Can technology prevent fraud?
[Johannesburg, 16 March 2012] -
With the recent spate of Internet banking scams and phishing attacks on social networks, companies have an obligation to protect their staff and the company itself from being attacked through these channels. This is according to J2 Software managing director John Mc Loughlin.South African banking customers were scammed out of R180 million in 2010 alone, compared to R40 million the previous year. Insiders are instrumental in the effective commission of these crimes; criminals are colluding with people who have expert knowledge to circumvent measures put in place by banks to safeguard their systems.According to research by SA Banking Risk Information Centre (Sabric), South Africa alternated between third and fourth place among countries with the highest incidents of phishing, a sophisticated crime in which criminals trick customers into disclosing confidential banking details before raiding their accounts, in the last three to four years.
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