With the rise of technology comes the rise of cybertheft. Australia’s banking industry faces significant risks. Learn how to secure your accounts.
With the rise of technology, comes the rise of cybercrime. The banking industry in Australia is no exception to this, and it’s essential to be aware of the risks associated with online banking and how to better secure your accounts from hacking.
The country has already had its ugly share of cyberattacks and data breaches in the past few years, with the most prevalent in recent times being hacks on The Guardian Australia, Optus, Woolies’ MyDeal, and ports operator DP World.
Let’s explore the ways to defeat cybercriminals and protect your funds from cybertheft.
What is Cybertheft?
Cybertheft refers to the unauthorised access to and theft of sensitive information, such as bank account details, by individuals or groups through the use of the internet. Cybercriminals use various methods to gain access to sensitive information, such as phishing scams, malware, and hacking.
Cybertheft can have devastating consequences, including the following.
Loss of funds
The most significant consequence of cybertheft is the loss of funds. Cybercriminals can drain your bank account, leaving you with nothing. In a case reported by 7News, a 56-year-old nurse in Melbourne was saddened to lose $200k in life savings after criminals wired $210 into her CommBank account and then called her up posing as a banker, asking her to wire it back. The criminals acquired enough details to get into the account and syphon the funds. Although the nurse was able to have the bank refund her money, it gave her a nasty experience and asked the public to closely monitor their accounts.
Identity crime
Cybertheft can also result in identity crime, where the criminal uses your sensitive information to open new accounts, apply for loans, or make fraudulent purchases. The Australian Institute of Criminology looked at this problem further in its July 2023 evaluation of the Australian Cybercrime Survey 2022, which had 13,887 respondents. The data revealed that in the 12 months prior, 20 per cent of respondents confirmed instances of identity crime targeting them, with suspicious transactions detected in their bank accounts; a closer review of the origins pinned down the usage of names and credit/debit information, plus hacked devices, as the threat vector.
Damaged reputation
A data breach can harm your reputation and make it difficult for you to obtain loans, open new bank accounts, or even get a job.
Make Your Bank Account Hack-Proof
To better secure your bank account from hacking, it’s important to take a proactive approach. The following are some steps you can take.
Multi-factor authentication
Multi-factor authentication (MFA) adds an extra layer of security to your bank account, making it more difficult for cybercriminals to access it. According to the Australian CyberSecurity Centre, your bank’s MFA methods will include code generators within your app, biometric scans, and a one-time password sent to you via automated text upon request. As much as possible, prevent being caught in nasty situations such as holdups, where criminals could steal your devices with the account access.
Complicated passwords
Create strong, unique passwords that are hard to guess. Avoid using easily accessible information like your name or birthdate. Fun ideas for a secure password include switching certain letters for numbers, favourite phrases that people don’t know of you, or codewords. Consider testing your email addresses through the Have I Been Pwned? website. Designed by Aussie cybersecurity expert Troy Hunt, the website will gauge your email addresses to see whether they have been compromised by a data breach; change your passwords immediately.
Regular account monitoring
Regularly check your bank accounts for any signs of suspicious activity. This will allow you to quickly detect any unauthorised access and take action; you must talk to your bank’s customer support and alert them of any illegal transactions.
Treading carefully on public WiFi
Public WiFi is vulnerable to hacking, so be careful when accessing your bank account or sensitive information when using public Wi-Fi terminals. In many cases, cybercriminals have also found ways to hack into a phone linked into a public WiFi grid. You can work this around by using premium VPN services which will allow you to access without the danger of penetration.
Vigilance
Stay vigilant and be aware of the latest cybercrime trends and methods used by cybercriminals.
Defeating Cybercriminals
Defeating cybercriminals requires a combination of preventative measures and proactive behaviour. Below are some ways you can defeat cybercriminals.
Updated software
Regularly update your software and security systems, as this will help protect against known vulnerabilities. If you are accessing your accounts on a desktop, an updated version of any premium antivirus program can suppress any cyber threats.
Self-Education
Educate yourself on the latest cybercrime trends and methods used by cybercriminals. This will help you stay vigilant and better protect yourself.
Report suspicious activity
Report any suspicious activity, such as emails from unknown sources, to your bank and the relevant authorities. Keep a listing of the official contact details of your bank and reporting agencies such as the ACSC, AFP, and the ACCC Scamwatch.
Safeguard personal information
Be cautious with the personal information you share online, as this can be used by cybercriminals to gain access to your bank account. To one end, you should not click on URLs included with text messages and avoid answering spam emails, even including those with attachments that are most likely malware. A spam filter in your email service will set them aside.
Bank Coordination
Work with your bank to better secure your account. Your bank will have the latest security systems in place and can provide you with advice on how to better protect yourself. You must also heed periodic cybersecurity notices sent by your bank’s official channels.
Conclusion
Protecting your funds from cybertheft is crucial in today’s digital age. By being proactive and taking the steps outlined in this guide, you can better secure your bank account and defeat cybercriminals at their own game.
DISCLAIMER: This article is for informational purposes. 2 Ezi is not affiliated with any website or government organisation mentioned.
