SABRIC says with the increase of cybercrime worldwide, the issue of cybersecurity has moved from the server room to the board room in many local businesses, and the banking sector is no different.
According to the financial crime organisation, the three most popular online scams in South Africa are the change of bank account details scam, the deposit scam and the refund scam.
SABRIC has urged consumers to ensure that no ‘refund is made without first verifying with the bank that the deposit made into their account is indeed valid. They also advise consumers to protect their electronic devices such as mobile phones, tablets and PCs as a crucial part of ensuring that the scourge of cybercrime is minimised.
Kalyani Pillay, CEO of SABRIC, said that online banking fraud increased as a result of the high level of phishing and malware attacks targeting banking customers. It is with this in mind that the industry is currently embarking on a national campaign to encourage bank customers to take great care of their cyber security.
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