With significant ramifications for South African businesses that have vulnerabilities in their payment systems, the growth in financial and accounting hacking through phishing and Business Email Compromise (BEC) has made headlines.
However, strong financial controls combined with strong server, IT, and email monitoring processes aren’t enough if staff aren’t savvy to the psychological tricks scammers use to manipulate people, making them more susceptible to tricker and deception,says Ryan Mer, CEO at eftsure Africa, a Know Your Payee™ (KYP) platform provider.
The idea that only gullible people are victims of payment fraud and cybercrime is hazardous because it breeds complacency among highly educated people who hold senior positions in organisations. Criminals that engage in paying are frequently highly talented, well-equipped, and knowledgeable enough about their field to pass for professionals, Mer added.
Manipulating credibility and trust
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