continent requires payment platforms to cater for this growth. To this end, Pay@ - a leading South African payment aggregator and provider of secure payment solutions - will be expanding into several African countries and providing consumers and businesses alike with a variety of payment methods. The company’s CEO, Andrew Hardie says that Pay@ has deployed operations into Namibia, Botswana and Lesotho over the past few years but will now be adding Zambia, Mozambique and Angola to this list, with additional African countries in the pipeline. “We would like to build on the strength of our business in South Africa and grow out our offerings across the con...

Mastercard partners with Billetera to offer cutting-edge digital payment solutions in Democratic Republic of Congo

Millions of unbanked and financially excluded residents in DRC to gain access to formal financial and digital services Mastercard’s technology to enable development of diverse digital payment solutions Partnership is aligned with DRC’s National Digital Plan (NDP) Mastercard has partnered with Billetera - a digital payments technology company headquartered in Kenya - to provide millions of unbanked and financially excluded residents in the Democratic Republic of Congo (DRC), access to formal financial and digital services through a diverse range of digital payment solutions. The partnership aims to support the vision of the DRC Government, which under the leadership of President Felix Tshisekedi has an ambitious digitization program aligned with the country’s National Digital Pla...