By Jason Lane-Sellers, director of fraud and identity, LexisNexis Risk Solutions
Cybercrime is evolving globally and South Africa is no exception. Rapid advancements in digital technologies, platforms and services are driving a shift in the approach organizations must take to manage this growing threat.
According to the latest LexisNexis Risk Solutions Cybercrime Report, human-initiated cyberattacks saw a 20% increase, while automated attacks surged by 27% worldwide. Some industries, such as finance, e-commerce and communications, experienced triple-digit growth in cybercrime incidents. In the past, the rise in global cybercrime may not have been a primary concern in South Africa. However, cybercriminals have become increasingly global in nature, targeting organizations worldwide and targeting specific economies where they can yield effective returns on their illicit investments.
South Africa boasts a youthful population eager to embrace the latest mobile and app-based technologies. Improved banking frameworks for faster payments and money transfers, coupled with the adoption of mobile money schemes, have facilitated this digital transition. Unfortunately, these advancements also present opportunities for cybercriminals to exploit, making South Africa a potential hotspot for cyberattacks.
The Rise of Scams
Among the fastest-growing forms of cyberattacks are scams, which involve social engineering techniques to manipulate end customers into conducting fraudulent transactions. These scams often employ a combination of attack methodologies, such as bots, scripts, data gathering, deep fakes, AI scripting and messaging apps, such as WhatsApp, to deceive customers.
What sets scams apart is that the customer becomes an unwitting accomplice, carrying out transactions at the behest of the criminal. This contrasts with traditional cybercrime, which primarily targets the business and its platforms.
To combat this new wave of cyber threats, businesses must adopt a holistic approach. This includes building a comprehensive customer profile that considers digital identity, contextual behavior, interaction patterns and behavioral biometrics. By analyzing these factors, businesses can identify potential risk factors associated with scams, such as unusual session timing, new profile elements or abnormal interaction behavior.
By utilizing these tools, businesses can authenticate users more effectively, reducing the risk of cybercrime attacks and improving customer trust. A stronger way of identifying genuine users enables businesses to enhance digital experiences and tailor user journeys and interactions.
Sharing Intelligence for a United Front
One aspect often overlooked by South African businesses is the effective gathering and utilization of intelligence. Cybercriminals do not limit themselves to a single industry or market. An attacker targeting a bank may also target organizations in telecoms, media, gaming or e-commerce. To effectively combat cybercrime, organizations must share data on attacks in real-time and leverage intelligence from across industries and even globally.
Utilizing solutions and tools that offer true authentication and enable data sharing and crowdsourcing of intelligence is paramount as we move into 2024.
South African businesses must adapt swiftly. By adopting a multifaceted approach that combines customer profiling, behavior analysis and intelligence sharing, organizations can strengthen their defenses and protect both their operations and their valued customers from the ever-changing threats posed by cybercriminals. The future of cybersecurity lies in proactive, collaborative and technologically advanced strategies that keep pace with the digital age.
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