• Courage to do right

    A number of factors will impede Zuma’s opportunity to have a ‘Lula moment’, says Prof Dirk Kotze.

  • #Budget2016

    Possible steps that can be taken in the National Budget to avert a junk status.

  • No ordinary SONA

    A weak president presiding over a racially polarised nation faces a serious task.

All data is delayed
Loading...
See More

Bank fraud more lucrative than drugs

Aug 16 2011 07:06
I-Net Bridge

Related Articles

Tender email scam hits firms

 
Johannesburg - While viruses, worms and Trojans continue to be the preferred weapons of choice for cyber criminals, new forms of fraud are emerging that are making bank cyber fraud even more lucrative than the drug trade.

Stieler van Heerden from Ukuphepha Consulting told the southern African internal audit conference on Monday that the Russian mafia was now making more money from banking fraud than drug cartels were making from their illegal activities.

He says cyber fraud has become a $1 trillion industry, with a survey of 50 multinationals in the US showing they are losing $5.9m a year each.

He says new code infections are able to send spam data to large organisations and internet businesses, while there are moves to encrypt GSM phone networks.

Another major risk is the growth in usage of open source weapons like the Stuxnet virus that is freely available online for download.

"We have a lot of action, but not a lot of measurement to determine the relevance of the action," he said.

He said real world data analysis needs to improve to determine what will reduce infection rates. 
internet  |  cyber crime  |  fraud

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
8 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Will Jacob Zuma's State of the Nation speech help SA avoid "junk" downgrade?

Previous results · Suggest a vote

Loading...