Increase in digital activity prompts proliferation of cybercrime
The spread of the novel Coronavirus across the world has created new opportunities for online fraudsters who are exploiting the vulnerability of users confined to their homes, taking advantage of their reliance on the Internet to access information and services. “Fraudsters thrive in desperate times,” says Andrew van Der Hoven, Head of Digital Banking at Standard Bank. “They know that there is communication around Covid-19 relief and support for those who may find themselves in financial difficulty and use that as a hook to reel in users.” During the month of April, Standard Bank saw an increase in common cybercrime techniques such as phishing scams where fraudsters try to entice customers to reveal personal and sensitive information through fake emails, SMSs or websites. Van der Hoven explains that the highest volumes of cyber fraud are perpetrated on the Internet Banking channel, which is largely accessed via desktop or laptop. “Desktop-banking remains an easier target for data ...