How to protect yourself from potential cyber fraud

Digital technology has increased interconnectedness and bridged the urban-regional divide – and one of the biggest sectors to benefit from this change is the financial industry.

Now, with just a few clicks, we have the ability to transmit thousands of dollars to a foreign country or perform an online transaction and other banking activities.

This is the new normal – where relationships with your finance provider is increasingly in digital form.

Australians and mobile banking

According to a survey conducted by Bain & Company, accessing banking by mobile in Australia is now more common than accessing online banking via desktop.

The survey shows 38 per cent of Australian customers’ interactions with their bank occurred via a smart device.

As we continue to plug into the digital realm, this trend is a cause for worry as there are huge risks lurking in the corner.

For as long as digital technology has existed, there have been people who sought to exploit it for criminal gains.

What once started as opportunistic email scams has evolved into highly complex, targeted operations that generate billions of illicit dollars every year.

The result is a sharp rise in threats such as cyber-espionage, web fraud, distributed denial of service (DDoS) attacks, and point-of-sale (POS) intrusions that threaten to destabilise organisations across the Asia-Pacific region and beyond.

According to the Australian Cybercrime Online Reporting Network (ACORN), more than forty per cent of loss resulted from online scams or fraud.

From ransomware, to malware, cyber criminals are exploiting weaknesses in systems, applications and browsers, and their techniques are varied and constantly challenging the status quo.

Digital paradox

The reality of the new normal is that economic crime has, to a certain extent, gone digital and it has the ability to compromise a financial organisation’s digital landscape in a plethora of ways.

Cyber criminals of today possess limitless creativity and the effort they are willing to put into refining the process by which they approach their victims changes frequently.

Herein lies the paradox: A bank’s hybrid, multi-channel approach to acquire more customers and increase value to market has provided criminals with newer vantage points that could be vulnerable and limit a bank’s potential.

Technology is becoming the new leveller, and the digital paradox is becoming the new business conundrum.

Protecting yourself

According to  Norton Security, anyone using the internet should exercise some basic precautions. Here are 11 tips you can use to help protect yourself against the range of cybercrimes out there.

1. Use a full-service internet security antivirus/ malware software

2. Use strong passwords

3. Keep your software updated – including the antivirus

4. Manage your social media settings – restrict to people you know

5. Strengthen your home wifi network – update and don’t share password

6. Talk to your children about the internet bullying and stalking

7. Keep up to date on major security breaches

8. Take measures to help protect yourself against identity theft

9. Know that identity theft can happen anywhere

10. Keep an eye on the kids, especially who they talk to and on which app

11. Contact your financial institutes immediately if you become a victim

By following these simple tips, you will help combat cybercrime and keep your family safe online.

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This article via Mortgage Business does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.