Cyber-crime an imminent threat for PNG businesses: ANZ

Whilst cheque fraud remains the dominant threat to financial institutions and businesses in PNG, electronic fraud is picking up and for businesses, understanding online safely has
never been more important.

Speaking at various customer events in Port Moresby and Lae recently, David McGowan, Head of ANZ’s Group Investigations said PNG is still very much a paper and cash based where cheques and cash transactions are the common means of settlement.
“Cheque fraud will continue to target businesses with the common ones being washed, counterfeit, stolen and forgery cheque frauds.”
In the last five years, ANZ is seeing cybercrime picking up in PNG especially electronic fraud as a result of the evolving use of technology and the lack of strong systems and processes put in place by business to protect them.