African banks and telcos seek partners to fight cyber-threats

News by Edgar Rwakenya

African banks and telcos are seeking partnership approaches to curb threats of mobile banking malware.

In a bid to avert the growing trend of mobile malware, African banks and telecommunications companies are looking for collaboration and partnership approaches, Mariana Kruger, general manager, ICT and converged solutions at MTN Business South Africa told SC Media UK.

Banking malwares are threatening the mobile banking sector in the continent, and therefore service providers especially banks and telecommunication companies must consider partnering with the vendors and other security experts to support businesses in curbing the threats, according to Kruger.

"The cyber-crime problem has becomes so complex, and cyber-criminals so sophisticated, that businesses cannot effectively combat all the threats alone,” she stated.

“We need support within a trusted partnership, whereby their service provider mitigates the risks and allows them to focus on growing their core business," she added.

“Consumers need to take the power into their own hands by ensuring they are informed on how to protect themselves against these malwares," Kalyani Pillay, CEO of South African Banking Risk Information Centre (SABRIC) said.

Pillay also confirmed that mobile malware and phishing attacks are on the increase in South Africa, adding that protecting electronic devices such as mobile phones is critical to reducing the risk of being victimised by these mobile malwares.

“African banks and mobile payments providers should take security seriously,” Tjaart van der Walt, CEO of Truteq Group stated.

As more and more banks migrate banking services to mobile, criminal networks are also devising ever-ingenious ways to use mobile phones to separate customers from their money, van der Walt added.

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