CAPE TOWN – With the advent of the 4th industrial Revolution kicking in smart mobile devices will no doubt gain popularity and have nearly every aspect of our lives consolidated into one interface.
Smart devices are getting more affordable, and a lot more functional in that the apps being developed range from banking apps, payment apps and even apps that monitor your heart rate.
However, as with every new tool, these apps have given fraudsters new vectors to slip past fraud prevention solutions, according to a report by emailage, the global fraud prevention agency.
A report released on Tuesday by Aon, the global professional services company, found that annual global cyber losses were expected to reach $6 trillion (R88 trillion) by 2021, with cybersecurity spending set to exceed $1 trillion cumulative in the five years period leading up to 2021.
Personal information is widely available to criminals online. They can extract it from various sources, including social media. So much information is also stored on smartphones that fraudsters have realised this information could be very valuable in exploiting the end user.