By Supplied May 17, 2019 Share this article: DURBAN - The report released by the Ombudsman for Banking Services revealing that 50 percent of all complaints are fraud-related, reinforces the importance of improved cyber awareness. Banks run extensive education and awareness campaigns and implement numerous security measures to protect their clients. But consumers are still being tricked by sophisticated cybercriminals who continue to find new and advanced techniques to gather sensitive personal information which they use to bypass banks’ security measures. The latest research from Mimecast and Vanson Bourne found that 45 percent of South African firms reported an increase in targeted spear-fishing attacks using malicious links or attachments over the past year. Impersonation fraud, in which cybercriminals register Internet domains that appear to be those of legitimate businesses - including banks - was found to have increased by 37 percent. Consumers need to remain vigilant by arming themselves with knowledge over how these criminals operate and what risky behaviour to avoid. South Africa ranks 3rd globally for the number of cybercrime victims, with consumers and businesses losing an estimated R2.2 billion a year, according to the South African Banking Risk Information Centre. Targeted attacks can affect individuals and businesses alike and reports like this should be a warning to organisations that there’s still a huge lack of awareness around cyber risks. They need to make security awareness a part of their culture by implementing effective and consistent training. BUSINESS REPORT ONLINE
Almost half of businesses in South Africa have reported increasing cyber attacks, according to a report for the country’s Ombudsman for Banking Services by Mimecast and Vanson Bourne. The report, which was released on Tuesday, said that more than 50 percent of companies surveyed had experienced an increase in cybercrime since last year. Meanwhile impersonation frauds, involving cyber criminals launching websites for apparently legitimate companies, increased by 37%. The South African Banking Risk Information Centre said South African consumers and companies lose ZAR2.2bn ($150m) each year from fraud. The country is third in global rankings for cyber crime victims.