Africa: How Africa Lost Billions to Cyber Criminals in 2020

Johannesburg — A MOBILE payment cyber security specialist has lifted the lid on the business model underpinning the mobile fraud that cost the African continent over US$4 billion (R59,68 billion) last year.

According to Evina, the France-based firm, mobile payment fraud is characterised by illegal transactions conducted at e-commerce stores and completed by cybercriminals who commonly use malware to deprive the unknowing victim of funds via mobile wallets or direct carrier billing (DCB).

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