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Last week, at the Fraud Summit held by the Southern African Fraud Prevention Service (SAFPS), experts from antifraud units across the world sent a clear message – the incidence of fraud is increasing exponentially. According to the SAFPS, there was a 600% increase in incidents reported by their members last year when compared with 2018.
Moreover, the ability of criminal syndicates to hoodwink people is increasing, along with the growth in digital technology, including AI.
In a recent press release, CMTrading chief trading strategist Fred Razak wrote that “the massively increased digitisation of the world means that perhaps misinformation is the greater cyber threat than a direct cyberattack, particularly to individuals who engage in online trading. The scary thing about ChatGPT and all the AI-infused software is that they are capable of presenting us with a completely believable alternative reality.
While banks and digital platforms need to take more preventive action to protect their customers, as consumers, we need to be doing more to protect our information. This includes updating passwords and using biometric identification where available.
READ: Your personal information is never safe
We also need to be more aware of the scams out there and truly understand that, when it seems too good to be true, it really is a scam. We should report those scams we come across to help close them as quickly as possible.
At the summit, the SAFPS announced the launch of a fraud-fighting website called Yima to help South Africans protect themselves against scams.
Yima.org.za is a one-stop shop for South Africans to report scams, secure their identity and scan any website for vulnerabilities related to scams.
“They will also be able to educate themselves on identifying a scam. These tools will enable consumers to surf the net more confidently and go about their daily lives aware and informed. These are just some exciting elements South Africans can access through the site,” says SAFPS head of product development Nazia Karrim.
The main element of the website is to report a scam incident or any suspicious activity to the SAFPS. Suspicious activities include a fake or suspicious online shopping website/portal and instances where the user has received phoney banking information. These reports will be collated and shared with law enforcement for investigation.
There are specific tools to assist consumers
Check for suspicious websites: The website has a function that allows you to insert the URL of a website to check whether it is suspicious. It checks for any reported malicious content, malware, blacklistings, security levels or adult content. It also provides consumer experience feedback regarding the business or domain owner.
This would be useful if you were shopping online and wanted to confirm that the online retailer was legitimate. Within the next three months, a Yima browser plug-in will be available, which will scan all websites you open in your browser.
‘Am I being targeted’ self-help tool: This will help consumers determine whether they are being positioned as a possible target for a scam. The site will help the user assess their situation and then select the most relevant option and the details of the scammer’s modus operandi. It also advises how to respond to the possible threat.
READ: Beware the scamsters are out in full force
Scam alerts: Subscribed users will receive alerts posted on Yima about the latest scams or trends to keep them abreast and warn them away from risk.
Report a scam online: The data used will be collated for analysis to help identify trending hot spots, gaps in awareness, and prevention campaigns and solutions. It will be used for identification of syndicated activity to assist law enforcement entities in their efforts to apprehend perpetrators.
In the next few months, Yima will be creating a single, short number for consumers to dial when they need to contact a participating member to report fraud.
