South African Minister for Finance and Economic Development reveals that a cybercrime group has defrauded the government with ZAR 199 million (GBP 12.8 million) through spyware infection-driven frauds.
The police has made 32 arrests in connection with more than 80 fraud counts. Commenting on the case, CTO of IT security vendor Tier-3 Geoff Sweeney said the spyware attacks are difficult to stop in their tracks due to their unpredictable nature. Sweeney added that these types of fraud are hard to stop using a traditional single line of defence security strategy. He suggests companies need to rethink their strategies since fraudsters’ attacks are becoming more sophisticated.
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