The more people use the internet, the more risk there are for breaches in security. As the internet is a public space, hackers are getting in where they don’t belong, and cybersecurity has already become an issue.
One year after Covid-19, TransUnion’s latest quarterly analysis of global online fraud trends found that since the Covid pandemic began, fraudsters in South Africa are increasing their digital schemes against businesses. In addition, TransUnion’s recent Global Consumer Pulse Study found that 37% of South African consumers have recently been targeted by Covid-19 related digital fraud.
The financial services sector remains a top targeted industry in Africa when it comes to cybercriminal activity and such cyber threats – not surprising when one considers the digital-first approach this sector continues to take, driven by the needs and expectations of its customers.
The rise in digital fraud, especially during the pandemic, is a concern that consumers need to ensure they are armed to deal with. As a trusted partner, Standard Bank has various digital security measures in place to help consumers conduct their everyday banking with peace of mind. The onus is, however, still on the consumer to ensure they do not fall into the traps that fraudsters set in the digital sphere.
The top Covid-19 related digital scams were:
Kaspersky data further shows that more than two-thirds of local respondents say that either they or their loved ones have suffered from criminals via social networks since the outbreak of the virus.
Around two in five consumers (41%) reported that they are personally aware of a Covid-19-related digital fraud attempt targeting them in the last three months, with 7% having fallen victim. (TransUnion)
Standard Bank noted the below in terms of understanding if something could be a scam or not:
These are some of the reasons digital security has become so crucial in the everyday lives of consumers in South Africa. The rise of online banking fraud informs Standard Bank’s drive for customers to bank differently and empower themselves to make full use of all digital and mobile security measures currently provided.
Read: This country has banned work messages after hours – here’s what South Africa’s laws say
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