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31 October, 2023
Financial data security in a tech-driven world
First Financial Team
Unfortunately, in today’s tech-driven world, cyberattacks have become a common occurrence. In recent years, news stories about data breaches at Optus, Medibank Private and Latitude Finance have caused significant distress for millions of their clients.
These incidents highlight the importance of safeguarding financial data. In fact, financial data security is more important than ever. And not just for individuals, but for the businesses that hold this information too. We know that the frequency of these events is causing concern for our clients at First Financial. That’s why we don’t just talk about protecting your wealth in monetary terms, we talk about protecting your wealth in regard to your personal information too.
Nowadays, people share and store so much information online. Consequently, we must take a proactive approach in shielding sensitive details from cyber threats.
Scam awareness
Beyond the concern of data breaches, it’s essential to be vigilant about financial data security in the context of scams. From phishing and tech support scams to impersonation and lottery or prize frauds, there’s a myriad of avenues where you could risk losing everything if you’re caught unaware.
We recently had a client who fell victim to a highly sophisticated phishing scam known as the “Windows Defender Security Warning Scam.” This particular scam was exceptionally realistic and crafted to expertly resemble genuine security warnings. It began with a convincing pop-up alert regarding a computer infection, urging immediate action. Once the victim clicked on it, the scam guided them to the subsequent steps.
Your most effective scam-defence is awareness. To gain a better understanding of the Windows Defender Security Warning and how to distinguish its legitimacy, click here. To remain informed about the latest scam alerts, visit Scamwatch.
Technology and AI are helpful tools, but using them requires vigilance
With an increase in cybercrime, some people may be concerned about the use of technology and artificial intelligence. It’s true that while technology and AI are undoubtedly valuable assets providing us with tools to be more efficient with our time and money, they’ve also created some vulnerability.
AI can detect and protect against threats more effectively, which is good news. However, it can also enable far more sophisticated attacks. Sadly, hackers are becoming increasingly talented at exploiting these resources for their own gain.
Compromised personal information exposes victims to potential fraud, phishing scams and identity theft risks. If a large data breach has affected you, the ATO website offers many helpful resources, including links to Home Affairs, Scamwatch and more.
How you can use technology with more caution
As we’ve mentioned, technology is a wonderful thing that has made many aspects of our lives easier, including the management of our finances. We just need to use it with caution.
Some general tips to follow for keeping your personal accounts and financial data secure include:
- Stay on the lookout for suspicious activity. If you see a red flag, it’s a red flag!
- Don’t click on suspicious links.
- Be careful to provide personal information only to trustworthy sources. If in doubt, don’t do it.
- Use strong passwords. Hint: your date or year of birth is not strong enough.
- Wherever possible, use multi-factor authentication.
- Keep your contact details current for all online services.
- Use appropriate security software on all your devices.
- If you use free Wi-Fi, make sure it’s a known and trusted network.
- Always backup your data.
Safeguard your future and be scam-aware
At First Financial, we’re on a mission to provide you with a pathway to wealth. That pathway includes doing what we can to educate you on financial data security and protection.
Our friendly, qualified and experienced advisors can give you the knowledge and confidence you need to build the financial future you deserve.
Contact us today.
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