More than half of the South African respondents in a recent survey by Kaspersky Lab and B2B International who lost money in fraudulent online transactions failed to get all – or in some cases, any – of their money back.
Although many financial institutions state a willingness to reimburse money lost due to cybercrime, only 43% of respondents reported that they could fully recoup their losses, while 7% of victims received only partial compensation and 50% could not recover any money at all.
These losses can be significant: the average sum stolen by cybercriminals was $190, and 21% of respondents reported a loss in excess of $1 000.
The situation is exacerbated by the fact that not all users are fully aware of the danger of cyber-fraud: 16% of respondents believe that online crimes involving stolen money are rare occurrences that will not happen to them. Only 25% fear that they can be a target of a cyber-attack. However, statistics show that about 64% of users faced financial cyber-threats at least once during the previous year.
“Even if you are sure that the financial company or online store will refund any stolen money in the event of online fraud, you should still be cautious,” says Elena Kharchenko, head of Consumer Product Management at Kaspersky Lab.
“You may indeed get all the money back – although the figures suggest this only happens about half the time – but the time and stress you will suffer are impossible to compensate.
“That’s why it’s important to pay special attention to the protection of confidential information, including your financial data. This can be achieved through the use of an effective security software solution.”
