J2 Software - a leading supplier of information security, governance, risk and compliance solutions - has announced the launch of J2 Home Secure, aimed at protecting home/personal users from online fraud and cyber threats.
John Mc Loughlin, CEO of J2 Software, says there is a growing trend in online fraud targeting consumers which includes: invoice fraud, fake adverts and refund scams.
“On the 4th October this year, the South African Banking Risk Information Centre (SABRIC) released its inaugural digital banking crime statistics* revealing how the advent of digital technology has seen the exploitation of digital platforms by criminals. The report states that in 2017, 13 438 incidents across banking apps, online banking and mobile banking cost the industry more than R250 000 000 in gross losses. Incidents from January to August 2018 already show a 64% increase. Frighteningly the report discloses that a comparison between January to August 2017 to the same period in 2018 shows that mobile banking incidents increased by 100%, with gross losses of R23 593 631. Online banking incidents were shown to increase by 44% with gross losses of R89 368 722,” says Mc Loughlin.
The report confirms that the statistics quoted are solely industry losses and do not even account for the personal losses in events where the bank does not refund the victim.
He adds that over the same comparison period, banking app incidents increased by 20%, with gross losses of R70 156 364. “SIM swops saw 4,040 incidents from January to August 2017, and 8254 incidents from January to August 2018, an increase of 104%. These statistics should be enough to strike fear into the heart of any society as our lives are increasingly intricately linked to a digital world including: banking; shopping; recreation and more. The internet of everything has arrived and with it vulnerability to abuse for businesses – small or large – and on the personal level,” he says.
Mc Loughlin notes that small businesses and individuals are particularly at risk. “Both Home and SME users are aware of the risks but both are left out in the cold - to handle things themselves. Earlier this year J2 Software launched our SME Secure solution for smaller businesses.
“From the home/personal user perspective it can be quite a dilemma of “where do you begin”? We have: online banking fraud; fake classifieds adverts; phishing scams, malware and viruses; ATM fraud, refund scams; fake invoices and that’s before we even get to advanced threats and most importantly – our children.”
Mc Loughlin says children of all ages are online using a wide range of devices – they are always researching, looking for music, downloading and playing online games. “Our children are the true millennials, they have grown up in a digital world – but does digital savvy translate into digital safety? Definitely not.”
He notes that the J2 Home Secure solution aims to deal with the fact that attacks are increasing & always evolving.
“J2 Home Secure provides end point protection, internet security and it offers protection up to R25,000 in the event of online fraud and theft where you suffer a direct financial loss. It provides Managed Cyber Security for home users.”
Mc Loughlin says the product offers peace of mind due to the world class detection and monitoring capabilities. “This plus the added advantage that your children are kept safe online by preventing access to illicit and illegal online content.”
Mc Loughlin confirms that J2 Home Secure also offers protection against:
- EFT Fraud:
- Transfer of funds to third parties where the details of the payee have been manipulated.
- Transactions where a payees identity is stolen, falsified, fraudulently altered.
- 30% of the value of online classified transactions.
- EFT Duping:
- EFT or deposit scam using altered POP’s, deposit slips etc.
- When you are tricked into believing payment has been made into your account.
- Unauthorised transfer of funds:
- Funds transfer from account by person not authorised.
- Includes fraudulent use of your name, address, ID, bank account etc.
- Does not include funds by a person you know or have authorised to make a transfer.
“This product offers the modern consumer many compelling reasons to improve their security by having a managed cyber security service for home users. We also provide affordable layered security options to ensure that clients have securely backed up important files, encrypted sensitive data with the added advantage of having a single point of contact to help them setup their Office365 at home.” Mc Loughlin concludes.