Growth of cryptocurrency in Africa calls for stronger security

The increasing technical proficiency of criminals is putting the cryptocurrency business in Africa at risk. According to experts, virtual currency related crimes in South Africa are on the rise, with criminals using victims’ phones to mine cyptocurrencies.

South Africa Country Manager of cryptocurrency wallet Luno, Marius Reitz, said the security of cryptocurrency in Africa is improving with the co-operation of law enforcement agencies. Marius added that phishing, where legitimate looking websites, e-mails, or SMSes are used to obtain passwords, is the most common.

Co-founder and CEO of Paxful Ray Youssef said that personal information and passwords must be protected from scammers and hackers.