Latest news with #JackieSmith
The Citizen
11 hours 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
BBC News
18-06-2025
- BBC News
Safety concerns rise over Gateshead illegal off-road bikers
Urgent action is being called for to stop illegal off-road biking putting walkers, cyclists and horse riders at living in the Eighton Banks area of Gateshead said the problem of motorcyclists illegally using a nearby bridleway was steadily getting worse, with peaks on weekends.A BBC drone captured footage of several scramblers using the route, which used to be part of the old Bowes Rail Line servicing nearby coal Police said it remained committed to tackling anti-social behaviour. 'Someone will get hurt' The concerns come as the Government's Crime and Policing Bill progresses through Parliament with the aim of enhancing police Dixon, who has lived in the area for more than 40 years, said: "The police can't do anything about it and cannot catch them."He said someone could be seriously injured if the problem was not Smith, from Jarrow, rides her horse around Eighton Banks and said she had first-hand experience of how the animals reacted when spooked."There was one incident a couple of years ago where a stolen motorbike accelerated past us and we ended up in a ditch with one horse on its side," she said."This is what we're up against most of the time." 'Vehicles to be destroyed' A spokesperson for Northumbria Police said the problem was being taken seriously and a number of bikes had been seized from an address in added the vehicles were linked to dangerous driving and would eventually be the help of Gateshead Council, the force has put up signs to remind the public that motorbike use in the bridleway is illegal and urged anyone with similar concerns about their area to get in touch. Follow BBC North East on X, Facebook and Instagram.
Yahoo
30-04-2025
- Business
- Yahoo
New £1 million fund to help struggling Greenwich residents with council tax
A new £1 million fund has been launched to help residents in Greenwich struggling to pay their council tax. The Greenwich Supports Council Tax Hardship Fund will provide targeted relief for those on the lowest incomes who are experiencing financial hardship due to changes to the Local Council Tax Scheme, which came into effect in April. Councillor Anthony Okereke, leader of the Royal Borough of Greenwich, said: "Everyone deserves a fair chance, and that means ensuring support is in place when people need it most. "It is never an easy decision to change the support we offer, but we must face the reality that with decreased funding to local councils following a decade of austerity, we are using the funding we do have to ensure no one is left to struggle alone. "This new fund will cushion the impact for those facing financial hardship, while we continue to offer support through advice, guidance and practical help." The new fund will run alongside existing services including the Welfare Rights and Money Advice team, helping residents not only with their council tax, but taking control of their finances. Councillor Jackie Smith, cabinet member for inclusive economy, business, skills and Greenwich Supports, said: "This isn't about handouts, it's about offering residents the right kind of help, at the right time. "Whether that's a direct award to reduce council tax or a conversation with our advisors, we're making sure support is joined up and tailored to the needs of our communities." Awards from the fund are based on an assessment, with priority given to those already claiming council tax support or who would have been entitled before recent changes to the scheme. Councillor Denise Hyland, cabinet member for finance, resources and social value, said: "The Greenwich Supports Council Tax Hardship Fund complements our ambition to support all residents in hardship and protect the services they rely on. "It's not lost on us that our residents will be increasingly concerned about rising costs, which is why it's our mission to do what we can to ensure people are living happier, longer, more fulfilling lives with fewer people experiencing poverty, hardship or inequality." Applications will open in the coming weeks. To be eligible, you must live in the Royal Borough of Greenwich, already receive council tax support or have a live application in progress, be struggling to pay council tax for the year 2025 to 2026, and have already claimed any other discounts or exemptions you're entitled to, such as single person discount. If your circumstances are exceptional, for example, if you are a carer, have a health condition, or have recently experienced a major life event such as bereavement, you may also be eligible. You must be able to provide recent bank statements and other evidence showing your financial situation. This fund is only for help with this year's council tax. If you're struggling with arrears or debt, other support is available.
