Defend your digital life

Although we have limited control on how third parties handle our personal details online, there are some simple things we can all put in place to best protect our data.

Multi Factor Authentication (MFA)
MFA is a security measure that requires two or more proofs of identity to grant access to an account. For example, when logging into a PayPal or Facebook account, you’ll receive a notification via your selected choice of SMS, email, pin number etc. to confirm that it was you who was accessing it. This means that if someone does gain access to your pin or password, they’ll still need other forms of identity to login. If it’s an online account, we recommend having this enabled.

Passwords
As tempting as it is to use the same password across all of your accounts, or the classic variations of the word ‘Password’, it makes us more vulnerable to cyber-attacks if they’re cracked. Best practice is to create complex passwords that are different for each platform which you can keep track of by using a trustworthy application such as 1Password or Bitwarden. Updating them every six months at a minimum is also highly recommended.

Emails and Texts
Don’t recognise the sender? Approach with caution. Phishing and spam emails and texts can often look like they’re from a legitimate source, even pretending to be from your friends and family! They can include links that when clicked, can have you reveal passwords and personal information. If there’s a link that you’re not sure about, it’s best not to click.

Review your bank transactions
Check to see if there are any transactions that you don’t remember or seem suspicious. If you do see something concerning, contact your bank to let them know and lock your card. A strategy you may wish to consider is to only retain a minimum amount in your everyday or transactional account so that the scammer, if successful, only has access to this and not a larger amount of your funds.

Updates
Regularly updating your devices and software means they will have the most recent security upgrades to protect you. Hackers look for weaknesses in systems, so setting up auto updates is an easy way to make sure you’re less susceptible to attacks.

Anti-virus software
Protect your computer from malicious software, viruses and malware with an effective anti-virus solution. This software will run regular scans on your device, preventing and removing any viruses that try to infect your computer. There are plenty of options to choose from, so research what’s available or consult an IT professional for their recommendations.

Stay up to date
Keeping in the loop with the latest news about your subscriptions, providers and other services means that if a security breach happens, you can minimise any potential problems by immediately updating your passwords.

Common Scams to keep an eye out for:
• Threat and penalty scams
• Unexpected money scams
• Prize and lottery scams
• Online shopping, classifieds and auction scams
• Scams targeting computers and mobile devices
• Identity theft
• Charity and medical scams

We highly recommend reading the ACCC’s little black book of scams as it details the more frequent scams and ways to protect yourself. If you do find yourself victim of a cyber-attack, or would like know more about how to protect your devices and accounts, visit the Australian Cyber Security Centre.

As always, if you have any questions, reach out to our knowledgeable team today.

General Advice Warning
The information in this presentation contains general advice only, that is, advice which does not take into account your needs, objectives or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial advice that addresses your specific needs and situation before making investment decisions. While every care has been taken in the preparation of this information, Infocus Securities Australia Pty Ltd (Infocus) does not guarantee the accuracy or completeness of the information. Infocus does not guarantee any particular outcome or future performance. Infocus is a registered tax (financial) adviser. Any tax advice in this presentation is incidental to the financial advice in it.  Taxation information is based on our interpretation of the relevant laws as at 1 July 2020. You should seek specialist advice from a tax professional to confirm the impact of this advice on your overall tax position. Any case studies included are hypothetical, for illustration purposes only and are not based on actual returns.