Page 12 - Business Sense-11.3 Rajesh Lutchman eBook

FRAUD IN THE INBOX:

HOW DIGITAL BANKING SCAMS ARE TARGETING SOUTH AFRICAN BUSINESSES

Mike Myers, Security & Emergency those in finance, procurement,
Services Advisor, CEO Mobi Ventures and HR. They need to know
the latest tactics.
■ Use multi-factor authentication
e used to spot
fraudsters easily, on all sensitive accounts.
Wbad spelling, dodgy ■ Set up dual approval for high-
email addresses, and a tone value transactions.
that blatantly shouted out ■ Regularly review email and
“scam”. Unfortunately, that’s cybersecurity protocols.
all changed. Today’s criminals Consider professional
are polished, patient, and penetration testing or
increasingly professional, like simulated phishing campaigns.
any other professional, that is ■ Report suspicious emails and
their job and they do it well fraud attempts to your bank
and they are targeting South and to the Southern African
African businesses and they’re Fraud Prevention Service
getting it right. (SAFPS).
This isn’t just about a few
phishing emails landing in a Mobi Ventures Team, Wynand Laatz, Mike Myers and Paul Stone. This Isn’t Just IT’s Problem
junk folder. It’s a coordinated Cyber fraud isn’t just a
digital assault, and if you technology issue; it’s a huge
or your employees are well-worded email, appearing to 1. Changes to banking details vs. info@c0mpany.com – business risk issue. Whether
handling company payments, come from the company director, via email that’s a zero, not an “o”. These you’re running a small
procurement, or approvals, authorising payment to a new Always treat changes to subtle changes can be hard to manufacturing business in
then, take this as your early supplier. Everything looked legit, bank account numbers or spot at a glance. KZN or a national retail chain,
warning siren. but it wasn’t. payment instructions as 4. Unfamiliar or inconsistent one small error can lead to
highly suspicious. Verify with writing tone devastating financial loss and
The New Face of Fraud Why Your Business Is a Target a phone call to a familiar Even if the name is familiar, reputational damage.
The scams we’re seeing now are Whether you’re a small person in the company on is the tone of the message off? Take the time to review and
smart. Criminals are building business with a bookkeeper or the formal company Does your “boss” or reassess your processes. Make
fake digital identities that a large firm with a full finance telephone number and “supplier” suddenly sound fraud awareness part of your
mimic legitimate suppliers, department, the vulnerabilities request a bank verification like someone else or strange? workplace culture. And always
partners, and even internal are the same. Cybercriminals letter directly from this 5. Inbound calls claiming to be trust your gut instincts, if
staff. They hijack email threads aren’t just targeting banks; they person, not the address in from your bank or supplier something doesn’t seem right, it
mid-conversation, they spoof primarily go after businesses the email. Never share account probably isn’t. 
phone numbers, they research and people that use banks. 2. Unusual urgency or secrecy numbers, OTPs, or authorise
company hierarchies and And in most cases, they are If you’re being pressured transactions on a call you
patiently wait for the right relying on one thing, human error. to make a quick payment or didn’t initiate. If you have T: +27 (0)31 109 1888
moment to strike. “keep this confidential”, step even the slightest doubt, E: care@mobiventures.co.za
W: www.mobiventures.co.za
Key Red Flags to Watch Out For back. Fraudsters prey on don’t be influenced to do it,
Just last month, I spoke to a
medium-sized logistics firm Here are some practical signs rushed decision making. hang up.
that lost over R1.2 million to and behaviours to watch out for, 3. Slight changes in email Simple, Actionable Safeguards
a “CEO scam”. The finance these should trigger immediate addresses
administrator received an urgent, caution: Example: info@company.com ■ Train your staff, especially

TAILORED IT SOLUTIONS AND INNOVATION

A and many businesses are trying to penetration testing, and threat ■ Provision and maintenance of building Fusion Data’s client base
new player has entered
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in South Africa and exploring
protection
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Sbusiso Maphumulo. Sbu brings unique objectives.” data visualization and reporting highlighting its interest in long- on support will resonate in the
a pragmatic and experienced tools term client relationships and local market. 
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technology services, drawing collaborative model, working ■ Database Management – For more information, visit
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various sectors in the industry. understand their workflows, goals, secure database systems
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technology partners in an ■ Cybersecurity Services – Planning – Business resilience
increasingly digital economy. Security assessments, strategies

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