Getting prepared for the evolution of cyber crime
Raffael Maio, Managing Director, APAC and co-founder, NetGuardians talks about cybercrime.
“Cybercrime has overpassed the drug market”, says Maio. It is no longer about a 14 year old hacker, cybercrime is a real business. Criminal activities continue to permeate the banking space. Just under a year ago the Bangladesh central bank heist resulted in a loss of USD81 m. These activities are, quite simply a profitable criminal business.
Maio says that it is “much easier to use a computer to steal money than rob a bank”. This is why cybercrime continues to increase. And digitalisation has created this opportunity.
Some of the criminal trends hitting customers are social media related, for example a digital bank using e-banking. The criminal is targeting precisely the individual they want to defraud. They may call you to try and have you change your password. Criminals can be are extremely creative and convincing – and make you think you have a bank officer in front of you.
As far as prevention, it comes down to customer education. Remember that it’s unlikely a financial institution will ever ask for your credentials over the phone. So, if you have someone at the other end of the phone stating they’re from your bank, it is probably a phishing ploy.
The reality is that the increasing complexity of IT, combined with general market growth, has resulted in weaknesses in process, enabling the problem to grow exponentially.
More from Raffael Maio, NetGuardians