Category: Financial Consumer Protection

By Tokiso TKay Nthebe Advances in technology have made it easier and convenient for people to transact from the comfort of their homes and on their devices. From a click of a button, one can easily access banking Apps on their smart phones, transact on the go and save time. As the world becomes more and more interconnected, however, so does the risk of cybersecurity. As we commemorate the 2024 Cybersecurity Awareness Month this October, themed ‘Secure Our World,’ this blog discusses cyber risks and shares tips on how you can protect yourself online. What is cyber risk? Cyber risks are defined as threats or attacks that arise from using digital technologies that can potentially disrupt systems or networks leading to financial loss for individuals or organisations. Should these attacks happen, other consequences include reputational damage because of data breaches and loss of trust. According to an article by the Centre for Cybersecurity available on the World Economic Forum’s website, cyber-attacks in the financial sector poses a serious threat not only to global financial stability but could result in huge loses causing major disruptions. What are the common types of cyber risks? Cyber risks are on an all-time high where many are falling prey to these scams and losing their money. Criminals continue to work hard, preparing to scam and to take advantage of your vulnerability, distractions and naivety. As such, you should know and be aware of different cyber risks which are shared below. Phishing, smishing or vishing: This happens when fraudsters attempt to access your personal information by sending you a link via email, SMS or call redirecting you to a fake website. Remote access: This happens when fraudsters call and ask to assist you to download a software onto your computer. By so doing, they take control of your computer over the internet and access your banking profile. Identity theft: This happens when your documents i.e., passports, national IDs, driver’s licenses etc. are stolen or a false ID is created with your personal information without their permission. This type of theft is often aimed at committing fraud, obtaining credit, making purchases, or engaging in other financial transactions under your names. How can you protect yourself? Cyber-attacks and scams thrive when people are distracted, financially vulnerable or when looking to score a bargain and criminals take advantage of this. What can you do to protect yourself? Remember your bank will NEVER ask you to disclose your personal information. Do not click on any suspicious links or confirm personal information to strangers. The bank will NEVER call and ask you to install software remotely or for your one-time pin (OTP). Do not leave your personal documents lying around, post on social media platforms or confirm personal information on strange calls. Always pause and think before you click. Lost device: Should you lose your cell phone, call your bank immediately and delink your banking applications. It goes without saying that you work extremely hard for your money, as commemorations for the 2024 Cybersecurity Awareness Month continue, I encourage you to always be vigilant and safe when using digital technologies even beyond October. When in doubt, call your financial services provider and verify. You can also watch or listen to the episode of Empowering Ethical Tech: Securing Your Digital Future on My Money Adventures Podcast available on YouTube, Spotify and Apple Podcasts. Visit our learning portal at www.mymoneyadventures.com for more personal finance content. Remember, money is an adventure. Let’s enjoy the ride!

Category: Financial Consumer Protection

How to protect yourself against cybers risks

The Lesotho Financial Consumer Protection Act of 2022

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