Consumer Corner: How to stop cyber criminals getting your money

Regular password changes, while they might be a nuisance, are always very important to help prevent cyber criminals 

Cybercrime is having a major impact on our day-to-day lives right now. We have traditionally been wary of being robbed on the street but these robbers are now targeting us in a new way and it’s scary.

A survey from the Compliance Institute conducted earlier this year found that one in every two people in Ireland is targeted with spam calls or texts at least every month. More than a quarter of Irish people believe their personal data has been illegally shared or leaked.

Michael Kavanagh, CEO of the Compliance Institute, says the findings of the survey are reflective of the numerous data breaches they have seen recently: “Personal information about people’s lives such as their financial data, employment details, medical history, as well as confidential conversations can and often are shared with unintended recipients as a result of hacking or scams.”

He points out that although companies are constantly trying to find ways to combat cybercrime, hackers and cybercriminals are constantly finding new ways of stealing material and outsmarting even the most advanced security systems.

Firstly, he points out that consumers must take ownership to protect their data, such as ensuring you have adequate security and anti-virus software on their computers.

Regular password changes, while they might be a nuisance are always very important, said Mr Kavanagh.

The survey also gave an insight into how people are targeted with spam texts, emails, and calls on a regular basis. Spam emails topped the list of most intrusive unsolicited forms of communication, with one in four people saying they receive one daily.

“The findings highlight the intrusiveness people continuously face when they open their mailbox every day. This form of spamming has become a constant irritation for people, disturbing their daily routine and distracting them from their tasks. Many people don’t realise that by inputting their email address into a site whilst shopping or perusing the internet, they are effectively giving their permission to receive spam on a regular basis.

“Some sites make it extremely difficult to unsubscribe from their mailing lists, or to stop the use of tracking cookies, thereby trapping people to receiving an endless barrage of unwanted junk mail. We highly recommend people to be mindful when sharing their details with online sites to protect themselves from spammers, and worse still the fraudsters,” said Mr Kavanagh.

“And even when you’re not online there seems to be no escaping communication attempts by cyber criminals with our survey showing that phone calls and text messages are very aggressive forms of spam with 1 in 4 people reporting being targeted on a weekly basis, and a further 1 in 4 saying this occurs at least once on a monthly basis.”

Ronan Brennan, head of retail banking service delivery with Delta Capita said that unfortunately, cybercrime is becoming increasingly prevalent and more sophisticated: “But on the flip side, so too is the technology to combat it, in addition to increased consumer awareness. Currently, a variety of text messaging scams are doing the rounds, whereby the scam appears in the body of the bonafide communications thread from a financial institution. Understandably, the appearance of authenticity is increasing the likelihood of the recipient engaging by clicking on the link provided.”

E-flow text messaging scams are very common at the moment. These text messages advise recipients of an outstanding toll and encourage them to follow a payment link, or face penalties for not doing so.

“The reality is that cybercrime is here to stay, and it has to be factored in, not only to a bank’s business model, but to consumer behaviour. Combating these crimes requires a multifaceted effort, the legislators must ensure the law protects the consumer and requires product and service providers to put the necessary safety measures in place to fight against cybercrime. The financial institutions themselves must comply with consumer and data protection legislation. There is also an onus on them to maintain ongoing oversight and information campaigns across all media spectrums alerting customers to scams, advising caution, and educating them on what they should and should not do when they receive unsolicited external communications.”

“Internally, banks are deploying best-in-class technology to monitor customer accounts for suspicious transactions and will report any red flags to their customers. Their fraud departments are ever-growing.

Mr Brennan warns that from a consumer point of view, vigilance is key: “If a person accidentally presses a link or gives out their banking details that, afterwards they feel may not have been wise to do, they should immediately contact their bank, so that the bank can monitor their account and stop further debits on the account where necessary.”

Consumers, he said, also to have the option to take control of the situation themselves if they feel the need to do so as many bank apps now have the option to freeze cards on accounts if a person has either lost their card or believes it was compromised.

Unfortunately, experience shows that older generations are often more likely to fall victim to cybercrime.