Every 40 seconds, a new cyberattack occurs somewhere in the world. Financial institutions are among the targets, and the consequences don’t happen online, they come into our homes.
Locally, the average cost of a breach in South Africa reached roughly R53 million in 2024. Cybercrime is on the rise, now accounting for around of 30% of reported crimes in some African regions. This is due to the faceless nature of the crime and the high probability of non-conviction.
For clients and investors, cyber threats are very real. In 2024, two-thirds of financial institutions globally reported experiencing some sort of related cyber incident.
There is a very real lesson here, digital threats to your money and identity are evolving fast, and October’s Cybersecurity Awareness Month. Please take a moment to read this.
Why does cybercrime happen?
It’s a lower risk way to commit crime. Transaction histories, credit data, and personal details valuable to criminals.
In addition, the sophistication of attacks is increasing. AI-driven phishing, deepfake voices, credential stuffing, are things one has to be aware of.
Practical steps every client can take
Individuals have power to protect themselves. Experts recommend:
- Enable multi-factor authentication. SMS codes, authenticator applications, or cell phone and laptop biometrics provide a crucial extra layer of security. If this seems complicated, ask somebody in your family for assistance who may know.
- Monitor transactions often where you can. Small unauthorised payments can signal early-stage attacks.
- Be wary of phishing or scam callers. This is the most active area in South Africa for attacks. This is done through phone calls, text and emails. Remember this key idea and you can reduce your chance of getting attacked.
Your bank does not need your information. They don’t need passwords, and for you to verify anything. They already have that information, or you would not be a client! Anybody who requests information is likely a scam artist. Remember that the bank went through the effort of verifying who you were BEFORE you took out a bank account.
DO NOT respond to Emails, SMS, and calls claiming urgent account issues are often traps. Always verify via known contacts. Put the phone down and call your bank fraud line and verify your account safety.
DO NOT click on links from a bank, SARS or other party claiming that something is required as an action from your part. Normally these emails take on the framework of somebody sending you something that wants an action. Examples, a nasty SARS letter demanding you pay penalties or arrear, an invoice that needs your attention, a legal matter or something that warrants investigation.
CALL the party, not based on their email information, but rather their verifiable information that is publicly known. You do not want to call the scammers to get confirmation from them.
Ignore the call to action they are requesting until you are able to correctly and comprehensively identify the party demanding the action. Don’t allow emotions to cloud your judgement. Take time to think about it first.
- Update software on your computer often. New updates provide greater levels of security for your phone and computer. Often the update has to do with safety in mind.
- Use platforms that you trust and know. Don’t use internet links and sites that you do not know. Do not clink on links that are sent to you from email or sms that you do not know.
October is awareness month.
This October, don’t be passive about financial safety. As cybercriminals sharpen their own tool sets and approaches, let us become more vigilant. Cybersecurity awareness isn’t for somebody else; it’s a reminder that safeguarding your financial future is a common responsibility.
