Beware Cyber Monday fraudsters today

WHILE the chaos of Black Friday came and went with major retail websites crashing and the window of a major Canal Walk mall store being broken by eager shoppers, experts are warning consumers to take the necessary precautions today, dubbed “Cyber Monday”.

Data analytics company Fair, Isaac and Company (Fico) warned of a likely spike in fraud over this period.

Derick Cluley of Fico in South Africa said: “Every year, the increase in shopping on Black Friday and Cyber Monday draws a rise in both cardpresent and card-not-present fraud.

“This year, the threat may be greater than ever.”

He said recent data breaches worldwide exposed millions more cardholders’ details.

According to South African Banking Risk Information Centre statistics, gross losses due to credit card fraud increased by 13% from from R331.4 million recorded in 2015 to R374.4m in 2016.

John Shier, senior security adviser at Sophos security, said: “If an online deal or e-mail offer with price discounts looks too good to be true, it probably is. Hit delete immediately.

“Be on the lookout for typosquatting. This is where cybercriminals take a popular online brand and change one letter or two to trick you into clicking and sharing personal information. Always check the spelling and be on the lookout for smart typosquatting like the famous ‘Tvvitter’ attack.”

Heino Gevers, manager at Mimecast South Africa, said cyberattacks were not random any more.

“Think before you share. Cyberattacks are well-researched and usually use information you share online.”