Key Points
- Phishing attacks exploit trust to steal personal information.
- Ransomware incidents encrypt data, demanding payment for access.
- Identity theft leads to unauthorized use of personal details.
South Africa has experienced a significant rise in cybercrime with digital banking fraud surging by 45% in 2023, affecting thousands of users.
Financial losses linked to these crimes increased by 47%, straining consumers and businesses. Cybercriminals are using more sophisticated tactics to exploit vulnerabilities as authorities and financial institutions are working to strengthen security measures.
Despite efforts, the growing threat continues to pose serious financial risks. Here are five cyber crimes trending in South Africa and how to stay protected from them:
1. Phishing attacks
Phishing attacks persist as one of the primary cyber threats because cyber criminals pretend to be authorized sources to steal sensitive data from victims. You can protect yourself by checking the email sender’s authenticity while hovering over links to view links first and activating spam filters to minimize phishing email delivery to your inbox.
2. Ransomware
Ransomware attacks have escalated, with South Africa experiencing a 10% increase in such incidents in the second quarter of 2023 compared to the first quarter. To safeguard against ransomware, regularly back up important data in secure, offline locations, keep your software updated to patch security vulnerabilities and use reputable antivirus and anti-malware programs to detect and prevent infections.
3. Identity theft
A rising number of identity theft cases in South Africa occurs because people can easily access personal information digitally. Protect your data by being careful about your online sharing on social media and other platforms, you should also review your bank statements often for unauthorized uses and consider using protection services to monitor potential identity theft.
4. Online payment fraud
Online payment fraud has become a significant issue, with Card Not Present (CNP) fraud accounting for 68% of gross fraud losses and increasing by 19% from the previous year. To stay protected, use secure payment methods that offer buyer protection, ensure websites are secure ( before entering payment information, and be wary of unsolicited offers, especially if they seem too good to be true.)
5. Business email compromise (BEC)
BEC incidents now show advanced sophistication because criminals use modern technologies which include generative AI to create fake emails and deepfake content.
The protection against BEC demands multi-factor authentication for email security and established verification protocols for fund transfer validation with periodic employee training about BEC schemes.
The South African government has enacted the Cybercrimes Act 19 of 2020 to combat cybercrime and bolster cybersecurity. This legislation criminalizes various cyber offences and provides mechanisms for law enforcement to address cyber threats effectively.
Conclusion
The escalating cybercrime situation in South Africa necessitates proactive measures from individuals, businesses, and government entities.
South Africans who maintain awareness of current cyber threats combined with strong cybersecurity protocols will greatly lower their exposure to cybercriminal schemes.
