"Day Zero" is coming for the card payment industry, and South Africans making card and online payments need to be as vigilant about their data security as they are about their physical safety. "Data breaches are inevitable," Andrew Henwood, CEO of global cybersecurity firm Foregenix, told delegates at a payment card security conference in Cape Town last week. He says a significant uptick in cybercrime was recorded around the world over the past two quarters. A 2016 Nielsen study calculated that global fraud would top $31-billion (about R374-billion) this year. Fraudulent card payments are expected to amount to more than R234-million this year, and if all electronic payments are included, the bill rises to a formidable R2.6-billion, the Payment Card Industry Security Standards Council Middle East and Africa Forum in Cape Town was told. Steve Marshall, of UK forensics firm Risk-X, acknowledges that the cost of implementing better security could be a stumbling block for small merchants...

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