From CompliNEWS | Financial Service Intelligence Watch

South Africa faces surge in cybercrime, surpassing ‘Nigerian Prince’ scams

South Africa is on the brink of becoming the cybercrime hub of Africa, with cybercrimes escalating at an alarming rate, according to a report in The Citizen. A recent study by TCG Forensics highlighted a staggering 356% increase in impersonation scams from April 2022 to April 2023, as documented by the Southern African Fraud Prevention Services.

Jackie Smith, the leader of Buyers Trust, part of the Ooba Group, attributes South Africa’s susceptibility to cybercrime to various factors. These include its economic development and the swift evolution of its digital environment. Smith emphasised, ‘The simplicity of committing cybercrimes is concerning. All one needs is a mobile phone and internet access. Given that only about 10% of these crimes are reported, offenders believe they can act with impunity.’

Despite the introduction of the Cybercrimes Act Bill in June 2021, many experts, including media law specialist Richard Chemaly, believe it was a missed chance to address the issue effectively.

Read the Full report in The Citizen here