Banking fraud rises with 75% in one year

Criminals are now even targeting or pretending to be owners, CEOs and financial directors  to pilfer money from businesses. This is according to the the South African Banking Risk Information Centre (Sabric).In a media statement Sabric CEO, Susan Potgieter said criminals use information from company websites and other digital platforms to identify CEOs, financial directors and other key senior individuals and then target employees.”Digital technology, combined with social engineering which exploits our human tendency to be compliant when faced with a directive from an authority figure, enables criminals to perpetuate this type of crime,” said Potgieter.

She urged staff to be vigilant regarding checking a sender’s email address very carefully should they receive an email instructing them to make a payment. Often, the address will only differ by one or two characters,” Potgieter said. Companies and even smaller businesses are advised to not put email addresses online, be it business or personal.

Sabric said that online banking scams had risen by 75% over the last year. Cyber crime is the biggest threat to online banking. The fraudsters in many instances paid an insider to enable them to obtain information.

A NewsHorn client in Malalane’s vigilance saved her own company almost half a million rand. Scammers tried to obtain a banking loan in the name of Coastal Hire.