When our information falls into the wrong hands, it could cause a lot of harm, especially since con artists frequently prey on helpless victims. More evidence that widespread fraud and scams are on the rise comes from the recent data breaches at Optus and Medibank. According to the Attorney-office, General's identity theft, con artists, and credit card fraud cost Australians $900 million annually. However, there are extra precautions we can take to safeguard ourselves. How? Read on.
Invest in a password manager
Don't make it simple for con artists to figure out. The word "password" is one of the most popular passwords, did you know that? one more typical one? 123456. Although they are simple to remember, none of us can expect to remember every password we have. There are fortunately some excellent password manager products available. The best cloud-based password manager, according to Finder.com.au, is LastPass, which is also reasonably priced. 1Password was singled out as a flexible password manager that's particularly useful for iPhone or Mac users. Both are capable of creating passwords and checking accounts for security holes. Additionally, they advise changing insecure passwords and synchronising your passwords between your computer and smartphone.
Multi-factor authentication
We should all use multi-factor authentication whenever possible, according to the Cyber Security Stakeholder Group (CSSG), a group made up of the ATO, tax practitioner industry groups, governmental organisations, and industry partners. Users must provide multiple pieces of information, such as a text message sent to your phone when logging into a website, as part of multi-factor authentication. Your accounts may become more difficult for others to access by adding this extra layer of security.
Consider a credit ban
Think someone has stolen your identity? By obtaining a credit ban, you can prevent scammers from taking out loans in your name. It is a gratis service. IDCare.org, an independent organisation that offers free assistance to people affected by fraud or scams, suggests that you can apply to credit reporting agencies for a credit ban to prevent people from obtaining credit or loans in your name. The 21-day suspension can be extended. When a bank or credit provider verifies your eligibility for credit, they consult credit reporting agencies, and if you have placed a ban on your credit report, the check will be unsuccessful if someone attempts to take out a loan in your name.
Maintain software updates
The Australian Tax Office reports an increase in the use of malicious software. Accidentally clicking on an email or website link that can infect your computer can be simple.
"Your device might occasionally be affected by ransomware. When you use ransomware, your computer can be locked until you pay a fee to let criminals install software that gives them access to your bank accounts and lets them steal your money," the ATO warned.
The response? Install the most recent security updates, perform routine antivirus scans, and use a spam filter on your email accounts to protect yourself. Weekly malware and anti-virus scans should be conducted, and security software should be current.
Consult your bank
You may have received correspondence from your bank about enhancing security as a result of the most recent data breaches. For instance, Westpac requires the presentation of forms of identification. So that no one can pretend to be you, request additional checks from your financial institution.
In order to alert you to any unusual activity on your accounts, The Commonwealth Bank advises customers to activate location-based security, set notification preferences, and review registered devices. Yet another wise move? If you're worried about your accounts right now, you might want to think about lowering your daily withdrawal caps.
