Stay Cyber Safe

ASIC announced earlier this year that it has acted to close nearly 3,500 websites that have been set up specifically to scam and steal money from people by fraudulently promoting bogus investments.

Since than it has repeatedly warned consumers to be wary of companies offering fake bonds and term deposit scams as well as scammers who are even so brazen as to use ASIC’s own logo in their marketing material.

To be honest no one is safe but here are four steps everyone should keep in mind and implement where possible.

1.      Be aware of scams

This might seem obvious, but it is amazing how many scam victims allow themselves to be taken in by bogus promoters only to look back and say that it was obvious right from the beginning that they were going to be scammed.

Be vigilant. Do not answer calls on your mobile phone, for example unless your phone recognizes the number and if you do answer a call from a new number be on your guard. Scammers never sound like scammers at the start.

Never give personal information over the phone or by email and if you have any doubts about the bona fides of a caller, simply offer to call them back and then go online to see if you can check that they are who they say they are. As a guide, big banks and investment companies will never ask for personal information over the phone.

2.      Enable multifactor authorization

Most readers will ask themselves what on earth is a multifactor authorization? This is where you need to take two or more steps to prove you are who you say you are before you access important information about yourself online.

For example, most banks will require you to use a password to access on line banking and most will now ask to send you a second access code via a text message to your telephone. While it can seem a nuisance, multifactor authorization will help better protect your on-line information.

3.      Update devices and systems regularly

Computers and software should be updated regularly to ensure that you have up to date malware on whatever computer you are using. This is important as scammers are constantly coming up with new better ideas to try to break into your information and having up-to-date software will make a big difference in protecting your data.

4.      Use long, complex and unpredictable passwords

This can be a nuisance but again, it will make a big difference in keeping your data or personal information safe. Make the effort to have long unusual passwords, have different passwords for different locations and make sure you change them at least once a year.