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The Citizen
4 days ago
- Business
- The Citizen
Growing concern of cybercrime amid property market resurgence
As more South Africans take advantage of favourable economic conditions and stable interest rates to apply for home loans, the real estate sector is showing promising growth. However, the property boom is overshadowed by the rising threat of online fraud: 'Firstly, the emergence of AI-powered cybercrime is increasingly undermining the integrity of property transactions,' says Jackie Smith, Head of Buyers Trust, a secure, bank-hosted deposit platform for homebuyers. 'Secondly, in a largely traditional industry where a homebuyer will simply transfer a large deposit to a third party like a conveyancer or estate agent, the risks are high,' she says, adding that a large portion of the country's estate agencies and conveyancing attorneys are SMEs who unfortunately lack the cyber infrastructure required. Data Points to Increased Risk of Online Fraud in the Home Loan Sector Cybersecurity firm ESET's latest bi-annual Threat Report indicates that South Africa endured the highest number of ransomware and infostealer attacks in Africa during the second half of 2024. And, according to reports by cybersecurity company Check Point in early 2023, 1 in every 15 organisations in Africa experienced a ransomware attempt each week — nearly double that of the global average of 1 in 31. 'These widespread attacks are aimed at individuals, small businesses and large institutions alike,' shares Smith. 'Phishing emails and fake documentation are now powered by AI, and these criminals are exploiting the complexity and speed of property deals by inserting themselves into the process.' The most recent South African Banking Risk Information Centre (SABRIC) Annual Crime Statistics show that fraudulent applications for home and mortgage loans saw a 46% increase. Actual losses over the period due to these fraudulent applications more than doubled too. Smith shares that the perpetrators conduct home loan fraud through the following methods: Misrepresent income, employment history or debt levels Use stolen or fabricated identities Inflate or fake valuations of properties Recruit of 'straw buyers' with good credit to cover the real buyer's identity Forge documentation such as payslips or bank statements 'The reality is that fraud has become a professional service, with software platforms empowering criminals with the tools they need to easily access your personal information,' continues Smith, 'Sophisticated phishing scams and convincing deepfakes are increasing our online risk – making it essential to adopt extra security measures when deciding where to place your home deposit.' Smith points to a recent case making news headlines as a prime example of the risk that general consumers face when handing over large, hard earned sums of money. 'According to the Legal Practice Fidelity Fund, over R1.4 billion has been stolen from 561 client trust funds, allegedly by the same legal professionals who were empowered to protect their clients' funds. Of these, only 59 convictions have been made in seven years, with just 25 resulting in jail time.' How to Avoid Becoming a Victim In an environment where both digital fraud and professional misconduct are rising, secure deposit handling has never been more critical. 'Too many buyers still transfer funds manually to accounts they can't independently verify,' Smith warns. 'That's why using a secure, audited, and bank-integrated platform like Buyers Trust is essential. Your deposit doesn't sit in an individual's account, it's held securely in a dedicated bank-hosted facility until the deal is finalised.' Smith shares several top tips to aid buyers as follows: Verify payment details : Validate any banking details from the bank in question before making a deposit. 'It's strongly advised that you call the person/ organisation in question (don't email them) using a number that you have sourced yourself, and not from an email footer.' : Validate any banking details from the bank in question before making a deposit. 'It's strongly advised that you call the person/ organisation in question (don't email them) using a number that you have sourced yourself, and not from an email footer.' Be vigilant: Take extra care when receiving emails with links or attachments that seem suspicious. 'In a case where its linked to a property transaction, you can once again call the provider prior to opening it to ensure that it's legitimate.' Take extra care when receiving emails with links or attachments that seem suspicious. 'In a case where its linked to a property transaction, you can once again call the provider prior to opening it to ensure that it's legitimate.' Put added security measures in place: 'Make sure that you keep your devices up to date with anti-malware software and that you choose strong passwords which are not easy for an attacker to guess.' 'Make sure that you keep your devices up to date with anti-malware software and that you choose strong passwords which are not easy for an attacker to guess.' Question authority: 'Just because someone has a title doesn't mean that they're always trustworthy. Always ask where and how your deposit is being held. 'At the end of the day, your property purchase is one of the most significant financial decisions you'll make. Don't let trust and a lack of due diligence be your biggest risks,' concludes Smith. Issued by: Jess Gois
The Citizen
4 days ago
- Business
- The Citizen
St Petersburg's serene splendour belies a nation at war
Russia's cultural capital St Petersburg exudes peace and beauty, masking the harsh reality of a country entangled in conflict. The captivating sense of calmness, the throngs of people milling about and the huge traffic volumes throughout St Petersburg belies the reality that Russia is in a state of war. St Petersburg is a sprawling cosmopolitan city. It is regarded as the mecca of Russia's culture and heritage, an epicentre of values as well as a haven of Russia's rich history. The city of Peter the Great The identity of being Russian can be easily located to a way of life in the majestic St Petersburg, sometimes referred to affectionately as 'St P'. Museums and art galleries decorate the city founded by Peter the Great in the 17th century. Born in Moscow in 1672, Peter the Great was first the Tsar of Russia and later became Russia's first Emperor from 1721 until his death in 1725, aged only 52 years and four months. His statue riding a horse overlooks the majestic Neva River around which St Petersburg is built. The architecture of the multi-storey buildings is clearly influenced by two factors – war and weather. Weather extremes and river life shape the urban experience Perimeter walls are as wide as nearly one metre. Ferocious winter weather, particularly around January to March, can see temperatures dropping to as low as -35°C. However, in the present summer season, dozens of boats travel with the Neva River's current in one direction, forming a beautiful flotilla. At times they travel pretty close to each other ferrying holiday makers from one end to the other. From Leningrad to modern St P: a city steeped in legacy and economics The metropolis was previously known as Leningrad until it was renamed back to its original name in modernity. ALSO READ: Anton Kobyakov: The quiet power behind Putin's Russia It plays host to the annual St Petersburg International Economic Forum (SPIEF), Russia's flagship trade and investment mega event. This year, up to 24 000 delegates from 144 countries participated in SPIEF, signing deals to the tune of 6.3 trillion roubles (about R1.4 trillion), according to the organisers. South Africa's delegation was led by Deputy President Paul Mashatile, accompanied by eight ministers and business leaders. Mashatile delivered a public lecture at St Petersburg State University, the alma mater of legendary Russian leader Lenin, as well as the incumbent, President Vladimir Putin. Sacred scars St Petersburg also has a proud history of resistance. At its centre in Isak Square lies the famous Cathedral of St Isaac. The majestic cathedral is worshipped for surviving 148 bombs fired by Hitler's Nazi Germany's army that attacked during WWII from 1939-1945. Some of the cathedral's huge pillars bear evidence of the scars from the bomb attacks. The Russian authorities have elected to leave the pillars unrepaired as a symbol and constant reminder of the spirit of resilience. A law-abiding city Standing in front of the cathedral and facing the nearby Presidential Library, hundreds of vehicles can be seen throughout the six-lane wide roads. Men, women and children chill in the leafy parks. Everything looks oh so plush. Clearly-marked police vehicles incessantly drive past at high speed, with their siren blaring. At various intersections, uniformed traffic officers assist with traffic controls. Noticeably, there is no jay-walking. Pedestrians cross the roads only at the appropriate spots. The vivid respect for the law and for one another is hard to miss. Beneath the statue of Peter the Great tourists, by a large margin Russians, take turns taking photographs. ALSO READ: Cannes and caviar: Who is SA's Second Lady Humile Mashatile? Leisure and legacy on the water The statue of Peter the Great who founded the city takes pride of place. Picture: iStock You simply cannot claim to have visited St P without posing for pictures with the founder of the city. And then, there's the English Embankment. It runs along the Neva River, which I found to be too large to be described as a river. Instead, it looks more like a lake. Several canals spring from various spots to pour their waters into the Neva River, which itself runs for a total of 392km to neighbouring Finland, recently a new Nato member. Along the English Embankment tourists have fun. Ice creams, cold drinks, lovers and friends alike all mingle harmoniously to share in the enjoyment of St P. The midnight marvel of Palace Bridge On the horizon, the green-painted Palace Bridge serves to assist vehicles and pedestrians to cross from either side to the other. The bridge is famous for the magic it performs every day at midnight. The heavy steel structure that makes up the Palace Bridge separates in the middle. Slowly, one half moves to the left and other half to the right. It is an incredible show to watch. It is hard not to scream in awe of the magic. The practice is a carryover from an old tradition, when the tallest ships had to be accommodated to pass through the bridge. Although the ships no longer exist, St Petersburg has retained the practice, which is a hugely popular attraction for locals and visitors alike. There was a musical concert for the 20 000-plus delegates to SPIEF. It took place at Palace Square, in front of Hermitage Museum. The singing, dance and camaraderie once again triggered in me the lingering question – is Russia at war? NOW READ: Russia warns US against 'military intervention' in Iran-Israel war
The Citizen
5 days ago
- Politics
- The Citizen
Anton Kobyakov: The quiet power behind Putin's Russia
Kobyakov, Putin's trusted advisor, shapes Russia's future from behind the scenes with sharp intellect and calm conviction. Anton Kobyakov, Russian presidential adviser, executive secretary of the Organising Committee for Russia's SCO Presidency in 2014-2015 and Russia's BRICS Presidency in 2015-2016 at the briefing for organisational aspects of hosting the SCO and BRICSD summits on July 07, 2015 in Ufa, Russia. (Photo by Host Photo Agency/Ria Novosti via Getty Images) Anton Kobyakov – remember the name. He is a soft-spoken, erudite and affable Russian politician who serves as a special advisor to Russian President Vladimir Putin. He also serves on the highest echelons of Roscongress, a state-owned enterprise responsible for various strategic initiatives, including international events assembly and management, as well as stakeholder relations and networks development. The unassuming Kobyakov, pictured, holds a degree in biology and a PhD in economics. He is a graduate of the Presidential Russian Civil Service Academy and his official title is 'Professor', although he never takes umbrage with being referred to simply as 'Mr Kobyakov'. He has had an illustrious career as a civil servant. From 1992-2003, he served as deputy governor of Kemerovo region before pro – ceeding to hold various posts in the Presidential Office from 2005 to date. But it is as a political tactician that Kobyakov – born on 23 June, 1968 – is better-known across the Russian circles through the length and breadth of the largest country in the world. Russia's total area stands at 17 098 242km² and also has 11 different time zones. ALSO READ: Trump says will speak to Putin to end Ukraine 'bloodbath' The 57-year-old academic high achiever works in the Presidential Administration of the Russian Federation with a calm demeanour as a fountain of wisdom. His civil service rank is '1st class state advisor', loosely translated – an equivalence of the military rank of the army general or fleet admiral. Kobyakov's philosophy is interesting: 'Anything (in life) is either a poison or medicine, depending on the dose,' he told a packed press conference in St Petersburg, Russia's cultural mecca. At the recently completed St Petersburg International Economic Forum (SPIEF), Russia's flagship annual event, Kobyakov was tasked with single-handedly briefing up to 100 local and international journalists about the outcome of SPIEF 2025. The event was attended by 24 000 participants from 144 countries, Kobyakov announced. A total of 1 060 trade agreements were entered into over the five days, from 18-22 June. The agreements were worth 6.3 trillion rubles (about R1.4 trillion), said Kobyakov. 'We are seeing rapid fragmentation of the global economy,' he said. ALSO READ: Russia-Ukraine talks resume in Istanbul, but expectations remain low Kobyakov is a trusted ally of Putin, serving him as a special advisor since 2014. His reflections appear to represent Putin's and Putin's expressed views also appear to represent Kobyakov's. The two seem to be intricately intertwined, at least ideologically. As brothers-in-arms, they are no doubt joined at the hip. Reflecting on the current state of unpredictable geopolitics, Kobyakov said: 'We are witnessing tectonic shifts in the world. We see no international law.' Since the outbreak of the Ukraine war in 2022, the European Union, along with most of the West, imposed an unprecedented barrage of sanctions on Russia. Kobyakov said Ukraine was itself a victim of the West's imperial agenda. 'Kyiv is on a tight leash,' he said, before singling out Britain. ALSO READ: UK urges Putin to 'get serious about peace' 'The UK has gone too far in managing this conflict.' The focus of the US and EU pushing to boost their military budgets is another example of the West's disinterest in peaceful coexistence and desire for continuous conflict that can never defeat Russia anyway. 'Russia will never allow any outsider to set their dirty boots on Russian soil,' Kobyakov warned. Given that Putin is 72 and the trusted veteran foreign affairs minister, Sergey Lavrov 75, Kobyakov appears to represent a Russian future that is intrinsically in sync with the present. This is despite his penchant to perform his duties under the radar.
IOL News
7 days ago
- Business
- IOL News
City Power, Eskom reach R3. 2 billion settlement in long-running billing dispute
Johannesburg residents have been given some relief after power utilities reached an agreement to resolve their long-running electricity debt dispute. Image: Pexels Johannesburg residents have been given some relief after power utilities Eskom and City Power reached an agreement to resolve their long-running electricity debt dispute. Earlier this year, Eskom threatened to cut power to the City of Johannesburg and City Power over an unpaid bill of R4.9 billion, plus R1.4 billion in current charges. City Power however had consistently disagreed with the amount. It claimed Eskom had over-billed by more than R3.4 billion, which led to the Minister of Electricity Kgosientsho Ramokgopa appointing the South African National Energy Development Institute (Sanedi) to compile a technical report on the matter. The report was expected within six weeks but, according to the Minister, was delayed due to the magnitude of the work involved. In a press briefing on Tuesday, Ramokgopa provided an update on the dispute and announced that the two utilities had settled for R3.2 billion, to be paid over four years. "Johannesburg City Power will pay R3.2 billion over a period of four years. It's important to appreciate that this is a significant amount, and City Power and the City of Johannesburg have done everything possible to maintain payments on the current account," Ramokgopa said. "Despite all these difficulties of course there will be challenges from one month to the other but the issue in dispute remained in dispute until we resolved this matter" He added that R830 million of the original debt had been written off, mainly due to meter reading failures caused by load-shedding. "First we were able to confirm that there are issues that have to do with the impact of load-shedding remember this period also spanned that period where we had intense load-shedding. "Where there is an absence of metering you are doing estimates and you can imagine you will not be accurate I think one of the lessons going into the future is we need to ensure that there's bulk metering so that when there's load-shedding it reads zero," Ramokgopa added. Executive Mayor Dada Morero acknowledged the challenges faced during the negotiation process but praised the efforts of all parties involved in reaching a workable settlement. "The process that we undertook from November, yes it had its challenges but we want to acknowledge the work that the team put in place to ensure that at the end we can arrive at a settlement that we can all be comfortable with," Morero said. [email protected] IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
The South African
21-06-2025
- Health
- The South African
'Good Morning Angels' secure R2.7 million for burn care technology
Jacaranda FM's 'Good Morning Angels' has raised an impressive R2.7 million to support child burn survivors in South Africa. The fundraising took place on Youth Day, 16 June, during the popular Breakfast with Martin Bester show. The goal was to replace a specialised laser machine at the Nelson Mandela Children's Hospital in Johannesburg. The machine is essential for treating burn scars in children, but broke down in late 2024 and cannot be repaired. These advanced laser machines cost around R1.4 million each. The machines are vital for restoring mobility and reducing scarring caused by burns, according to Media Update . Trained plastic surgeons operate the machines, which play a crucial role in the physical and psychological healing of young burn survivors. The Avela Foundation will use the funds to help up to 40 children every month on their recovery journey. A brave young girl named Avela inspired the foundation, which focuses on offering hope and healing to child burn survivors across South Africa. Listeners of Jacaranda FM responded generously, reaching the target for one machine just before 8 a.m. Donations continued to pour in after that. When the supplier offered a discount on a second machine for R1.3 million, the station set a new challenge. By the end of the show, R2.52 million had been raised, and the final total reached R2.7 million the next morning. This means two laser machines will be purchased, doubling the impact of the fundraiser for burn victims. Martin Bester, host of the Breakfast show, expressed his gratitude. 'It's hard to describe the emotion in the studio that morning. Knowing that our listeners didn't just show up, they showed up big. This was about giving children their futures back. We started Youth Day, celebrating the resilience of our young people, and ended it knowing hundreds more will get the chance to heal. That's what radio can do – it connects people and inspires miracles'. The campaign also received significant support from LottoStar, whose donation of R697,000 helped reach the first target early and motivated others to continue giving. The Machi Filotimo Cancer Project also contributed, supporting the campaign for burn victims and bringing joy to young patients at the Nelson Mandela Children's Hospital through a toy distribution. This initiative showcases the power of collective generosity and the commitment of South Africans to uplift the next generation. It stands as a fitting tribute to the courage of child burn survivors and the transformative role of community-driven efforts like Jacaranda FM's Good Morning Angels. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
