Crypto in SA: between progress and precaution

Issue 2 2025 Information Security

The Consensus Web3 and Crypto Perception Survey ( https://tinyurl.com/yhekewsj) says that most South Africans have purchased cryptocurrencies. Most have bought Bitcoin (67%), less have bought Ethereum (29%), and BNB (25%). It also found that South Africa is one of the leaders when it comes to the adoption of cryptocurrencies worldwide and 47% of those surveyed call it ‘the future of money’.


Richard Frost.

The South African Reserve Bank (SARB) announced in its Digital Payments Roadmap that it has digital payment plans for the country as it looks into the potential of central bank digital currencies (CBDC).

While banks remain slow on the uptake, there are plenty of ways for people to pay for goods and services in the country. Pick n Pay customers have spent more than R1 million a month on groceries using crypto; Deloitte has found that 85% of merchants in their survey are expecting to have crypto as a standard payment option by 2030; and Moneyweb reported that users can now buy anything from a Vespa to art using their hard-earned crypto.

Currently, Nedbank and Absa customers can use cryptocurrencies in conjunction with their banking services through their approved providers – Luno and Ovex respectively.

The problem is that crypto is not entirely secure and comes with serious risks for users. This has already been recognised by banks like Capitec who suspended their EFT and crypto wallet payments in October 2024 due to fraud. This move flies in the face of the narrative that crypto payments are an easier route for the unbanked as they demystify digital financial management for many people, and bypass the natural suspicion that many people have for financial institutions. Anecdotally, many people opt into crypto because it is not a landscape dominated by banks.

Not risk free at all

Realistically, crypto comes with risks that are not as easy to identify as those that come with traditional payment methods such as bank cards and cash. The first issue is that often crypto payments can be made anonymously, which can have benefits, but equally minimises the chances of redress if someone defrauds you.

Financial institutions conform to FICA and have systems in place to protect customers that have been defrauded, but crypto can be something of a wasteland where it is easy to steal money and get away with it. There is no way to track transactions once the money has moved out of the account. Hacking a crypto wallet is a good way of stealing money while staying anonymous.

This really underscores the challenge with crypto – there is not a lot you can do to protect it. You are reliant on the company controlling the wallets, like Luno, and if someone accesses your account using your credentials and gets through the defences, the funds are gone. The same thing can happen with a bank, but the banks are regulated and there is a chance that you can get your money back.

Protection measures

This begs the question – can users benefit from the ubiquity of cryptocurrency and its ability to cross borders and wallets with ease, while still putting additional protective measures in place? The first is to try and make sure that the payment methods being used are legitimate. Is it a valid person requesting funds from you? So, when you receive an invoice, check that the wallet and details are correct before making payment.

Then, there are the essential safety protocols that should be implemented with your wallet from the outset. Have two-factor authentication, use strong passwords that are too challenging to hack, backup your wallet, place additional biometric or two-factor authentication protocols on all your devices that you use to access your cryptocurrency wallets, and remember to always be aware of scams and phishing.

These methods should also be bolstered by avoiding the use of public Wi-Fi when making transactions, ensuring your devices are up to date with security updates, and that you are aware of trending security issues or threats. If you double-check all these areas before you make a transaction, and stay on top of all transactions on your account, then you will be in more control over your crypto transactions and minimise the risk of fraud.

For more information, contact Richard Frost, Armata, [email protected], www.armata.co.za




Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Highest increase in global cyberattacks in two years
Information Security News & Events
Check Point Global Research released new data on Q2 2024 cyber-attack trends, noting a 30% global increase in Q2 2024, with Africa experiencing the highest average weekly per organisation.

Read more...
Continuous security optimisation.
News & Events Information Security
Cymulate has announced its partnership with SentinelOne, a threat exposure validation and AI-powered cybersecurity platform. The collaboration delivers self-healing endpoint security that empowers businesses to increase protection for every endpoint on their network.

Read more...
Upgrade your PCs to improve security
Information Security Infrastructure
Truly secure technology today must be designed to detect and address unusual activity as it happens, wherever it happens, right down to the BIOS and silicon levels.

Read more...
Open source code can also be open risk
Information Security Infrastructure
Software development has changed significantly over the years, and today, open-source code increasingly forms the foundation of modern applications, with surveys indicating that 60 – 90% of the average application's code base consists of open-source components.

Read more...
DeepSneak deception
Information Security News & Events
Kaspersky Global Research & Analysis researchers have discovered a new malicious campaign which is distributing a Trojan through a fake DeepSeek-R1 Large Language Model (LLM) app for PCs.

Read more...
SA’s strained, loadshedding-prone grid faces cyberthreats
Power Management Information Security
South Africa’s energy sector, already battered by decades of underinvestment and loadshedding, faces another escalating crisis; a wave of cyberthreats that could turn disruptions into catastrophic failures. Attacks are already happening internationally.

Read more...
Almost 50% of companies choose to pay the ransom
News & Events Information Security
This year’s Sophos State of Ransomware 2025 report found that nearly 50% of companies paid the ransom to get their data back, the second-highest rate of ransom payment for ransom demands in six years.

Read more...
Survey highlights cost of cyberdamage to industrial companies
Kaspersky Information Security News & Events
The majority of industrial organisations estimate their financial losses caused by cyberattacks to be over $1 million, while almost one in four report losses exceeding $5 million, and for some, it surpasses $10 million.

Read more...
Digital economy needs an agile approach to cybersecurity
Information Security News & Events
South Africa is the most targeted country in Africa when it comes to infostealer and ransomware attacks. Being at the forefront of the continent’s digital transformation puts South Africa in the crosshairs for sophisticated cyberattacks

Read more...
SIEM rule threat coverage validation
Information Security News & Events
New AI-detection engineering assistant from Cymulate automates SIEM rule validation for SecOps and blue teams by streamlining threat detection engineering with automated testing, control integrations and enhanced detections.

Read more...










While every effort has been made to ensure the accuracy of the information contained herein, the publisher and its agents cannot be held responsible for any errors contained, or any loss incurred as a result. Articles published do not necessarily reflect the views of the publishers. The editor reserves the right to alter or cut copy. Articles submitted are deemed to have been cleared for publication. Advertisements and company contact details are published as provided by the advertiser. Technews Publishing (Pty) Ltd cannot be held responsible for the accuracy or veracity of supplied material.




© Technews Publishing (Pty) Ltd. | All Rights Reserved.