Technology retailer Incredible Connection has partnered with cyber-security based insurance company Phishield to offer phishing insurance cover for Internet-enabled products.
The company explained the Phishield cover will give buyers a 12-month policy against loss of funds through phishing. However, the insurance will only be available if the bank does not reimburse the customer.
The cover is worth R5 000 per incident, where consumers have the opportunity to upgrade to a higher cover - up to R100 000 - either at time of registration or after the initial one-year period, says Incredible Connection.
Incredible Connection has evolved and is no longer just focused on the provision of hardware and software, but also strongly on connectivity, says Bruce Goodwill, director at Phishield.
As such, it is fully aware of the potential threats consumers face when having an online presence, he adds.
Therefore, the company wants to ensure its customers have an additional level of "protection", over and above security software, says Goodwill.
"We understand that as a responsible retailer we need to optimise all touch points of the product experience - those that have a potential impact on the consumer, says Mastura Ahmed, marketing executive at Incredible Connection.
"We need to find ways to mitigate any negative experience they may have - and of course, the protection against a global phenomenon such as phishing is certainly another way we are able to do just this.
Goodwill says consumers are at very high risk when it comes to phishing, given the increasing use of mobile and online platforms to bank, shop, get around town or make in-app purchases.
"In fact, according to Kaspersky Lab, 884 774 new malicious programs were detected in 2015, a three-fold increase on 2014, indicating the vast risk as well as global need for financial protection for consumers."
In addition, SA is now seen as one of the top three most targeted countries globally when it comes to phishing attacks, says Goodwill.
"This, coupled with the rapid growth of Internet penetration, as well as a lack of consumer education regarding the risks involved with cyber threats, leads us to expect SA to continue to be heavily targeted in the future."
To register for the cover, customers will need to go online, enter their personal details and a unique voucher code, which will then generate an e-mail confirming their cover as well as providing them with their policy documents and related information, says Incredible Connection.
The policy will cover: online/in-app purchases, card fraud, phishing scams, electronic funds transfer, ATM transactions and telephone transfers.
Share