Phishing: Bigtime Cybercrime hits SA

Phishing: Bigtime Cybercrime hits SA

Banks are making only feeble attempts at curbing SA’s huge cybercrime wave.

What’s to be done about the billions of rand lost last year by an estimated one million South Africans who fell victim to online banking fraud and cybercrime committed by “wasps” on their cellphones? Big-scale crime – as the sophistication and relentless frequency of the phishing messages we receive by sms and email suggests it is – means there must be big stashes accumulating or “aggregating” in a few bank accounts somewhere, and that somewhere must be traceable by banks and the police – by sheer dint of the volume of the traffic.

“A lot of this crime is committed by syndicates. Criminals across the border will send out, say, 100 million phishing attacks in a day. Only a small percentage needs to bite to realise a lot of money," claimed an expert in a recent press interview.

“Phishing is an easy-to-commit, low-risk crime because the authorities don’t have the resources to catch the criminals who are making R1,000 here, R1,000 there.”

Which rather misses the point, because all those R1,000s are accumulating somewhere — creating piles worth billions — which have to be worth tracking. So much so that the banks' apparent reluctance to track the massive cash flow generated by online criminals looks downright suspicious...

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Norton Report
Jason Jordaan
Sim Swap
Cyber Fraud
Cellular Telephone
Risk Information Centre
Standard Bank
Liability For
Ross Linstrom
Cyber Theft
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Submitted by : Toni Goncalves of Johannesburg on 2013-11-30 09:34:14
Facts are that the bank knows both the victims account number and their cellphone number. The SYNIDICATES work between the banks and the cellphone companies.
The South African fraud machine is relatively easy to stop, but the people who profit from the fraud, are the very people who would be in the position to stop the fraud.
Submitted by : Angela Pombo of WYNBERG on 2013-11-23 14:51:39
I bank at 3 different banks. For personal as well as company accounts, and I only have internet banking with Capitec for the very reasons described by Charl Nel. Nebank says they have boimetric capabilities which are in operation. But you have to enquire and then apply for it. How crazy is that!!
3 cheers for Capitec. If my fingerprint and my picture dont match then it's not me... Now organise business banking Capitec. I'll be first in line and I think there will be a few million others behind me.
Submitted by : Niki Moore of Durban on 2013-11-23 13:22:30
Also check out the so-called security cameras at ATMs, that don't work. If someone uses a stolen card at an ATM, and you call on the bank to produce the footage - even with a warrant - they will 'lose' it. Nedbank is the worst culprit here. When a warrant was served on them to produce footage of a criminal using a stolen card, they 'deleted' the footage and refused to enter any further discussion.


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