Sri Lanka Computer Emergency Response Team (SL CERT) has raised alarms over a marked increase in online financial fraud cases throughout 2024.
The organization has reported receiving over 340 complaints related to financial scams so far this year, pointing to an alarming trend affecting the country’s online banking users.
Key Highlights:
- Increase in Financial Scam Complaints: According to Charuka Damunupola, Senior Information Engineer at SL CERT, around 20% of the total 7,210 complaints received up to September were linked to online financial fraud. Many of these cases were reported through social media platforms, indicating a shift towards targeting unsuspecting users on popular digital channels.
- Security Oversights by Users: Damunupola emphasized that one of the major reasons for falling victim to these scams is the negligence in handling One-Time Passwords (OTPs). Fraudsters exploit users’ lack of attention to these security measures or trick them into revealing sensitive information through phishing websites that mimic legitimate banking platforms.
- Need for Enhanced Awareness: The increase in complaints suggests that more Sri Lankans are adopting online banking services without adequate knowledge of cybersecurity practices. Damunupola highlighted the urgent need for public education on safe online practices, given the growing reliance on digital transactions.
As Sri Lanka continues its digital transformation journey, the rising cases of online financial fraud emphasize the need for heightened vigilance and public awareness campaigns. Strengthening cybersecurity measures and educating the public on best practices are essential to safeguard consumers against the rising threat of digital financial crimes.
Sri Lanka Computer Emergency Response Team (SL CERT)
Last modified: October 9, 2024
