Cyber Attacks Are On The Rise, eSafety Is Critical

Phishing attacks have been around for some time and have continued to evolve over the years. This year has seen an increase in the number of phishing attacks targeting unsuspecting individuals, and scammers are getting more clever as time goes by.

Phishing attacks are a form of cybercrime that involves tricking people into giving away confidential information, such as login credentials and other personal details that can be used to steal money or commit identity theft. These attacks are usually carried out through email, social media, or messaging apps, and they often appear to be legitimate, making it hard for the victims to tell that they are being targeted.

One of the ways scammers use phishing attacks is by socially engineering their way into your savings. They do this by posing as a legitimate financial institution or service provider, using persuasive language and a sense of urgency to convince victims to disclose sensitive information. They may also create fake websites that look identical to the ones used by legitimate organisations, further confusing victims.

Another method used by scammers is spear-phishing, which targets a specific individual or group of people. This can involve researching victims online to gather personal information, such as their job title or place of work, and then crafting a tailored message that appears to be from someone they know or trust.

Craig McDonald, founder of Australian cybersecurity firm MailGuard, says phishing has evolved into its own business for the criminal. 

"The availability of phishing and ransomware kits is one of the drivers behind the explosion in scams. These are very sophisticated businesses. They recruit qualified coders and developers and support staff from across the globe, and offer 24/7 support for customers, because they're selling a service at the end of the day, albeit an illegal one."

Is the increase of Phishing really that bad?

Phishing was the most reported scam to Scamwatch in 2022, with the government website recording 74,573 complaints, a 4.6 percent increase from the previous year, 2019. The total financial losses from phishing reported to Scamwatch and the Australian Financial Crimes Exchange totaled over $157 million.

Even the banks aren’t safe when dealing with compensation for victims of cybercrime, Australians lost a record-breaking $3.1 billion to scams last year, and the big banks only compensated customers about $21 million.

Victims who are unhappy with how a bank has responded to their situation can complain to the Australian Financial Complaints Authority.

While consumer groups argue Australia's online banking laws currently lack a strong framework to protect victims of scams, there are strong indications from the federal government of future reform.

Assistant Treasurer Stephen Jones says the government is taking steps to introduce "tough new industry codes of practice".

"I expect that the model will require banks to provide appropriate compensation to victims, where these institutions do not meet the very high bar set out in the codes," he says.

"The codes will ensure both consumers and industry have a clear understanding of responsibility, liability, and obligations."

So, how can you protect yourself from falling victim to a phishing attack?

Firstly, be cautious and vigilant when receiving unsolicited emails, even if they appear to be from legitimate sources. Always double-check the sender's email address and scrutinise the content of the message for any signs of suspicious activity.

Secondly, never share sensitive information, such as login credentials, social security numbers, and credit card details, unless you are sure that you are dealing with a legitimate organisation. Always verify the authenticity of the person or company requesting such information, and use secure communication channels, such as encrypted messages or phone calls.

Thirdly, use two-factor authentication (2FA) whenever possible, especially when accessing important financial or personal accounts. This provides an additional layer of security by verifying your identity through a separate device or platform.

In conclusion, phishing attacks are becoming more advanced, and scammers are using social engineering tactics to trick people into disclosing sensitive information. To protect yourself from these attacks, it's essential to be cautious, vigilant, and proactive in securing your digital assets. By following these simple steps, you can safeguard your savings and keep your personal information out of the hands of cybercriminals.

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This is Part of our Cyber Security awareness educational campaign. Through this training, you will learn awareness and key principles, and best practices to protect yourself, your organisation, and the public from cyber attackers. You will also be equipped with the knowledge to identify potential threats and take action before any damage can occur.

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