According to the latest Kaspersky Digital Payment survey, 23% of respondents from South Africa experienced financial losses associated with threats when using online banking and mobile wallet services – with the majority losing up to the equivalent of $1 000, and 9% losing more.
The Kaspersky Security Network says that 449 731 financial threats were blocked in South Africa by the company in 2022. These attacks were aimed at stealing financial information such as credit card numbers and login credentials, and usually rely on social engineering tactics to lure victims.
However, the impact of a cyberthreat targeting digital payments does not just impose a financial burden on consumers, but also affects them psychologically. For example, 66% of respondents from South Africa said that they lost sleep and were very anxious about getting their money back. Fifty three percent of users reported that they have less trust in digital payment providers, while 67% stated that they became more vigilant after experiencing a cyber incident – and 59% installed security solutions like an antivirus on their infected devices.
“Since the beginning of the pandemic 51% of users in South Africa faced at least one incident when using digital payments,” says Emad Haffar, head of technical experts at Kaspersky. “That’s why it’s increasingly important to know how to interact securely with any emerging technologies including online banking and mobile wallet services. And all stakeholders, like government, digital payment providers, users, and even cybersecurity companies, need to come together to create a sustainable and secure payment ecosystem.”