Protecting yourself from cybercrime

Cybercrime is taking its toll on many Australians, and too many have been financial victims of this hideous and heartbreaking scourge. Australians lose millions each year to online scams, identity theft, and financial fraud. Sadly, these crimes go beyond financial losses—victims often endure stress, wasted time, and lasting impacts on their credit. As a financial planner, I’m here to help you understand the tactics used by cybercriminals and share practical ways to secure your finances.

Cybercriminals are skilled operators, not just random troublemakers. Some are after money, some crave influence, and others simply enjoy the thrill of bypassing systems. They range from amateur “script kiddies” to professional hackers working in organised groups. No matter their motivation, they’re highly capable and often know how to manipulate technology and people.

Their tactics include using stolen credit card data, phishing scams, and malware to trick people into handing over sensitive information. They may even impersonate banks or service providers, often in surprisingly genuine emails. These criminals exploit system weaknesses, outdated software, and simple, insecure passwords.

Their tactics are well known yet very difficult to police. They prey on the vulnerable and become ever more sophisticated with each attack. Phishing scams are their number one method. These often appear as emails from banks or service providers asking you to “verify” your information. Regardless of how authentic they appear, you should always check with your bank or service provider before clicking on any link.

Another tactic is malware. Malware is malicious software that can be hidden in files or downloads, allowing cybercriminals to track your keystrokes or capture passwords. Most of us have been victims of one form of malware or another, and malware can be easily spread. It is essential to be vigilant, continually update your antivirus software, and always avoid downloading from unknown sources.

Cybercriminals engage in a practice known as social engineering. They gather details from social media to answer security questions or impersonate people you trust. This method is particularly callous and surprisingly effective. Limiting the personal information you share online can help protect against these tactics. This is important for the younger generations, who share much of their lives online.

Some cybercriminals hijack phone numbers to receive two-factor authentication codes, which can give them control over your accounts. Contact your mobile provider to add extra security to your account.

Protecting your finances online doesn’t have to be complicated. By following these tips, you’re taking meaningful steps to protect your hard-earned wealth:

Use strong, unique passwords: Avoid easy-to-guess passwords like “password123” or birthdays. Instead, create long, random combinations of letters, numbers, and symbols. Use different passwords for different accounts, and consider a password manager to keep track.

Enable two-factor authentication (2FA): 2FA adds a second layer of security, making it much harder for cybercriminals to access your accounts. Most financial services offer this, and it’s worth enabling wherever possible.

Keep software updated: Regularly updating your devices helps protect against new security threats. Antivirus software can also monitor for unusual activity.

Be cautious with public Wi-Fi: Avoid logging into banking or financial sites on public networks. These are often less secure, making your information more accessible to intercept.

Check your accounts regularly: Many banks let you review recent logins. Use this feature to spot unfamiliar devices or locations quickly.

Cybercrime is a real threat, but you can protect yourself and your wealth with a proactive approach. If you have questions or need more guidance, please reach out. Together, let’s keep your financial security solid and resilient.

Step Up Financial Group is a team of qualified financial specialists. We help hundreds of Australians create financial stability and resilience every year while building toward a confident retirement.

Contact us today for experienced, compassionate, and professional financial planning advice.