Real Estate Investor Magazine South Africa Dec/January 2020 | Page 27

C
ybercrime has become a major, global problem and
South Africa is far from exempt from this growing
scourge. Rawson Property Group Managing Director,
Tony Clarke believes that the easy access for cybercriminals
to electronic communications between agents, buyers and
sellers is advanced by the absence of radical cyber securi-
ty. “Cybercriminals can use the information traced from the
communications to impersonate one of the parties involved
in the transaction and redirect payments into their own ac-
counts,” He said.
“Once this happens, it can be extremely difficult to freeze
or reverse the transaction, especially since the funds will likely
have been moved onwards immediately on receipt,” said
Clarke.
The South African Banking Risk Information Centre (SABRIC)
recently revealed that cybercriminals made off with over
R262 826 888 from digital banking fraud in 2018 alone. This is
because fraudulent emails from impersonators are normally
extremely convincing, with authentic-looking documentation
and electronic delivery details giving targets little reason to
suspect foul play.
“In South Africa the Protection of
Personal Information Act is a local data
protection law that regulates cyber
space for corporate companies and
cybercriminals”
Cyber security
It’s clear that there’s a great need for cyber security — the
protection of network, data and information technology
programs from malicious attack by cybercriminals... As a result
of the serious cybercrime effects on companies, and the role
played by information technology in business development,
it is important that real estate investors, buyers and sellers
practice extreme caution on cybersecurity service providers.
Through extreme surveillance, service providers should provide
protection against worms, viruses, spyware and other unwanted
programs. They should provide protection from data theft, as
with the implementation high-security protocol. Providers should
protect the system from hacking, provide data and system privacy.
This can be achieved with the good implementation of security
policies and protocols in the network.
that regulates the cyber space for corporate companies and
cybercriminals. Essentially, its purpose is to protect their personal
information, and to stop people’s (businesses, real estate
investors) money being stolen, identity being stolen, and protect
their general privacy — which is a fundamental human right.
However, the South African common law framework
relating to cybercrimes hasn’t kept up with the dynamic
nature of technology and the international standards. There
are sanctions and penalties for cybercriminals, with different
penalties for different cyber offences including Hacking
(Unauthorized access), Denial of service attacks, Phishing,
Infection of IT systems with malware, amongst others.
Avoid falling for cybercrime
According to the Rawson Property Group MD, Tony Clarke,
there are ways to avoid falling for cybercrimes. Clarke said “The
best strategy is to always check and double-check all the details
before making a payment. Don’t rely one hundred percent on
any information received via email. Rather look up the phone
number for your estate agent or conveyancer independently,
and not the one from their email signature to confirm any
banking or transaction details with them in real time.”
Even though the use of the internet has allowed many to
cut down on travelling long distances just to seal deals, it is
still important that one visits their business partners/clients
for accuracy's sake. This is especially important because
the interception of networks and data by cybercriminals
is unpredictable. It might happen today or any day. Even
the best security cannot guarantee 100% prevention of
unauthorized access or interception of communications by
cybercriminals.
In addition, “This provides an ideal opportunity to familiarize
yourself with the business’s corporate branding – making it
easier to spot fake communications in future – and request
hard-copies of verified bank account details,” he said.
Be advised
In his last words of advice to real estate investors, businesses
and players in the property industry, Clarke said, “When
you’re dealing with people’s life savings, as we so often are
in property transactions, there’s just no excuse for taking
unnecessary risks.”
Protection of Personal Information Act (POPI Act) The digital landscape is constantly changing, and
cybercriminals are becoming more and more sophisticated
every day. It’s up to all of us to do whatever it takes to make
sure our transactions are handled safely. That means educating
ourselves on the risks, taking precautions to secure our
communications, confirming all details before acting, and
trusting our instincts. “If something seems fishy, there’s no
shame in picking up the phone and asking about it – rather
safe than sorry,” He said.
The protection of companies’ data and real estate investors’
identities does not solely have to be dependent on private
cyber protection service providers. In South Africa the Protection
of Personal Information Act is a local data protection law SOURCES Rawson Property Group,
The Institute of Risk Management South Africa
According to Clarke, the use of more established service
providers can also be a good safety measure, as smaller
operators seldom have the budget for top-tier digital security
solutions and best-practice cyber-security training for
employees.
SA Real Estate Investor Magazine DECEMBER/JANUARY 2020
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