SABRIC says 64% increase in cyber-crime

Cyber crime
Reading Time: 2 minutes

South Africa has high number of cyber-crime victims and according to the South African Banking Risk Information Centre (SABRIC) – approximately R2.2-billion is lost annually to cyber-attacks in this country.

CEO of SABRIC Kalyani Pillay explains that cyber-crime is a growing problem.

In the first eight months of 2018 there was a 64% increase in the number of incidents compared to 2017 according to stats released by SABRIC.

“We looked at it across the different digital banking platforms, you know your banking apps, online banking, mobile banking… and we saw a more significant increase in the mobile banking space, but you know again it’s just about everybody being absolutely cautious around where they’re putting their information. What they’re clicking on, keeping their passwords as strong as possible, following all the tips and advice.”

Pillay says that the common problem is that criminals are getting access to personal and confidential information through social media sites.

“Banks will never ask you what your Card Verification Value (CVV) number is. What’s your expiry date? What’s your password? It will never ever happen – so don’t ever give anybody that information at all.”

Pillay urges consumers to do their homework when it comes to their online activities and be cautious especially this festive season.