Policyholders and investors cautioned to be vigilant following TransUnion data breach

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Following this week’s TransUnion South Africa data breach, the Association for Savings and Investment South Africa (ASISA) is cautioning policyholders and investors to expect an increase in phishing attempts and approaches from criminals impersonating representatives from life insurers and investments companies.

Senior policy advisor at ASISA Johann van Tonder said since several ASISA members make use of the TransUnion credit verification services, there is a high possibility that the compromised information includes personal details of South African policyholders and investors.

“While it appears that the client information obtained by the hackers is limited to names, contact details and ID numbers, we are concerned that this could be used by criminals to trick consumers into sharing account passwords.”

Van Tonder pointed out that no company will ever request a client to share passwords or one-time PIN codes telephonically, via text message or via email. He added that companies will also never request clients to login into their accounts via unsolicited messages. 

Van Tonder reiterated that the financial sector is very aware of the risks of the constant cybersecurity threats facing the industry.

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