from DION HENRICK in Cape Town
CAPE TOWN – AFRICA’S mobile fraud losses are forecast to increase to a record US$5 billion by the end of 2021 if the threat of cyber criminals is not addressed.
Currently, the losses are estimated at $4 billion yearly.
David Lotfi, Chief Executive Officer of French-based anti-fraud company, Evina, warned against the scourge of cyber criminals looting the continent’s wealth in a new, virtual “scramble for Africa.”
He said professional cybercriminals from around the world cost the world’s least developed continent billions yearly, money that could be spent on infrastructure and social services.
Two primary forms of mobile fraud are impacting on Africa.
“Today click-jacking and malicious app are the two most common forms of mobile fraud,” Lofti explained.
Through the clickjacking technique, a fraudster intercepts a legitimate click and unknowingly directs the user to a website where sensitive financial and other details can be stolen.
Malicious apps injected with malware during a disguised app update or from the start when the user unwittingly downloads the app from the app store.
According to Evina, in the Middle Eastern and African regions, the fraud rate is at 27 percent. Of these fraudulent attacks, 60 percent are clickjacking and 19 percent are malicious apps.
“It’s easy to combat and there really is no excuse for the fact that one in three mobile subscriptions in South Africa, for example, is fraudulent,” Lofti said.
“Evina has repeatedly communicated the fact that the fraudsters who continue to loot Africa’s wealth can be beaten with the right tools that we already use to protect millions of mobile transactions worldwide every day.”
– CAJ News