Jackie Smith, CEO of Buyers Trust, a secure deposit solution for homebuyers, has raised concerns about the surge in cyberattacks across South Africa, particularly within the property sector where significant transactions occur daily.
She highlighted the global impact of artificial intelligence (AI) and machine learning (ML) on cybersecurity, noting their dual role in combating and facilitating malware attacks, one of the most prevalent forms of cyber threats.
“The growing trend of first-time homebuyers putting down larger deposits could increase the frequency of these malware attacks.”
Malware infiltration typically occurs when users inadvertently click on malicious links or download disguised programmes containing harmful viruses or spyware, Smith explained.
She said malware infection typically occurs when an unsuspecting user clicks on a malicious link or downloads a programme .
“These links or programmes are typically disguised as something else, for example: ‘Click here to claim your prize,’ and once installed on a user’s device, contain harmful viruses or spyware that gives a hacker varying levels of access.”
To mitigate these risks, Buyers Trust has implemented additional security measures such as multi-factor authentication (MFA) and encrypted communications, ensuring the safety of deposited funds.
Smith believes that MFA is a powerful tool in combating the danger of AI and ML advancements helping malware communications to appear more convincing and “human”.
She advised homebuyers to refrain from sharing sensitive information via email and instead opt for secure encrypted platforms or verified WhatsApp Business Accounts utilizing the Signal encryption protocol.
“As a general rule of thumb, if you are entrusting your hard-earned deposit to another individual rather than a secure platform, ensure that you speak to them over the phone or in person to verify the legitimacy of their banking details and to ask what security measures they have in place.”
“If you suspect malware on your device, immediately disconnect it from the internet and consult a trusted cybersecurity professional for instructions on removing the malicious software,” Smith concludes.
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