Kaspersky Lab will be showcasing its Kaspersky Fraud Prevention solution at this year’s AfricaCom event, taking place this week at the Cape Town International Convention Centre (CTICC).
The solution supports to mitigate threats in a bid to help navigate the maze of cybercrimes to make fraud management easier.
In a survey undertaken by Kaspersky Lab, in the Middle East, Turkey and Africa region (META), 86% of South Africans regularly use online banking, which is higher than the Middle East and Turkey.
Despite this, the survey also shows that South Africans are the most sceptical when it comes to the security of online banking – and have reasons to be concerned.
“South African online bankers were the highest targeted in hacking attempts in the region, at 18%. Banking is just one of the sectors that are challenged by cybercrimes as consumers become more connected and service provider networks grow,” said Tim Ayling, Global Head of Fraud Prevention Solutions at Kaspersky Lab.
Information has become the ‘new oil’ not only for businesses trying to acquire intelligence, but also for cyber criminals.
“Fraud losses are now in the tens of billions of dollars globally², where it has been reported that South African credit card fraud alone increased to R436 million in 2017³. Though some can argue that technology changes are partially to blame for this, consumers also seem very happy to share personal information online, without any thought on how this can be used for bad,” continues Ayling.
“Take some real life examples; while Uber ‘remembering’ where home and work addresses are is convenient, or Airbnb knowing what your favourite type of holiday is and what you will typically spend, shows an understanding of consumers behavioural patterns – this information, if it falls into the wrong hands, can pose a threat to businesses and consumers alike,” added Ayling.
“In our experience, hackers steal information for the purpose of selling it on the ‘dark web’ or for other malicious intentions. It is therefore important for service providers to provide a safe environment on their platforms for consumers to trust,” he further stated.
The Kaspersky Fraud Prevention solution is based on Machine Learning (ML), providing both online and mobile channel protection.
These technologies set immediate verdicts to internal monitoring systems by feeding them with the data necessary for proactive prevention of fraud, before it is committed.
Kaspersky Fraud Prevention utilises four key technologies in defending business and consumers against this ever-growing threat.
Clientless malware protection, which checks if a customer’s machine/device is infected with malware and doesn’t require additional software on the user side, assisting in determining the legitimacy of sessions.Behavioural Biometrics that detects user legitimacy by analysing how users interact with mobile devices, as well as detecting bots and remote controlling.
Behavioural Analysis, which looks at what the user clicks for the building of a ‘normal behaviour’ profile – which helps with the detection of suspicious activity at an early stage.
Lastly, Device and Environment Analysis that examines areas which may be known for being ‘involved in fraud’ like global device reputation and location reputation etc.
As African economies continue to emerge and grow, there have to be lessons that must be applied.
Tim Ayling presented ‘Unlocking the value of data: the risks involved in putting big data at the heart of your digital transformation strategy’ at AfricaCom, recently. Kaspersky Lab will also have a stand at the expo: booth # B21 in Hall 1.
Credit: Digital Street SA