POLL | Are you losing trust in TransUnion and Experian's ability to safeguard your personal information?

Many South Africans were concerned on Thursday after it was reported consumer credit reporting agencies TransUnion and Experian might have been hacked.

Consumers were wondering if the two agencies had sufficient resources to protect their personal information. 

It is not the first time the hackers — Brazil-based N4aughtySecTU Group — targeted TransUnion.

The organisation told TimesLIVE it had bypassed TransUnion's firewalls and security and got away with the data. 

The hackers shared journalist Sabelo Skiti’s name and identity number through his personal WhatsApp. 

“The N4aughtySec Group is inside your and your clients’ infrastructure and will expose all data and system files in the next 24 hours should our ransom demands not be met in 24 hours,” the hackers told both organisations in their closed message.

The hackers demanded $30m (R565m) each from TransUnion and Experian. 

TransUnion and Experian acknowledged receiving the demand but said they had seen no evidence of a data breach.

A study conducted by TCG Forensics indicated South Africa is rapidly emerging as the “cybercrime capital” of Africa, poised to surpass Nigeria and its notorious “Nigerian Prince” scams in cybercriminal activity.

Highlighting the surge in cybercrime, the Southern African Fraud Prevention Services reported a staggering 356% increase in impersonation fraud between April 2022 and April 2023.

Head of Buyers Trust, a subsidiary of Ooba Group, Jackie Smith, said several factors contribute to South Africa's vulnerability to cybercrime, the first being the past two decades' economic expansion and evolving digital landscape which makes it an attractive target for criminals seeking quick financial gains.

The property industry has become an attractive target for cybercriminals due to the vast amount of valuable personal data involved and financial transactions that take place daily.

TimesLIVE