Technology has made the world a convenient place from shopping online to making bank transactions, there is almost absolutely nothing you cannot do online. Unfortunately the risks involved with transacting online have also increased and cybercriminals have become smarter by coming up with new ways to commit online fraud. Thus making it harder for consumers to stay safe online. Hendrik Wiese, iMasFinance Head of Information Security, talks all things cyber fraud and share useful tips on how to prevent becoming a victim:
1. What is Cyber fraud?
Cyber fraud also known as computer crime, can be described as crimes committed via a computer in cyber space with the intent to corrupt a user’s personal or financial information stored online. Cyber fraud often happens because cyber criminals want to gain access to your financial details, personal information or login credentials in order to commit fraud. The main cause of cyber fraud is the lack of security assistance.
2. Has online fraud increased over the last few years? If so, what do you think the reasons are for this?
Yes, online fraud has definitely increased over the last few years. This can be attributed to the growing number of people using the internet for various activities, including banking, shopping, and social media. Additionally, advances in technology have made it easier for cybercriminals to carry out their activities, while at the same time, people have become more vulnerable to these types of crimes as they use digital devices more frequently.
3. What are the most common cyber threat crimes trending right now?
Some of the most common cyber threat crimes trending right now include phishing scams, ransomware attacks, and cloud security threats. Social engineering tactics, such as phishing scams, continue to be popular because they are often successful in tricking individuals into giving away sensitive information. Ransomware attacks are becoming increasingly common as cybercriminals use this method to extort money from businesses and individuals. Cloud security threats are also becoming a growing concern as more people use cloud services to store their data.
4. How can cybercrime be prevented?
Cybercrime can be prevented through a combination of technical, administrative, and physical security measures. Technical measures can include firewalls, anti-virus software, and encryption. Administrative measures can include creating strong passwords, backing up important data, and providing staff with training on cyber security. Physical security measures can include securing devices and locking down computer systems to prevent unauthorised access.
5. Are there laws that protect individuals from cybercrime?
Yes, there are laws that protect individuals from cybercrime. For example, in South Africa, the Protection of Personal Information Act is a law that helps protect against cybercrime as it protects a person’s personal information.
6. What is iMasFinance doing to protect its customers (known as members) against cyber fraud? iMasFinance is taking a multi-layered approach to protect our members against cyber fraud. This includes implementing strong authentication processes, monitoring for suspicious activity, and providing our staff and members with educational resources on how to stay safe online. Additionally, we have invested in state-of-the-art technology to help detect and prevent cyber-attacks, and we regularly conduct security audits to identify any vulnerabilities.
Cyber fraud is a growing concern for everyone, and it is important for individuals and businesses to take steps to protect themselves. As an authorised financial services provider, iMasFinance is committed to protecting individuals against cyber fraud and will continue to invest in the necessary measures to ensure their safety and security. However, important for internet users to take responsibility for their own safety by being vigilant and proactive when it comes to protecting their sensitive information.