PODCAST | Online fraud: what it is and how people can avoid falling victim to it
16 November 2021 - 10:10
by Mudiwa Gavaza
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Christo Snyman, national director of forensic services at audit firm, Mazars. Picture: SUPPLIED
Online fraud is the focus in this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Christo Snyman, national director of forensic services at audit firm, Mazars. Snyman is also vice-president at the International Association of Financial Crime Investigators’ Western Cape chapter.
The discussion mainly focuses on giving practical guidelines and steps on mitigating risk, and ensuring that corporates, small businesses and individuals have an adequate response plan in place in case of online fraud.
Snyman details a number of popular fraud tactics and scams used by criminals in SA and around the world.
Join the discussion:
He says one common source of fraud around the world is online dating apps. People meet and start chatting using such platforms. As familiarity grows, victims may start being asked to send amounts of money for “emergencies”, an investment in a business venture or other manufactured reasons. With trust built, some people may send funds to help “someone in need” only to find out that they have been swindled when it’s too late.
Mudiwa Gavaza. Picture: DOROTHY KGOSI.
In most cases, such funds are difficult to recover as the transfers are made knowingly and with consent by victims. This is different from hack where criminal steal money from a bank account for instance, Snyman points out.
He also explains the progress being made by law enforcement to bring fraudsters to justice, while detailing the many challenges that are still faced by the establishment.
Topics of discussion include: an explanation of how certain kinds of fraud are perpetrated online; popular tactics used by fraudsters to defraud people and businesses; guidelines for mitigating the risk fraud; and challenges faced in prosecuting cases of online fraud.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Business Day Spotlight
PODCAST | Online fraud: what it is and how people can avoid falling victim to it
Online fraud is the focus in this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Christo Snyman, national director of forensic services at audit firm, Mazars. Snyman is also vice-president at the International Association of Financial Crime Investigators’ Western Cape chapter.
The discussion mainly focuses on giving practical guidelines and steps on mitigating risk, and ensuring that corporates, small businesses and individuals have an adequate response plan in place in case of online fraud.
Snyman details a number of popular fraud tactics and scams used by criminals in SA and around the world.
Join the discussion:
He says one common source of fraud around the world is online dating apps. People meet and start chatting using such platforms. As familiarity grows, victims may start being asked to send amounts of money for “emergencies”, an investment in a business venture or other manufactured reasons. With trust built, some people may send funds to help “someone in need” only to find out that they have been swindled when it’s too late.
In most cases, such funds are difficult to recover as the transfers are made knowingly and with consent by victims. This is different from hack where criminal steal money from a bank account for instance, Snyman points out.
He also explains the progress being made by law enforcement to bring fraudsters to justice, while detailing the many challenges that are still faced by the establishment.
Topics of discussion include: an explanation of how certain kinds of fraud are perpetrated online; popular tactics used by fraudsters to defraud people and businesses; guidelines for mitigating the risk fraud; and challenges faced in prosecuting cases of online fraud.
Engage on Twitter at #BDSpotlight
Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Casts | Player.fm
• Business Day Spotlight is a MultimediaLIVE production.
PODCAST | Has digital media killed the radio star?
PODCAST | New Fintech platform says its freemium model is a game changer
PODCAST | The adoption of the EV in SA is closer than we think
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.