Photo for illustration. Picture: iStock
Cybercrime is on the rise again as more people are using digital platforms to work, shop and do their banking.
“Fraudsters are constantly looking for new ways to get your information,” said Giuseppe Virgillito from FNB’s digital banking department.
“When customers or businesses let their guard down in transacting or operating digitally, it gives fraudsters more opportunity to commit their crimes.”
Virgillito said fraudsters go to any means to get individuals or organisations to divulge their personal or financial information, often by tricking them with technology.
“Phishing is one of the main methods of social engineering employed by fraudsters. This is where a person is tricked into providing confidential information like PIN numbers or one-time PINs (OTPs), usually via email or even the person’s cloud login details (usually via SMS).”
“Vishing” attacks are also on the rise, with fraudsters posing as bank representatives who call the person and use scare tactics to convince the target their money is at risk if they don’t share their account or card information.
“They even convince some people to make payments themselves, convincing them that this action will reverse the supposed fraud being committed while actually the person is making payments to the fraudsters.”
“It’s not just individuals who are targets. Businesses are also at risk, with cyber criminals using various means to try to access their banking or customer data.
“The most typical methods include virus attacks via emails, public website hacks and exploiting software vulnerabilities to access stored data,” Virgillito said.
These criminals also prey on vulnerable people such as the elderly.
“It is very important to remind senior family members or relatives to always be cautious of any communication they receive claiming to be from a bank or their mobile service provider and to never share any of their OTPs, PINs or login details.
“The easiest way for a cyber-criminal to defraud you is if you fail to protect yourself or your business,” he said.
Tips on how to minimise your risk of falling victim to cybercrime:
This article first appeared on Rekord and was republished with permission.
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