Frequently asked questions

Who is it for? What is the target customer profile?

  • Consumers who transact online (Shop, Submit tax returns etc.)
  • Consumers who have an online presence (Social Media profiles).
  • Consumers who hold accounts with financial institutions.
  • Consumers who have an active internet security product or who are looking to purchase an internet security product.

What problem does it solve? Why do they need this?

  • Cyber crime / Theft is on the increase and is a multi Billion $ “Business”
  • With more and more people transacting online and having an online presence, so the threats of fraud have increased and also the methods used by criminals in defrauding consumers.
  • Most financial institutions will cover fraudulent transactions, but very few will reimburse customers fully for Phishing scams and cyber fraud. 69% of the cases referred to the Ombudsman for Banking Services, are ruled in favour of the banks.
  • You will see from reports issued by all leading security vendors’ cyber theft and especially Phishing are on the increase.

What are the summary use cases? What are the scenarios that demonstrate the solution?

  • The scenario is very dependent on the fraud. Online purchase – Consumer thinks they are on a legitimate website and enters their credit card details to make a purchase, money is deducted but product is never delivered, these CC details are then used to empty the account of the consumer
  • The consumer first contacts his/her bank and confirms that their claim will not be covered. Then the consumer contacts Phishield and lodges a claim, together with the details as specified in our policy wording.
  • Phishield approves claims and reimburses consumer either to the value of the claim or up to the level of the cover they have. Phishing
  • Similar to the above, except the consumer receives what they perceive to be a legitimate email from a financial institution, asking for information the consumer provides this information and once again the information is used to defraud the consumer. Consumer then contact Phishield and lodges a claim together with the details as specified in our policy wording
  • Phishield approves claims and reimburses consumer either to the value of the claim or up to the level of the cover they have. ATM and Credit Card fraud
  • Slightly different where cards are cloned by criminals and “Copies” made and then used for purchases without the customers knowledge. Consumer contacts Phishield and lodges a claim together with the details as specified in our policy wording
  • Phishield approves claims and reimburses consumer either to the value of the claim or up to the level of the cover they have.

Business Opportunity: What is the market size and revenue opportunity? How is this estimate calculated?

  • Recent studies indicate that there are about 2.4 billion people connected to the internet. 1 in 4 people do their banking online. This means there are about 600 million internet bankers globally. Phishield will target internet users that use online electronic banking (e-banking) who’s primary or secondary language is English. The figure and table below represents the total number of internet users per country, as well as the percentage of English speakers.

Markets and Segments: What are the target markets and Segments? What Geographies and regions? Is it localized?

  • Target markets are Middle to upper income consumers who transact online or who have an online presence.
  • Africa and UK, Europe are main geographies being targeted due to internet penetration and buying habits.
  • Next step will be Australia and New Zealand and USA.
  • We are also looking into Middle East and LATAM.
  • Not localized but we will ensure we are compliant in each market we offer the cover.