MyMoney Online

Cyber Crime is a growing reality cautions financial coach

The Standard Bank Scam is estimated at R300 million involving 14000 transactions at ATMs in just a few hours in 7-Eleven stores throughout Japan.

It was conducted with precision, using “mules” to make the many withdrawals which were just under the right limits using data accessed from the bank. The criminals found a badly protected ATM network in a low risk country guessing that the fraud analytic software would not automatically block the transactions.

We don’t know if the information was hacked or if it was an inside job.

What we do know is that cyber-crime is very real and all of us are exposed to it. In our high tech world, our personal information is on record. Think of how many establishments hold your ID number and banking details: SARS, the bank, store accounts, DSTV, and many more.

So what can we do about it?

Very little. All you can do is manage your own space when it comes to giving out your information.

Perhaps, as a general rule, you should only give out information if you make contact with an establishment and then are asked for verification details. If however, you are contacted, then caution should prevail as you do not know how authentic the caller actually is.

Develop an attitude of ‘someone is always watching you’ and waiting to pounce on every opportunity to steal your money just at the time when you let your guard down.

Report suspicious activities quickly to the fraud department of the relevant provider.

If in doubt push out...


This article first appeared on 702 : Cyber Crime is a growing reality cautions financial coach


CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

The Money Show’s Bruce Whitfield interviews Cannon Asset Managers Portfolio Manager Samantha Steyn.

6 tips on how to avoid overspending this festive season

6 tips on how to avoid overspending this festive season

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

3 shares you’ll do well to buy this week (by Cartesian Capital)

3 shares you’ll do well to buy this week (by Cartesian Capital)

It’s Stock Pick Monday on The Money Show. Bruce Whitfield interviews Cartesian Capital CEO Anthea Gardner.

Three reasons why you should have a trust

Three reasons why you should have a trust

A trust is a useful entity in some circumstances as the assets it owns do not belong to you, writes Paul Roelofse .

Three reasons why you shouldn’t have a trust

Three reasons why you shouldn’t have a trust

Having a trust seems like the right thing to do but financial planner, Paul Roelofse says it's not that beneficial for you.

The JSE is trading near all-time highs. Should you sell while the going is good?

The JSE is trading near all-time highs. Should you sell while the going is good?

The JSE is trading near record highs, despite a weak economy. Nevertheless, selling now would be a HUGE mistake. Here’s why…

Popular articles
Zim ministers snub Mugabe's cabinet meeting call

Zim ministers snub Mugabe's cabinet meeting call

Regional Co-Ordinator at Crisis Zimbabwe Coalition, Joy Mabenge says the keys to Mugabe's impeachment are turning very fast.

Tender irregularities plague City of Cape Town

Tender irregularities plague City of Cape Town

Allegations point to irregularities in the tender processes where some bidders were preferred by the City's senior executives.

What Shoprite, Checkers, Pick n Pay and Makro will offer on Black Friday

What Shoprite, Checkers, Pick n Pay and Makro will offer on Black Friday

Up for a Springboks level scrum? Instructions on how to ensure you get the deals in your inbox the moment they become known...

I didn't believe that he was ever going to step down - JJ Cornish

I didn't believe that he was ever going to step down - JJ Cornish

EWN Africa Correspondent, JJ Cornish describes Mugabe's Sunday evening speech as a humiliating downturn for the Zim president.