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CORPORATE NEWS
MODERN LEADER
AFRICAN WARRIOR
Water is Life – Siemens

Water is Life – Siemens

For the first time, residents in rural areas of Botswana have access to safe and clean drinking water.Thanks to automation and electrical engineering from Siemens Solution Partner Moreflow, a new water treatment plant delivers 11 million litres of this precious...

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BUSINESS
The Cradle of Disruption – Startup Bootcamp

The Cradle of Disruption – Startup Bootcamp

The site, currently occupying 47 000 hectares (180 m²) is one of two key sites.The site, currently occupying 47 000 hectares (180 m²) is one of two key sites, believed to be the birthplace of humankind, where our collective umbilical cord lies buried. With...

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Save like crazy and let it grow 

Save like crazy and let it grow 

By Khwezi Jackson You may have heard of the Fire (Financially Independent, Retire Early) crowd and the Yolo (You Only Live Once) gang. How about the SLiCLiGs (Save Like Crazy & Let It Grow)? Yes, I know, the name needs work but, believe me, the clunkiness of the...

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CURRENT AFFAIRS
Protecting your biometrics is your birth right

Protecting your biometrics is your birth right

Fraudsters do not discriminate. As we continuously move towards the adoption of a digital and more importantly ‘touchless’ era, the platform for fraud increases. Fraud is a fraudster’s business and they often use the same business tactics we use in legitimate business, the difference being that they don’t have customers, they have victims. Thanks to an increase in data breaches, fraudsters are motivated and armed with the correct information, meaning that are very capable of impersonating an individual. The impacts of this are catastrophic.

This was the warning sounded by Dalene Deale, Executive Head of Secure Citizen at the recently held SAFPS Fraud Summit. Having been a victim of identity theft herself, she knows the impact it can have on a person and the importance behind creating an environment that fights against the growing nature of this challenge.

It is not all ‘doom and gloom’ though, technology and innovation is not the enemy. Technology can be used to ensure that digital inclusivity is possible through innovation and collaboration

Responding to a challenge

Secure Citizen was created through a collaboration with the Southern African Fraud Prevention Service (SAFPS) and OneVault in response to a rapid growth in identity theft following online fraud.

“The objective of Secure Citizen is to focus on a key core functionality that enables both businesses and individuals to interact in a trusted, delightful and easy manner. In South Africa we are fortunate to have an established Identity System governed by the Department of Home Affairs, but many individuals do not participate in the digital economy due to the high levels of fraud or due to a lack of understanding/knowledge. Our Secure Citizen aim is to drive digital inclusivity, which underpins and enable financial inclusion,” says Manie van Schalkwyk, CEO of the SAFPS.

“From a consumer perspective, a digital identity solution must be based an individual’s unique attributes, it must be easy to use, real time and it has to enable trust. The solution must not discriminate against income, gender, geographical location, or even your choice in mobile phone. For companies, the solution must be interoperable; it cannot discriminate against legacy or future systems, or the maturity of a company’s digital transformation journey. It must be affordable; available to any business regardless of size, whether your business is classified as SMME or Enterprise. Every business in our country has to be able to verify the identity of their existing and potential customers, employees and even directors of their partners,” says Deale.

Reducing cost

One of the major challenges when it comes to combatting fraud is, besides the fact that fraudsters are increasingly motivated and have relatively easy access to personal information, the cost of protecting yourself against impersonation fraud can get expensive as it is a crime that targets a single person on a continued basis.

Through verifications based on the DHA database, the SAFPS was able to save South African companies some R4.4B – an 86% increase year-on-year in 2020.

“The question remains, how much of this is due to the supply and demand rule and the cost of the technology required to meet the required compliance. The flip side to this is that it is not just a compliance exercise, but it is a requirement to keep consumer information safe while combatting the massive growth in fraud. Both SAFPS and Secure Citizen have highlighted the massive growth in impersonation fraud that increased by 337% Year on Year. Secure Citizen’s philosophy is that combatting fraud should be a joint effort between businesses and individuals and it should be affordable to businesses regardless of their size,” says Deale.

She added that this is why the partnership between Secure Citizen and the SAFPS is key. “Not only is the SAFPS the trusted custodian of fraud prevention in Southern Africa, but they are also a Not-for-Profit organisation. Secure Citizen, as the Digital Identity arm of SAFPS aims to ensure that Fraud is no longer reactive, but proactive on the part of the individual and the businesses that serve them,” says Deale.

Mutual benefit

Fraud is not only committed by fraudsters who target individuals, often, companies become massive targets as well. Statistics show that during times of economic recession, the instances of company fraud increase as people become increasingly desperate.

This is where the benefit of Secure Citizen, from a Know Your Customer (KYC) point of view stands out.

“We have seen instances where information is used to create fake identities and fraudsters then impersonate their victims and take out credit and run up debt. The individual being scammed only finds out when it is too late. It is important to highlight in this scenario, there are two victims, the individual and the business has been scammed. For the individual, trying to get back control of your identity is extremely difficult. You cannot go to Home Affairs and ask for a new identity. This means that individuals are reactive, and it is usually only at this point that they hear about SAFPS for the first time. Unfortunately, we also see new desperate measures being taken by individuals where they use a new smart ID to take out a line of credit, spend it and then come back weeks later and claim it was not them, showing an old ID card. The store staff are left with a conundrum, trying to prove the legitimacy of the application, which unfortunately also highlights that companies are often impacted by losing goods and cash. Trust is being broken on both sides,” says Deale.

Secure Citizen solves both challenges by bridging the gap between businesses and individuals in an interactive process. Our ability to get the person to verify using a selfie which is verified in near real time, means that the face of the individual is verified and married to the transaction in a POPI compliant manner.

“As a consumer, I would want the service providers that I engage with to be a 100% sure whether they are dealing with me when an application is done in my name, using my information. I have had identity theft and it is a terrible experience. If only the person in the store of my telco service provider was able to verify my face in real time, I would not have had two fraudulent upgrades done against my name,” says Deale.

Creating a protective, and proactive future

“As a society, it is important that we move towards creating a world where the fight against fraud becomes protective and proactive. We need to protect consumers and this needs to be done in a proactive manner. We cannot always be reactive when it comes to fraud,” says Van Schalkwyk.

“Secure Citizen will be making this solution available directly to the public to enrol themselves into the Secure Citizen Database at no cost. We believe that using your biometrics is your birth right. Nobody should be able to use your information without your knowledge and without your permission,” says Deale.

Both Van Schalkwyk and Deale added that another benefit to the public is that Secure Citizen makes it possible for them to see which companies have used their data via Secure Citizen’s system. However, these businesses will be able to see how many companies have used the same Secure Citizen persona for verification. This is referred to as triple blindness, that data belongs to the individual, so we do not disclose the information of the companies to anyone other than the individual.

“We are confident that Secure Citizen, in collaboration with the SAFPS, will make meaningful change in the fight against fraud,” concludes Van Schalkwyk.

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Banking customers are urged to remain extra vigilant during these trying times

Banking customers are urged to remain extra vigilant during these trying times

Load shedding; load reduction; power outages, reflect the ‘heart of darkness’ of a government that through systemic dysfunction and failure to govern, has plunged South Africa into a deep economic and social mess. On top of the coronavirus pandemic, the persistent power failure is exacerbating already dire unemployment in South Africa. The successive years of mismanagement, corruption and incompetence revealed at the Zondo Commission, has ‘junked’ our economy, hobbled our once functioning state owned enterprises, accelerated economic decline and now threatens the lives of dozens of patients at Gauteng hospitals due to power outage damage at water reservoir pumps. It’s impossible to quantify the exact costs of power failures on the economy – business failure; loss of manhours; breakdowns of appliances. However, with the SMME sector being most vulnerable to power failure economic distress, places the sustainability of our country at great risk. The SA Quarterly Labour Force Survey (QLFS) in the first quarter of 2021 gives the official unemployment rate as 32,6% of which a significant segment is the youth. It’s not surprising therefore that a report by risk assessment agency, Eunomix Business and Economics Ltd (10 September 2020, in BusinessTech), predicted that South Africa will face significant economic decline and ultimately by 2030 rank the same as Bangladesh! With Eskom CEO, André de Ruyter, acknowledging persistent ‘load shedding’ for the foreseeable future,  South Africans have one of two choices; live with the inconvenience or ‘go it alone’ and invest in an alternative backup system. 

Below is an example of a tested solar model. The solar solution is purely for illustrative purposes and not to endorse any particular approach.  Each household’s needs and budget will be different and will require research for an appropriate  approach. At the outset solar is probably the most accessible form of alternative energy.  However, there are some basic requirements such as sufficient and unobstructed roof space, but ground mounting is also an option.  The first step is to complete an energy audit to determine daily average consumption and peaks (when most power is consumed). After an accurate consumption audit,  the second step will be to determine the size and number of solar panels, as well as the size of the inverter (to convert the direct current to alternate current that is ready for home use). The third step is to consider how long the system is required to run during and outside of load shedding hours and then to acquire the appropriate number of batteries (for example, two 3.5kWh batteries supply 1kW of power for six to seven hours). There are many inverter options available. Off-Grid systems are primarily used where there is no grid connection and hence do not require a grid connection. However, you need batteries and solar panels in your initial setup. Grid-Connected or Grid-Interactive inverters allow for a grid connection with batteries and/or solar panels. Batteries are required for any backup system with solar panels. These systems, if installed without solar panels, do not provide any savings as you are simply using the grid to charge your batteries and then using this stored electricity during load shedding. A third option is the more expensive hybrid inverters. This allows for more flexibility because a hybrid inverter can seamlessly blend electricity from multiple sources such as wind, solar, generator, batteries, and the national grid. Savings are however only achieved when adding solar panels. Hybrid and grid-connected inverters without batteries cannot operate during load shedding.

Although moving off the Eskom grid is enticing,  initial investment costs can be daunting. For illustrative purposes, an outlay of approximately R200 000 could include an 8kw hybrid inverter, 24 x 455w Solar panels, 4 x 3.5kWh lithium batteries, installation, and sundries to complete the installation. Savings, however, will include monthly electricity costs, potentially reduced appliance damage costs and capital appreciation on the residential/ commercial property. A real life case study using a similar system as above over a period of 236 days, generated just over 9 700 kWh equating to a saving of over R24 000 at an average rate of R2.50/kWh based on City of Cape Town tariffs. This could ensure that the outlay be repaid within a period of approximately 8 years. Batteries and inverters should last for 10 years with the inverter having a design life of over 15 years. The solar panels are also designed to last approximately 25 years while retaining 80% of their rated output.

However, with budgets stretched, affordability might be a hurdle.  Personal savings, if available, might be an option because reduced electricity cost savings represents a return of over 12% per year excluding any future tariff increases by the City or Eskom. Financing this through an access bond, where the interest rate is relatively lower at 8%, also makes financial sense. Solar and battery technologies are also becoming more affordable. There are many benefits to ‘powering off’ the Eskom grid.  Besides the medium to long-term cost savings,  the most important benefit is to delink from an erratic and carbon inefficient system.  Eskom with its coal burning power stations, is currently one of the biggest culprits for carbon emissions in the world! Therefore in the interim, consumers must try and minimise electricity consumption as much as possible. This should include replacing incandescent lights with low energy LED light, cooking on gas instead of an electric stove, replacing high consumption fridges and freezers with AAA-rated appliances, inverter air conditioners instead of non-inverter air conditioners, changing an electric geyser to run on solar evacuated tube, gas, or with a heat exchange. The solar alternative energy solution is shared as one of the options that consumers can explore to mitigate the impact of ‘load shedding’ or power failure on households.  More importantly, sharing the information is part of TSIBA Business School’s mission of presenting knowledge value in a practical way whilst striving towards social and planetary sustainability. 

Achmat Kazie, BA(SA), GTP(SA) and Rudi Kimmie (PhD) are from the TSIBA Business School. They write in their personal capacities.

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SME
TECH & DEVICES
BRAND IMPACT
SA’s premier fintech incubation programme opens

SA’s premier fintech incubation programme opens

for applications offering R1.5m packagesAlphaCode Incubate, established to identify, partner with and grow innovative entrepreneurs in financial services and related industries, invites you to apply now if you have a fantastic early-stage fintech or related sector...

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Zimkhita Buwa

Zimkhita Buwa

Sharing her pearls of Wisdom Zimkhita Buwa is excelling in the technology space—and empowering other young women to do the same “We have to realise that innovation can come from anywhere, hence the need to make this industry a safe and thriving environment in which...

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The Object

The Object

BEAUTY WITH A PURPOSE Patrick Mavros’ Pangolin Collection is helping to save the endangered mammal it portrays. The pangolin: a shy, scaly little critter that’s sadly believed to be the most heavily trafficked nonhuman mammal in the world. The Chinese use the animal’s...

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Global leader, SHAREit, sets its sights firmly on Africa

Global leader, SHAREit, sets its sights firmly on Africa

GLENFIDDICH UNVEILS OPULENT NEW ADDITION TO THE GRAND SERIES

The world’s most awarded single malt Scotch whisky unveils exquisite 26 year old expression finished in French Cognac casks.

Glenfiddich, the World’s Most Awarded Single Malt Whisky, has unveiled Grande Couronne, the newest addition to Grand Series. The maverick whisky brand continues to challenge conventions with the unexpected marriage of two luxury worlds.

Grande Couronne is a 26 year old whisky matured in American and European oak casks at the Glenfiddich Distillery in Dufftown, Scotland, before the crowning glory – an extended finish of up to two years in meticulously sourced French Cognac casks – providing a true taste of elegance.

The Glenfiddich Grand Series is a beautifully disruptive series of single malts that oozes opulence and is designed to elevate occasions and celebratory moments in a whole new way. Grande Couronne is the latest addition to the series, which includes Glenfiddich Grand Cru, aged for 23 years in American and European Oak casks and then finessed in French cuvée oak casks and Glenfiddich Gran Reserva, patiently mellowed for 21 years in bourbon casks before a final flourish in Caribbean rum casks.

Glenfiddich Malt Master, Brian Kinsman, commented: “The Grand Series perfectly encapsulates Glenfiddich’s spirit of innovation and our ability to experiment with aged liquid and intriguing finishes. Grande Couronne is the latest to exemplify that approach. It is the only Glenfiddich single malt that has matured in American and European oak casks and finished in rare French Cognac casks. The length of the finish, two years, is highly unusual and adds extra layers of sweet toasted oak and velvety aromas of café crème, brown sugar and soft spice.”

The bottle and packaging are adorned with an ornamental gold filigree, whilst exquisite artwork reminiscent of great renaissance paintings are revealed inside the box. Glenfiddich Gran Reserva’s bottle and packaging has also received a stylish redesign, echoing the vibrancy and warmth of the liquid.

Claudia Falcone, Glenfiddich Global Brand Director comments, “Glenfiddich’s maverick spirit is very much alive and well in this new release. Grande Couronne adds a crowning glory to any occasion offers a true taste of opulence and brings together the unexpected marriage of two luxury worlds.”

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Step  into the shoes of an icon

Step into the shoes of an icon

How Design Thinking revived the ideals Nelson Mandela stood for, through the power and potential of creativity for good President Mandela spent much of this time in a modest pair of HI-TEC® tennis shoes. Fighting for freedom, so others didn’t have to.  While that...

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Featured Story

THE ESSENCE OF LEADERSHIP

Tribe Business Magazine sat with CEO of Accenture in Africa – Vukani Mngxati, and prolific investor and entrepreneur – Gil Oved, to speak about modern leadership and what it means in a context ravaged by the Covid-19 pandemic, digital transformation and globalisation.


 

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