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Electronic fraud on the rise in PNG

Posted On: Wednesday, 23 August 2017

PORT MORESBY, 16 AUGUST 2017 (POST COURIER) --- While cheque fraud remains the dominant threat to financial institutions and businesses in PNG, electronic fraud is picking up, ANZ Bank has cautioned. Hence for businesses, understanding online safety has never been more important. Speaking at various customer events in Port Moresby and Lae recently, David McGowan, head of ANZ?s Group investigations said PNG is still very much paper and cash based, where cheques and real money transactions are the common means of settlement.

?Cheque fraud will continue to target businesses, with the common ones being washed, counterfeit, stolen and forgery cheque frauds.?

However, in the last five years, ANZ is seeing cybercrime picking up in PNG, especially electronic fraud, as a result of the evolving use of technology and the lack of strong systems and processes put in place by business to protect them.

 ?ANZ has seen double the number of electronic fraud attempts worth over K1.8 million (US$565,260).?

?Cyber criminals have historically targeted banks because that is where the money is. However, the threat landscape has evolved, and all kinds of businesses, regardless of size, location and maturity, are a target,? he said.

 He said businesses were being attacked from all angles, with the most common routes being card skimming, credit card fraud, merchant fraud and phishing. He said ANZ continues to strengthen its systems and processes to detect and prevent such malicious activities and also enhancing security features on products and services to protect the business and customers. The bank said everyone ? financial institutions, businesses, communities, law enforcers have a role to play in preventing and responding to cybercrime. Having a robust cyber-security posture is essential for anyone doing business in this digital world including in PNG.

 ?For businesses, it?s about understanding their businesses, reiterating the training aspect to their staff about getting the simple processes and systems right and also to collaborate with other PNG business to understand how they are doing their business and what controls they have in place,? said McGowan. ANZ PNG?s CEO Mark Baker said raising cyber security awareness and skills in all businesses in PNG is essential as ?it will lead to a stronger and more trusted online experience as well as more resilient businesses.?...(PACNEWS


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