In our increasingly connected world, being safe from cybercrime is crucial, especially when it comes to our personal finances. Scams and schemes used by cybercriminals grow along with technology. That is why we must remain watchful and safeguard our internet presence. This fascinating piece digs into the crucial relevance of cybercrime awareness and is brimming with eye-opening facts on the evolution of cyber dangers, including ransomware attacks and phishing scams. In addition, we will provide a detailed step-by-step guide to help us build our digital defenses.
What is the definition of cybercrime security and awareness?
The practice of safeguarding internet-connected devices is known as cyber security, and in the digital era, being aware of cybercrime is increasingly required rather than just optional. A broad spectrum of illicit activities, such as ransomware attacks, phishing schemes, identity theft, online fraud, and data breaches, are collectively referred to as cybercrime. These tactics along with cyber predators are constantly searching for methods to take advantage of every vulnerability they come across. Being aware of these tactics is the first line of defense against potential threats. The amount of information might be overwhelming at times, but we are here to help you understand what they mean and how to utilise it to strengthen your online safety.
Different types of cybercrime and understanding what they mean
Phishing
The fraudulent practise of sending emails or other messages purporting to be from reputable companies in order to persuade people to reveal personal information such as passwords and credit card numbers.
Identity theft
Identity theft, identity piracy, or identity infringement occurs when someone uses another person's personal identifying information, such as their name, identification number, or credit card number, without their permission, to commit fraud or other crimes.
Ransomware attacks
Ransomware is a type of cryptovirological malware that threatens to publish or permanently block access to the victim's personal data unless a ransom is paid. While some ransomware may simply lock the system without affecting any files, more advanced malware employs a technique known as cryptoviral extortion.
Online fraud and data breaches
Unauthorised individuals gaining access to confidential information constitutes a data breach. A data breach can have serious and far-reaching consequences. Hackers can use compromised data to commit illegal acts such as identity theft, financial fraud, spamming, and even extortion.
Sim Swap Fraud and OTP Scams
SIM swap fraud and OTP scams are serious security threats that can have devastating consequences for individuals. In SIM swap fraud, scammers trick mobile phone carriers into activating a new SIM card in their possession by gathering personal information through phishing emails, malware, or social media research. Once they gain control over the victim's phone number, they can access their bank accounts, compromise their identity, and even hack their social media profiles. On the other hand, in OTP scams, criminals exploit the one-time password (OTP) verification system used for two-factor authentication. By intercepting or tricking victims into revealing their OTPs, criminals can gain unauthorised access to their accounts and carry out financial fraud.
The alarming statistics of Cybercrime
-
- South Africa has seen a concerning rise in cybercrime, with the country's cybercrime density, the percentage of cybercrime victims among internet users, increasing by 8% from 2021 to 2022. This places South Africa in the fifth position globally for cybercrime density.
-
- These findings are based on research conducted by Surfshark, a cybersecurity company and VPN provider. Surfshark developed the Data Vulnerability Thermometer, which combines open-source FBI information and research algorithms to assess cybercrime trends.
-
- Surfshark's report revealed that a staggering 801,000 people fell victim to cybercrime worldwide in 2022. In South Africa, 56 out of every one million internet users reported falling victim to cybercrime, totaling 2,000 victims.
-
- The United Kingdom topped the list for cybercrime density, with 4,371 cybercrime victims per one million internet users. It was followed by the United States with 1,612 victims, Canada with 156, Australia with 106, and South Africa with 56 victims.
-
- Although the number may seem relatively low, it's essential to recognise that South Africa's cybercrime density positions the country ahead of nations like Greece, France, Germany, Mexico, and Spain in Surfshark's global top ten cybercrime density list.
Additional key insights from the report include:
-
- Phishing Prevalence: Phishing was the most common cybercrime worldwide in 2022, with 300,000 reported victims.
-
- Online Payment Fraud: The second most common type of cybercrime was online payment fraud, impacting 63,000 individuals.
-
- Extortion: Extortion followed closely with 39,000 victims.
-
- Tech Support Scams: Tech support scams affected 33,000 victims.
-
- Investment Fraud: Investment fraud was responsible for 31,000 victims, making it the most financially devastating cybercrime in 2022, with a total cost of US$3.3 billion worldwide.
It is critical to incorporate cybercrime awareness into your daily life as much as possible, as proven by these alarming statistics demonstrating how pervasive cybercrime has become and how many countries are affected. And especially with South Africa ranked fifth in the world!
Integrating Cybercrime awareness into daily life:
A Step-by-Step Guide
Here's a comprehensive, step-by-step guide to empower you to seamlessly integrate cybercrime awareness into your digital life:
Recognise the Threats
-
- Familiarise yourself with the many forms of cybercrime, from email phishing schemes to identity theft, and the insidious methods used by cybercriminals.
-
- Understand the motivations behind cybercrime, ranging from financial gain to political agendas, to better comprehend the evolving nature of these threats.
-
- Recognise the signs of potential cyber threats, such as suspicious emails, unsolicited requests for personal information, and unexpected financial transactions.
-
- Understand what Ransomware and Malware are, as well as how these threats are used. This is particularly relevant in large businesses, but company personnel must recognise that a common understanding of ransomware is required. It is critical for anyone in tech to have good cyber security understanding.
Strengthen Your Digital Defences
-
- Create robust passwords and ensure their uniqueness for each account. Utilise password managers to enhance security. Learn more about password managers: Keeper Security
-
- To provide an extra degree of security, if feasible, enable two-factor authentication. This might include social media accounts like Facebook and Instagram as well as any online transactions that call for an OTP or bank app sign-in to validate transactions.
-
- Install and regularly update reputable antivirus software and firewalls to safeguard your devices from malware, including ransomware.
-
- Educate yourself and your colleagues on cybersecurity best practices, such as recognising suspicious emails and links. Phishing emails are one of the top ways for hackers to access sensitive information and find ways into personal and company data.
-
- Secure your wireless network and devices to prevent unauthorised access. This includes Wi-Fi logins and creating hotspots with a cellular device. Make sure all of them have complex passwords that should be changed from time to time. Remember to use your password mangers to keep them secure in their personalised vault.
Stay vigilant!
-
- Consistently monitor your financial and personal accounts for any unusual or unauthorised activity. A twice a day check-in is good practice. Check accounts in the morning and early evening to make sure transactions line up with your days activities.
-
- Be cautious when opening emails from unknown senders, and avoid clicking on links or downloading attachments from suspicious sources.
-
- Regularly update your devices and software to patch security vulnerabilities, as outdated software is a common entry point for cybercriminals.
-
- Familiarise yourself with the privacy settings of your online accounts and limit the information you share on social media and other websites.
Continuous Learning
-
- Stay informed about the latest developments in cybercrime prevention and security measures through trusted sources and news outlets.
-
- Seek guidance from cybersecurity professionals and experts to continually enhance your knowledge and fortify your defense’s.
-
- Join online forums and communities focused on cybersecurity to share experiences and learn from others.
-
- Stay updated on cybersecurity trends and emerging threats to remain one step ahead of cybercriminals.
Learning from Professionals in the Industry
As a tech-driven company, Wonga relies on the expertise of our Cyber Security Analyst, Nash Lewis. Nash is consistently at the forefront of Cyber Security Analysis, actively seeking innovative methods to enhance collective safety in the tech and online environment. His recommendation for staying secure includes following top professionals and companies in the industry, staying updated on the latest news, events, and breaking stories. Below, you'll find a list of professionals and companies he recommends following.
Top professionals in the Industry
Top Online Companies to follow
An inspiring quotation from Nash Lewis to remember: 'Allow awareness to guide you through the ever-changing dance of bits and bytes. Knowledge is your digital defense in the realm of cybercrime. As you navigate the online binary maze with wisdom and awareness, always remember that Cybercrime knows no bounds, but neither does devotion to cyber resilience. Continuous learning is your greatest ally in the world of cybersecurity.
Staying Cyber Crime Safe this Holiday Season
Many shoppers are turning to online platforms for their Black Friday and December shopping needs. However, it's crucial to remain vigilant and protect yourself from cybercriminals who take advantage of the increased online shopping activity. By following a few simple steps, you can ensure a safe and secure shopping experience. Here are some tips to help you stay protected and avoid falling victim to cybercriminal tactics.
Be cautious of phishing attempts
Cyber criminals often use phishing emails, texts, or calls to trick unsuspecting shoppers into providing personal information or clicking on malicious links. Be wary of unsolicited communication and avoid clicking on any suspicious links or sharing sensitive information with unknown sources.
Shop from trusted websites
Stick to reputable and well-known online retailers when making your purchases. Look for secure website indicators such as "https" in the URL and a padlock symbol to ensure your connection is encrypted.
Use strong and unique passwords
Create strong, unique passwords for each online account and avoid using the same password across multiple platforms. This will minimise the risk of unauthorised access to your accounts.
Enable two-factor authentication (2FA)
Opt for two-factor authentication whenever possible. This adds an extra layer of security by requiring a verification code or fingerprint in addition to your password, making it harder for cybercriminals to gain unauthorised access to your accounts. Keep your devices and software up to date, including operating systems, antivirus software, and web browsers. These updates often include security patches that help protect against known vulnerabilities.
Avoid public Wi-Fi networks
When shopping online, refrain from using public Wi-Fi networks, as they can be more vulnerable to cyber-attacks. Instead, use a secure and password-protected network to ensure your data remains encrypted and protected.
A deal to good to be true? (It probably is)
Be cautious of deals that seem too good to be true. While Black Friday and holiday sales offer tempting discounts, be cautious of deals that appear too good to be true. Scammers often use these tactics to lure unsuspecting shoppers into sharing their personal and financial information.
Finance Check-Ins
Regularly monitor your bank and credit card statements for any suspicious activity. Report any unauthorised charges or suspicious transactions to your bank immediately.
By following this extended, step-by-step guide, you'll effectively integrate cybercrime awareness into your digital life. This proactive approach is vital to mitigating the risks posed by the growing number of cybercrimes, ensuring that you protect your digital assets and personal information while navigating the online world safely.
Cybercrime awareness is not just an option but an essential skill for individuals and businesses in the digital age. The statistics paint a stark picture of the pervasive threats we face daily. By staying informed and proactive, we can safeguard our digital presence and contribute to the collective effort to create a safer digital environment. The key to maintaining a secure digital existence is ongoing education and vigilance. As technology continues to evolve, so will the tactics employed by cybercriminals. In a digital age where our personal and financial lives are closely intertwined with the digital world, cybercrime awareness is our shield against the ever-present threats of the online eco system.
