The Battle of Fintech vs Cybercrime

From: IT News Africa

Bitcoin is now worth more than gold, and internet banking and mobile money usage globally has rocketed by 34% in the past six years. One thing has outpaced this growth, however: the rate of online fraud.

“Cyber fraud is growing even faster than the move to digital. According to the FBI, losses from online fraud have grown by around 55%,” said Matthew Purchase, partner at pan-African law firm Bowmans. “United Kingdom crime statistics show that one in 10 people in the UK have been affected by online fraud, which is now the most common crime in the UK.”

South Africans were just as vulnerable to cybercrime – if not even more so, he said during a session on Fintech risks and fallout at the “Fintech in Africa: unpacking risk and regulation” conference held at Bowmans in Johannesburg in May 2017.

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