Although the intended reasons behind cybercrime may vary, the objective is primarily to cause financial harm, gain financial benefit, access data, or damage the reputation of a business. It should also be kept in mind that while large businesses and corporations are often targeted by cyber criminals, cybercrime is by no means aimed only at these larger businesses. Research indicates that small to medium sized businesses, across the world and also in South Africa, are increasingly being targeted by cybercriminals.
One such scheme that is becoming prevalent is Business Email Compromise (“BEC”). This involves some form of legitimate commercial transaction between two or more parties, where one party will generally receive an email, purporting to be from the other, requesting that a form of payment be made (which has become due in terms of the transaction) and stipulates banking details, detailing an account to which the funds should be transferred.
Where a deal is being discussed and the recipient is being asked to provide banking details via email, it is possible for the communication to be intercepted and a customer sent an email pretending to be the future recipient of the funds with altered banking details. The other party then pays the money into the altered bank account as confirmed in the last email, only to later discover that the actual intended recipient of the money never received it.
This type of criminal activity makes use of various cybercrimes, such as hacking or phishing to gain access to email accounts, followed by wire fraud. While any transaction could be the target of BEC, larger transactions such as the purchase and sale of property, motor vehicles and investments are a particular favourite for cybercriminals.
To prevent falling victim to the above schemes, there are certain measures which can be exercised to mitigate the risks of cybercrime such as exercising caution by utilising various methods of verifying banking details such as a simple phone call or using instant messaging applications such as WhatsApp.
Making use of antivirus software can prevent malware from spreading on your devices and help scans for the presence of malware and malicious activity. Although, no antivirus is foolproof a current and up to date antivirus programme can reduce your risk.
Banks are often also willing to play a role to secure a commercial transaction and willing to contact the recipient’s bank to confirm banking details and so assist in the exercise of safe cyber security practices rather than trying to recoup wrongly paid funds after fraud has occurred.
With the continuing increase of cybercrime, members of the public must continue to exercise caution when making electronic payments. Confirm banking details and take steps to secure your device and system against attack. Employers should educate their staff and have the necessary protocols and procedures in place to assist in ensuring verification and payment controls are in place and strictly enforced.
Disclaimer: This article is the personal opinion/view of the author(s) and is not necessarily that of the firm. The content is provided for information only and should not be seen as an exact or complete exposition of the law. Accordingly, no reliance should be placed on the content for any reason whatsoever and no action should be taken on the basis thereof unless its application and accuracy have been confirmed by a legal advisor. The firm and author(s) cannot be held liable for any prejudice or damage resulting from action taken on the basis of this content without further written confirmation by the author(s).
