cyberattack

Another South African regulator hit by cyberattack

Ciao,

Victoria from Techpoint right here,

Right here”s what I’ve obtained for you right this moment:

  •  One other South African regulator hit by cyberattack
  • The crypto syndicate sabotaging the naira
  • Fairness Financial institution Fraud: 19 Suspects Arrested 
  • A brand new database to halt tax evasion in Keny

South African regulator hit by cyberattack

cyberattack

The Worldwide Commerce Administration Fee of South Africa (ITAC) was hit by a cyber assault in January 2024, which is inflicting fairly a stir.

The assault uncovered some private information of the oldsters concerned with ITAC. The chief commissioner, Ayabonga Cawe, took to social media to let everybody know what was happening. 

He talked about how cyber assaults have gotten more and more widespread and warranted everybody that they’re working to tighten safety. Effectively, it looks as if South Africa is a primary goal for these cybercrooks currently. 

Keep in mind the Firms and Mental Property Fee (CIPC) had a safety breach too, exposing information on staff and purchasers? Even the large canines just like the Authorities Staff Pension Fund obtained focused.

The ITAC web site the place they posted concerning the breach was down when the information broke. Phrase on the road is that the assault locked ITAC staff out of their programs and scrambled up their information. 

And get this: the hackers even had the center to demand a ransom to unlock every thing!

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However ITAC is not sitting on their fingers. They’ve beefed up their safety measures and are working to get issues again to regular. And

The Info Regulator, led by advocate Pansy Tlakula, is on excessive alert, getting bombarded with breach notifications left and proper.

These breaches carry critical penalties underneath the Safety of Private Info Act (POPIA). Fines as much as R10 million and even jail time are on the desk.


 The crypto syndicate sabotaging the naira

Arms up should you suppose Binance was actually behind the naira devaluation! Whether or not you suppose so or not, this journey is one you and I have to take collectively. 

Let’s go. There’s been fairly a stir currently about whether or not Binance had a hand in messing with Nigeria’s forex, the naira. It has been an entire saga, with Nigeria cracking down on crypto and giving Binance a tough time, from blocking its websites to even arresting a few of its of us.

Now, some Nigerians are saying, “Maintain up, do not blame Binance for the naira’s massive drop in worth.” They suppose the federal government’s being unfair.

Curiously, Ray Youssef, the CEO of NoOnes, is on the identical web page. However he is additionally saying Binance might’ve dodged this mess in the event that they performed their playing cards proper.

Youssef, who is aware of Nigeria fairly nicely from his time operating Paxful there, spilled the beans in an interview with Bolu, the crypto and rising tech go-to particular person right here in Techpoint Africa.

He mentioned he heard from some political bigwigs that there is this group in Nigeria taking part in soiled with the naira, utilizing tips like shopping for it low-cost and promoting it excessive on the black market. 

Apparently, they had been utilizing all kinds of instruments, together with crypto platforms like those Binance runs, to tug off their schemes. And whereas the federal government was attempting to crack down on these dangerous apples, harmless P2P retailers obtained caught up within the mess.

And guess what? Binance obtained dragged into it too. They’re not precisely harmless bystanders. Take a look at Bolu’s newest article for the juicy particulars right here!


Fairness Financial institution fraud: 19 suspects arrested

handcuffs

Have you ever heard concerning the debit card fraud that went down at Fairness Financial institution in Kenya? Effectively, hackers managed to swipe a whopping $2.1 million! 

Nevertheless, Fairness Financial institution wasn’t about to let these crooks get away with it, although. It jumped into motion, shutting down all of the accounts that obtained the stolen money and even nabbing 19 suspects within the course of. The police are nonetheless on the hunt for more information, so it isn’t over but.

So, this is the way it went down: the scammers pulled off a sneaky transfer referred to as a “card-not-present” rip-off, utilizing stolen card information to buy on-line and drain unsuspecting of us’ accounts. Artful, huh?

Fairness Financial institution uncovered {that a} chunk of the loot — about $1.3 million — obtained funneled into over 500 of their very own accounts. And get this: among the money ended up in Safaricom’s pockets, too.

Nonetheless, Fairness Financial institution’s is teaming up with Safaricom and different banks to trace down the place the cash went. Seems, these scammers needed to break up the transactions into smaller chunks to keep away from suspicion, since there are limits on how a lot you’ll be able to transfer round in a single go.

This is not the primary time Kenya’s needed to cope with monetary fraud. Just some years again, the Monetary Reporting Centre flagged over $600 million tied to all kinds of shady enterprise, from card fraud to terrorism financing. 

And to prime all of it off, this fraud frenzy occurred proper after Kenya’s Nationwide Meeting gave the thumbs as much as some new rules aimed toward cracking down on cybercrime.


A brand new database to halt tax evasion in Kenya

Kenya Revenue Authority

The Kenya Income Authority (KRA) is cooking up a brand new plan to maintain tabs on multinational firms and guarantee they’re paying their justifiable share of taxes. 

Basically, the tax collector is establishing a database for switch pricing, which implies it desires to observe how these massive firms are dealing with transactions throughout borders.

Switch pricing is the costs firms set once they’re buying and selling between themselves, particularly in the event that they’re a part of the identical massive company household. 

See, a few of these multinational giants have been taking part in video games with their taxes, utilizing sneaky ways like switch pricing to wiggle out of paying what they owe. 

However KRA is onto them. It desires to make use of this new database to dig into the nitty-gritty of those transactions and guarantee every thing provides up.

It’s even eager about including particulars like pricing and margins for stuff like manufacturing, distribution, and companies into the combo. 

It’s not simply specializing in the large fish. It’s additionally rolled out a brand new platform referred to as “eTIMS Lite” for smaller companies to maintain their tax affairs in verify. It is all a part of KRA’s mission to tighten up the tax system and ensure everybody pays their dues.


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Have a stunning Thursday!

Victoria Fakiya for Techpoint Africa.


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