In South Africa, the holiday season brings intense pressures, and as a result, cybercriminals can take advantage of the vulnerabilities created. Mukondeleli Masiza, Complex Claims Handler for Liability, Financial Lines, and Cyber at Allianz Commercial South Africa, emphasized the need to be particularly cautious about email fraud during this time of year:
“With employees often stretched thin and distracted, the risk of falling victim to such scams is significantly heightened, necessitating increased vigilance and proactive measures to safeguard against potential losses,” said Masiza.
South Africa ranks 14th globally in the cost of data breaches, with an estimated $2.78 billion in 2025.
In email fraud, cybercriminals infiltrate email systems to carry out unauthorized transactions, often changing banking details in invoices. A fraudulent email might be sent from a company’s account to another company, informing them of updated banking information. This allows scammers to divert funds into their own accounts.
The risks are even greater before the holiday season, as relaxation and year-end fatigue lead to more opportunities for cybercriminals to exploit.
To address these risks, Masiza recommended the following measures:
“This involves educating employees about the tactics used by cybercriminals and encouraging a culture of scepticism towards unexpected email requests, especially those involving financial transactions.”
Regular training sessions, phishing simulations, and the implementation of strong email security protocols can help mitigate the risks. Additionally, verification processes and access controls can be applied to minimize the impact of such attacks.