As digital customers, we use the internet every day to login to bank accounts, check news updates or access social media. We perform so many tasks using the internet, believing that it’s safe, that we tend to neglect security and preventative measures to deter cybercriminals and fraudsters.
Yet according to research, fraud is a serious problem in Australia. In its last report on personal fraud in Australia in 2012, the Australian Bureau of Statistics reported that 1.2 million Australians were the victims of fraud in the year to 2010-2011. During this period, Australians lost $1.4 billion to fraudsters.
Keep your personal information safe by following these five tips.
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Constantly update passwords and login details
By changing your login details at least once a month, you can cut down your chances of being a target of cybercrime. Choose passwords that are hard to work out and never share your passwords with anyone.
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Protect your personal information
Be cautious when giving out personal information such as your name, address, phone number or financial information on the internet. Make sure websites are secure (eg when making online purchases) or that you’ve enabled privacy settings (eg when accessing/using social networking sites).
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Be aware of what you do while using public WiFi hotspots
While public WiFi hotspots are convenient, they are not secure. Try to avoid making any financial transactions or account logins while using a public WiFi hotspot.
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Do your own research
It’s essential to do thorough due diligence before entering into any commercial agreement with another party. There’s a lot of publicly available information you can use to check if the counterparty to any transaction is bona fide. For instance, you can go to the Australian Securities and Investments Commission’s website to search for company names. You can also find out if financial professionals have been banned from operating in their industry, through the website.
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Know a scammer when you see one
- Scam: A scam is any attempt to unlawfully make you pay money or hand over your personal details.
- Phishing: Phishing is when you receive an email from your bank or another organisation with which you do business, asking for you to provide your password or other personal details.
- Shopping and auction fraud: When you are buying online, make sure you transact with businesses that have a secure payment gateway (look for the Verisafe Mobile Security icon, which is a sign the business is reputable). Another option is to pay with PayPal, which means you don’t have to hand over your credit card details.
As your financial advisors we are always happy to act as an additional layer of security if you believe something you have received from a financial institution seems wrong or suspect. If you have any concerns, please contact me Andreas Kettemann on (08) 9382 1970 or andreas@demeterwm.com