Cybercriminals exploit banking apps: Here’s how to stay safe

[Nat Quinn]

South Africa now leads Africa in cyber threats, ranking third worldwide, according to the latest Interpol report. This alarming position highlights the rising tide of cybercrime in the country, with criminals increasingly targeting banking apps to exploit unsuspecting victims.

Increasing fraudulent activities involving banking apps

Manie Van Schalwyk from the Southern African Fraud Prevention Services speaking to ENCA, has noted a disturbing rise in fraudulent activities, particularly involving cell phones. “We’re seeing an increase in criminals targeting phones not just for resale but to access private information and banking apps,” Van Schalwyk said.

He emphasised the importance of contacting one’s bank immediately if a phone is stolen to prevent unauthorised access to banking information.

Van Schalwyk explained, “The first action should be to phone your bank so that the handset can be disconnected from your app, thus securing your banking information. Only then should you contact your cell phone provider to block the phone.”

Quick actions are crucial

The time it takes for criminals to exploit a stolen phone can be alarmingly short. Van Schalwyk mentioned that while it varies, the process can happen quickly enough to wipe out one’s finances before the victim realises what’s happening.

According to Business Tech, Ulrich Janse van Rensburg, head of fraud strategy at Absa, advises consumers to be proactive. He recommends the following:

• Download the latest versions of your banking apps

• Read approval requests carefully.

• Never pay into third-party accounts.

• Phone your bank’s fraud hotline immediately if you suspect fraudulent activity

Regional impact

Gauteng has recorded the highest number of fraudulent cases at 59%, followed by Kwa-Zulu Natal at 18%. This geographical disparity underscores the need for heightened awareness and protective measures across the country. As cyber threats continue to evolve, staying informed and vigilant becomes essential for all South Africans.

 

source:Cybercriminals exploit banking apps: Here’s how to stay safe (thesouthafrican.com)

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