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. 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.
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.