ITWeb TV: AI-driven fraud rises as criminals target human trust | Ep #158
AI-driven fraud is rising across Africa, with criminals exploiting human behaviour and trust rather than system vulnerabilities, says Thalia Pillay, CEO of Orca Fraud. In an interview with ITWeb Africa editor Samuel Mungadze, Pillay says criminals are deploying increasingly sophisticated AI-powered tactics to circumvent security controls.
Online merchant fraudsters are using automated scripts or software to attempt transactions or payments, says First National Bank.
In 2017 digital banking cyber crime cost the local banks more than R250 million in gross losses, says SABRIC.
The scam tricks customers to install "protective" software on their PC as the modus operandi to access the online banking profile.
The campaign aims to encourage bank customers to take care of their cyber security when banking online.
Local banks' collaborative approach to fraud mitigation will go a long way to combating rising fraud, says Arcot.
Criminals are employing hybrid attacks, using data sourced from malware to validate fraudulent calls, warns Trusteer.
The application enables a mobile phone to generate a one-time password.
In this World Wide Wrap: Banks plagued by fraud, award programme for healthcare tech, and Yucheng expands e-banking services.
The bank notifies customers about phishing activities affecting Internet and cellphone banking clients.
Recent incidents of money being unlawfully transferred to prepaid cellphone numbers indicate a new type of e-banking fraud.
Despite hacker attacks having doubled in the last three months, banks and security experts feel enough is being done to address the problem.
A local commercial law firm has criticised newspaper reports quoting an IT lawyer as saying that bank account hack victims have the right to be refunded by banks.