BE CYBER SAFE!
Commbank cyberstrategy manager KATE INGWERSEN shares how to protect your finances from scammers
This year alone, Australians have lost almost $4 million due to hacking. So what should you look out for and how can you best protect your bank accounts? Commonwealth Bank’s general manager of cyberstrategy and performance Kate Ingwersen explains…
HOW HACKING HAPPENS
“Cyberfraud comes in many different forms and can affect us all,” Kate explains. “The kinds of malicious activity we often see targeting our customers in Australia include identity theft, card fraud and email payment fraud, which can take a heavy toll.”
Cybercrooks – aka the people doing the hacking – can get your credit card details via skimming devices on ATMS and eftpos machines, your banking details through phishing emails asking for you to provide personal and banking information or even steal your identity by taking your mail.
KEEPING HACKERS OUT
Keep your eyes and ears open for scams and if anything sounds suspicious or too good to be true, it probably is.
“[It’s important to] remain vigilant – stay on the lookout for scams and fraud, protect your banking details and be smart about who you send money to,” says Kate.
Some simple steps include:
• Always be on the lookout for messages that seem suspicious, including things like misspelled email addresses
• Set a strong password or passphrase and make it unique for each service you use
• Use multi-factor authentication wherever possible
• Keep software and apps updated
Also, don’t feel pressured into transferring money – either online or on the phone.
“Scammers often try to create a sense of urgency through short deadlines, fake emergencies or threats of legal action,” adds
Kate. “Be suspicious of requests for money – even if they sound or look official. Scammers will often ask you to use an unusual payment method, including preloaded debit cards, gift cards or itunes cards.”
IF YOU FALL VICTIM…
So if your bank accounts are compromised, what are the next steps? “If you or someone you know has had their finances compromised, it’s important you call your financial institution to report the incident immediately,” advises Kate.
They will then launch an investigation to regain your funds lost – you’ll need to speak
to your financial institution directly to find out how long this will take.
There’s more being done to help educate people on cybersecurity and banking so they can avoid fraudulent behaviour occurring on their accounts.
“As a group, we [Commbank] are committed to educating our customers about staying safe online,” says Kate.
“Less people falling victim to fraud and scams leads to better outcomes for our customers, our communities and the economy.
“We have a number of programs, including an e-learning module for businesses and in-branch Staying Safe Online seminars.
“Our in-house subject matter experts and industry experts work closely with government and community partners to raise online safety awareness.
“We also invest in state-ofthe-art fraud prevention and detection technology and have a dedicated team who actively monitor unusual or suspicious activity.”
Visit commbank.com.au/ support/security for more information.