It’s only been three months since the beginning of the year, but if you watch the news you’d think it was end of 2018 with the amount of hacking incidents that have already occured. The financial sector was dealt a blow in 2018 with losses totaling ksh 21 billion, this year the hackers had this sector off to a rough start. Highly skilled dropouts colluded with underpaid bank employees and managed to siphon off millions of shillings by end of February. I’m going to discuss some of the trends that we are likely to see in the second quarter of 2019.

Bank Heist 2.0

This year there will be rise in social engineering attacks that are aimed at upper management in financial institutions. Theses targeted phishing emails will appear legit and appear to come from someone of authority within the organization. Because the criminals would have done their homework, the language used in the emails will be convincing enough to fool a finance manager into sending payment to a new account. This type of attack is known as a whaling attack and was very successful in 2018, as one hasbro executive assistant fell victim to whaling email and mistakenly approved payment of 3 million dollars to an attackers account who was posing as a supplier all the way in China.

SACCOS aka Savings And Credit Co-Operative

To give their members best customer experience, many saccos are adopting new technologies such as apps and online member portals. The only problem is that they are introducing new technology into their ecosystems without factoring in the security aspects of this new technology. I have heard of saccos that still use the pen and book system, of which the details are later loaded into a computer that has never seen an anti virus. Such lax systems will allow attackers to gain access into systems, monitor systems and find loopholes to exploit.

Apps Apps Oops !

It seems like these days every other app is either a banking app or some sort of borrowing app. The scary thing is that most people who are using these apps have no clue what these apps are capable of doing and how much data they gather about you and your financial habits. Why do theses apps require access to your microphone, gps, contacts list etc. Even though they don’t like to admit it, there have been cases of mysterious happenings on these apps. We shall see people being approved of loans but never getting the money but end up owing anyway, we shall see phantom borrowing (ghost borrowing) and i’m sure some smart criminal will come up with a way to pay your loans at half price! But the most worrisome of these apps security risk is a potential data breach. A data leak in one of these apps will reveal a treasure trove of data on the borrowing habits and spending habits of millions of people. The data revealed in these breaches will really tarnish the brand.

Online Everything

Online shopping was big last year and is bound to get bigger this year. The convenience of shopping from the comfort of your home has seen online shopping in africa grow at a rate of 18% annually, 6% higher than the rest of the world. With this im sure we shall see a rise in online fraud such as goods paid for not being delivered, harvesting of credit card credentials via redirecting users to similar but fake sites. The selling of stolen goods will now be easily done online e.g a stolen laptop from Mombasa can be quickly sold online anonymously.

What Privacy ?

With more and more people going online and trusting all their data to cloud or their phones, there shall be a rise in prominent people getting their private lives exposed. Whether this will be the outrageous financial dealings of questionable politicians or celebrities in the public eye. Intimate details of cheating, fraud and just plain weird behaviour will be revealed as these “VIPS” get their beloved devices hacked! There is going to more dirty laundry aired out than a boarding school washing line on a weekend..i can’t wait.

The good news is that you don’t have to be a victim to these top 5 predicted trends, all you have to is just CONTACT US and we shall do our best to ensure that you and your organization to not become victims.