SAFPS Archives - AfricaBusiness.com

17Nov

By Africa BusinessNo Comments

Fintech, South Africa News, Tech

SAFPS Warns: Technology is Emerging as a Major Battleground in the Fight Against Fraud

International Fraud Awareness Week is a global annual event dedicated to raising awareness about the widespread issue of fraud and showcasing the efforts across various sectors to combat this growing challenge. This year it takes place from November 17 to 24. "The role technology plays in fraud, and scams is becoming particularly challenging in South Africa," says Nazia Karrim, Head of Product Development at the Southern African Fraud Prevention Service (SAFPS), “with South Africa growing into an increasingly connected society, online fraud is a significant challenge that needs to be addressed." Be Careful of Business Email Compromise (BEC) The increased nature of technology-based fraud is evident in the recent statistics accompanying it. This is a significant challenge for companies th...

Your immediate response to prevent banking fraud

If you are like any normal South Africa, you approach intersections labelled high crime or high smash and grab zone with an overabundance of caution and the same applies to any intersection where there are a lot of people loitering around your vehicle. The last thing you want is to become a victim of a crime of opportunity, Close to 41% of the South African population has a smartphone. With Government encouraging the public to practice social distancing, online banking platforms have become extremely popular. Criminals are aware of this and reports from the South African Police Service point out that when it comes to crimes of opportunity (i.e.: smash and grab) criminals press their victims for their online banking password before making off with the phone. “This creates a situation ...

Transnet is a harsh reminder that anyone is a victim in the current environment

The recent cyber-attack on Transnet is a serious wakeup call and a reminder that, in the technology age, no company is safe from cyber criminals who are trying to disrupt operations or steal personal information. While Transnet was dealing with its cyberattack, Macsteel - one of South Africa’s largest steel suppliers - faced a similar cyberattack on its system. At the end of June, there was a major data leak that impacted one of South Africa’s major insurers. "These coordinated attacks by cyber criminals are indicative of the environment that we live in at the moment," says Manie van Schalkwyk, CEO of the Southern African Fraud Prevention Service (SAFPS). He adds that these criminals are motivated, well-funded, and do not care who they go after. Risk based environment The cyber attack ...