scams Archives - AfricaBusiness.com

30Oct

By Africa BusinessNo Comments

Tech

Protecting your data from face-stealing scams

As facial recognition technology becomes more widespread, many people are embracing it as a secure and convenient means of authentication. With tech giants like Apple popularising Face ID, which not only encrypts facial data and only stores it on device in Secure Enclave, but also uses sophisticated 3D scanning that can’t be easily fooled or compromised, financial institutions however have also integrated facial recognition into their security protocols. However, Adrian Stanford, Group CTO at ESET Southern Africa, says the latest ESET Threat Report H1 2024 reveals that cybercriminals are adapting quickly to the use of less sophisticated biometric technology. Using advanced techniques, attackers are now exploiting AI-driven face-swapping services to bypass security measures and gain unau...

16May

By Africa BusinessNo Comments

Fintech

Experts reveal how businesses and sellers can spot online payment scams

When it comes to online shopping, customers aren’t the only ones who can fall victim to scams. Many scams target businesses and sellers instead, therefore anyone selling goods online must know how to avoid being impacted and what to do if their business is affected. In fact, according to Business Wire, there was a 71% increase in payment fraud attempts on US businesses in 2023 – a statistic that highlights how important it is for online sellers to remain wary of practices that could undermine their services and cause financial damage. With that in mind, Dennis Pederson, CEO of PayFasto, has compiled a list of five common payment scams that online sellers should be aware of and how to respond in the unlucky event of experiencing them. Phishing scams Phish...

9Feb

By Africa BusinessNo Comments

Tech

7 scams to watch out for in 2024

As technology gets more advanced, fraudsters are also getting better at deceiving and stealing from us. Watch out! In 2024, scammers have some new tricks up their sleeve, such as deepfake impersonation. That is why fostering a zero-trust mindset can help to keep yourself safe from these scams. Deepfake impersonation scams Imagine receiving a voice note from your CEO instructing you to transfer money to a bank account. You follow the instructions without realising that the voice note is a deepfake. And just like that, you have fallen for a scam. Deepfakes make use of AI technologies to create new – but fake – images, videos, and/or audio material from existing material, “Artificial intelligence (AI) technology makes it easier for fraudsters to create these convincing fake messages from p...

21Nov

By Africa BusinessNo Comments

South Africa News

Top scams to watch out for as you enjoy this year’s Black Friday sales

Despite the continued reports about the tough economic environment facing South African consumers and the fact that disposable income is steadily decreasing, South Africans are still enjoying Black Friday sales. Statistics released by First National Bank show that over R2.4 billion was spent in-store during 2022 Black Friday sales, while R670 million was spent on online sales. FNB reports that the value of online purchases (where a card was not present) increased by 31% compared to 2021 black Friday sales, while in-store spending increased by 18%. While consumers are trying to find the best way to stretch their Black Friday budget, the Southern African Fraud Prevention Service (SAFPS) warns that scammers are very active during this period. "The increases presented by FNB show active part...

19Sep

By Africa BusinessNo Comments

South Africa News, Tech

The Most Common Facebook Marketplace Scams—And How to Avoid Them

Carey van Vlaanderen, CEO of ESET South Africa shares critical safety tips when buying or selling on Facebook Marketplace and how to tell if you’re being scammed. Last year, Facebook Marketplace passed one billion global users. With this, it has become a giant in the consumer-to-consumer commerce space, allowing individual Facebook users to buy and sell seamlessly. Online retail in South Africa has more than doubled in just two years and with 29.5 million-strong Facebook users, more than half of the country’s population has a Facebook account. Dominating the online classifieds Marketplace has become so popular in South Africa that similar platforms are struggling to compete. Previously-popular OLX has closed its doors, while Gumtree still hangs on by a thread. Facebook Marketplace has o...

Financial Scams – How to avoid becoming a victim

15Jan

By Africa BusinessNo Comments

South Africa News, Tech

Financial Scams – How to avoid becoming a victim

South Africa has significantly more financial crime than most other countries. With a rate of 77% compared to a global average of 49%, SA is something of a hotbed for fraud and scams. As consumers and insurance-seekers we need to understand the risks of economic crime and how to avoid becoming a victim, the risks of committing insurance fraud and how to avoid being inadvertent perpetrators of fraud ourselves, by for example, omitting information in an insurance application. Herman Lombard, Founder and Executive Director of financial services provider African Unity, explains that an intentionally fraudulent claim could result in cancellation of the policy as well as a negative reputation with the insurer and the industry in general. “Consumer fraud is the second highest ranking category of ...