CFOtech Australia logo
Technology news for Australian CFOs and financial decision-makers
Story image

Experts weigh in on how to protect yourself against banking scammers

By Shannon Williams
Tue 25 Jan 2022

Just recently, news broke over 470 people losing $8.5 million in an SMS phishing scam. In another high profile case, scammers impersonating as officers of the Singapore Police Force attempted to scam victims of their personal details. 

"Every victim of a scam is one too many. As more people bank over the internet, more people become targets of online banking scams, thus, securing your online banking and being vigilant have never been more crucial."

That's according to Julia Chin, head of compliance, and Chiah Tian Ming, fraud analyst, at Singapore-based Hugo.

"Online security threats can come from anyone and anywhere in the world, and overseas cybercriminals can be impossible to catch or prosecute by authorities. 

"Financial wellness is more than spending wisely and having healthy savings levels - it is also about keeping our money safe and not losing it to bad guys."

Below are some ways people can make sure they keep their banking and personal details safe:

Don't publish or give away sensitive banknng details 
This includes your account numbers (only give it when necessary), usernames, PIN, passwords and CVV number. While bad actors cannot access your account with account numbers alone, partial information can be pieced together.

Use sophisticated and unique passwords
If your password is something like 123456, which is the world's most popular password, please change it. Use passwords that look like they are written by aliens or Einstein himself. There are a number of password management software that you may want to use to store them safely.

Try not to share too much personal information online.
Including on social media. Refrain from making public your date of birth, first kiss, mother's maiden name, pet fish during your teens, the school you went to etc. Bad guys can use it to reset passwords or bypass verification measures. 

Don't fall for social engineering schemes
Social engineering schemes are meant to trick you into making security mistakes or giving away sensitive information. They include phishing emails, smishing (phishing via SMS), scam calls and scareware. Banks and other financial institutions WILL NOT ask for your login details. Always go through authorised channels e.g. app, customer service hotline or even visit the bank branch. Scam SMSes can be made to appear in the same thread as legitimate SMSes from your bank. Scammers can set their sender ID the same as your banks and your phone will group both in the same thread. If you receive SMSes and/or emails, especially out of the blue, that contain links and or requests for your banking details, DO NOT comply. It's best to call your bank to verify. 

Pay close attention to the URL 
Check if the website URL is correct. By correct, we mean 100% match; anything short of identical is a no-go. Look out for phishing URLs that are made to look very much like the real ones. Apparently, even something that looks as legitimate as Google Ads can be used by scammers to cheat unsuspecting victims of their money. So checking URL accuracy and certification is a best practice we should all have. 

Be familiar with your bank's security measures
Banks regularly send security updates and advisories. If you feel that the login and authentication process is different than before, double-check with your bank before you proceed.

Check for SSL certification on websites
Ensure the website has a valid Secure Sockets Layer (SSL) certificate. It is a digital certificate that authenticates a websites identity and enables an encrypted connection between a web server and a web browser. The certificate should be issued by a reputable provider and not expired.

Use the latest versions of web browsers
Browsers are regularly updated with the latest security features such as anti-phishing and forged website identification in place to protect your data. If such features are available, its best to turn them on.

Clean your devices regularly
Conduct security scans often to ensure your device is not infected by malware. Malware can do many things including redirecting you to a fraudulent website even if you have keyed in the correct URL, or keylogging your username and passwords and sending that back to the scammer. 

Keep your firewall and antivirus up to date
Steer clear from shady sites too. Bad sites can download and install malware or spyware like those mentioned right above without you knowing. High-quality and updated firewalls/antivirus prevent your device from being infected. 

Use 2-factor authentication
2FA is one of the most essential security steps in the digital age. It adds an extra security layer. Even if scammers, especially abroad, have your username, passcode and other personal details, they cant receive the 2FA code/approval request sent to your phone.

Never do online banking on public or shared computers
From forgetting to log out of your internet banking to keyloggers stealing your information, doing online banking on public/shared computers is never a good idea.

Log out and clear your browser cache when you're done
Most banking apps and websites do not allow login details to be stored on your device or you to stay logged in, but its best to make logging out/terminating the app and clearing cache a habitual practice. And no, don't count on private browsers.

Check your account transactions regularly 
You can now check your statements ANYTIME online or through your banking app. Its the internet age now, yo! You can also modify your alert settings such that you will receive notifications whenever you transact. Check with your bank on how you can do that.

"Cybercriminals are not bumbling idiots, and scammers are a persistent and hardworking bunch," says Chin and Tian Ming.

"While we've heard many funny stories of failed schemes, there are also tragic anecdotes of people losing their fortunes. Countering scams requires everyone to stay up-to-date, cooperate, and follow the best practices stated above."

Related stories
Top stories
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
Ransomware
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Fintech
Airwallex launches new bank feed integration with NetSuite
Airwallex has launched a new bank feed integration with NetSuite, developed in partnership with NetSuite solution partner, Onlineone.
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.
Story image
Remote Working
IT teams deploy powerful technologies to enable remote work
"We found that IT teams mastered the challenges of remote work last year in large part by employing powerful yet easy-to-use technologies."
Story image
Artificial Intelligence
Updates from Google Workspace set to ease hybrid working troubles
Google Workspace has announced a variety of new features which will utilise Google AI capabilities to help make hybrid working situations more efficient and effective.
Story image
Alteryx
Decision Inc. Australia enters partnership with Alteryx
Independent data and analytics consultancy Decision Inc. Australia has partnered with automated analytics company Alteryx, expanding its offering to clients.
Story image
Infrastructure
Nutanix study reveals financial services sector lagging with multicloud adoption
Nutanix has released new research that reveals the financial services sector is lagging behind when it comes to multicloud adoption.
Story image
Microsoft
Microsoft unveils adaptive accessories for disability access
Microsoft is introducing an expansive Inclusive Tech Lab to give people with disabilities greater access to technology through new software features and adaptive accessories.
Story image
Tech job moves
Tech job moves - Datacom, Micro Focus, SnapLogic and VMware
We round up all job appointments from May 6-12, 2022, in one place to keep you updated with the latest from across the tech industries.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Artificial Intelligence
CFOs using digital workers and AI to prevent unnecessary loss
New technology is now allowing CFOs to use digital workers to automate their accounting processes, making it easier for them to avoid unnecessary losses.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Artificial Intelligence
SAS unveils AI experience to improve kids' batting abilities
SAS has created The Batting Lab, an interactive experience using AI, computer vision and IoT analytics to help kids improve their baseball and softball swings.
Story image
Manufacturing
HINDSITE wins Aerospace Xelerated Pitch Challenge with solution to support Boeing
Brisbane-based startup HINDSITE was the winner of the first ever Pitch Challenge organised by Aerospace Xelerated in partnership with Queensland XR Hub. 
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Digital Transformation
Why enterprise records management should be part of any digital transformation strategy
Modern organisations create and rely upon an enormous volume of content, and digital records make up a significant proportion of that content.
Story image
Telstra
Telstra, Google and Accenture launch 5G AR experience for AFL
Telstra, Google and Accenture are developing a new 5G powered augmented reality (AR) experience at Melbourne's Marvel Stadium for the footy season.
Story image
SaaS
Atturra partners with Focus HQ to support Aus organisations
Atturra has executed a partnership agreement with Focus HQ, to resell and support the company's Australian developed SaaS-based portfolio management platform.
Story image
Adyen
Adyen expands partnership with Afterpay as BNPL payments increase
Adyen has expanded its partnership with AfterPay allowing more of Adyen’s merchants in more countries worldwide to use the BNPL provider.
Story image
Digital Transformation
The Huawei APAC conference kicks off with digital transformation
More than 1500 people from across APAC have gathered for the Huawei APAC Digital Innovation Congress to explore the future of digital innovation.
Story image
Wasabi Technologies
Wasabi opens new cloud storage in Australia with Equinix
Wasabi Technologies has opened a new hot cloud storage region in Sydney, Australia, using Equinix services. This is the company's 12th global storage region.
Story image
Artificial Intelligence
ForgeRock releases Autonomous Access solution powered by AI
ForgeRock has officially introduced ForgeRock Autonomous Access, a new solution that uses AI to prevent identity-based cyber attacks and fraud.
Story image
Sisense
Data and analytics could be key to higher selling prices in APAC
Sisense's latest report has found that almost half of data professionals in APAC think customised data and analytics can create better selling prices for their products.
Story image
Testing
Google and CSIRO use AI to help protect the Great Barrier Reef
Google has partnered with CSIRO in Australia to implement AI solutions that help protect the Great Barrier Reef.
Story image
Artificial Intelligence
SAS launches human-focused responsible innovation initiative
SAS has launched a responsible innovation initiative, furthering its commitment to equity and putting people first.
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
Digital Transformation
Unlocking the next digital frontier for educational institutions
Understanding where to invest in technology can be challenging for education institutions, especially after the COVID-19 disruptions.
Story image
Remote Working
Australia’s remote workers face connectivity and security issues
SOTI's new report finds better video conferencing technology and improved security measures are top concerns for remote workers in Australia.
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
SAS
New SAS service overcomes subscription fatigue for media companies
SAS has launched SAS 360 Match which helps media companies move towards a AVOD model to generate revenue as subscribers cancel.
Story image
Public Cloud
Cloud adoption still a work in progress, NetApp finds
NetApp has announced the results of the annual Cloud Infrastructure Report based on a survey of public cloud business and IT decision makers.
Story image
Attain
Revenue operations is taking centre stage
As the business world continues to evolve, new demands need to be met to keep up with the ever-changing landscape. 
Story image
trust
9/10 Aussies to stop spending if personal data compromised
"Based on the patterns we are seeing among Australian consumers, it is evident that trust in a brand is exceptionally important."
Story image
Cybersecurity
Hard numbers: Why ambiguity in cybersecurity no longer adds up
As cybersecurity costs and risks continue to escalate, CEOs continue to struggle with what their investment in cyber protection buys. Getting rid of ambiguity becomes necessary.
Story image
Microsoft
SAS Viya on Microsoft Azure to deliver 204% return - study
The Forrester Total Economic Impact study finds SAS Viya on Microsoft Azure brings a 204% return on investment over three years.
Story image
SaaS
Cloudflare launches instant serverless database for dev teams
"Today we’re announcing our first serverless database which we expect will quickly become one of the largest databases in the world."
Story image
Kodari Securities (KOSEC)
NFT trends and opportunities: expert reveals all
The NFT market is growing at an exponential rate, with unprecedented liquidity. Here we explore how businesses can profit.
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
Artificial Intelligence
Clear Dynamics closes $35M funding round, invests in global growth
The funding is a major milestone and speaks to Clear Dynamics’ vision for AI-enabled ‘composable’ enterprise software, the company states.
Story image
Remote Working
How organisations can meet employees' changing expectations
The global employment market has shifted dramatically in favour of employees, sparking the so-called great resignation, in which people are leaving unsatisfying roles in search of greener pastures.
Story image
Talend
Talend introduces new data health solutions for businesses
Talend has announced its latest version of Talend Data Fabric, with the release of Talend Trust Score enabling data teams to establish a foundation for data health.