Protecting your money: Cyber Security and scam awareness

Crypt scams

The cryptocurrency craze has always felt like the wild west. Now, with its growing popularity, scammers are eager to exploit it. They might pose as investment managers or brokers, promising sky-high returns, but ultimately leave you with nothing.

Here are common crypto scams to watch out for:

• Fake recommendations
  from compromised social media accounts or unsolicited messages with links to fake crypto sites or apps.
• Fake crypto platforms
  that appear legitimate but actually divert your funds to scammers.
• Initial coin offerings (ICOs)
  offering discounted coins to investors which are left worthless once scammers cash out.
• Fake job offers
  involving setting up bank and crypto accounts to assist in money laundering, putting you at risk of prosecution.
• Scammers posing as recovery services
  promising to recover lost funds for a fee but failing to deliver results.

Identity theft scams

These scams involve criminals stealing your personal information (name, date of birth, and Tax File Number). With this data, they can open bank accounts, credit cards, and other financial accounts in your name, leaving you with the debt and a damaged credit score.

We recommend that you:

• Keep your personal information secure and beware of unsolicited messages asking for it.
• Regularly check your bank accounts for suspicious activity.

If you suspect that your identity has been stolen, contact your bank or financial institution immediately and report the fraud to the Australian Cyber Security Centre.

Self Managed Super Fund (SMSF) scams

While Self-Managed Super Funds (SMSFs) are a legitimate way to manage your super, there's an increasing risk of scams.

Scammers may pretend to be financial advisers or SMSF businesses, urging you to:

• Open an SMSF
• Expect high returns with low risk
• Let them handle everything for you
• Invest in unconventional investments like cryptocurrencies

Appearing trustworthy and patient, they gradually convince you to transfer your super into their control.

They may also offer to help you access your super early, asking for personal details to withdraw funds or set up an SMSF for a fee. However, accessing super before you're allowed can result in significant fines and taxes.

We recommend that you:

• Never give out your personal information unless you’re sure it’s safe
• Be aware of the conditions of release to withdraw your super
• Seek professional advice if you’re ever in doubt.

Credential stuffing

What is Credential stuffing and how can you protect yourself against it?

Cyber-attacks are evolving and becoming more sophisticated every day. One of the latest attacks allows hackers to access members’ accounts using their stolen passwords, via a method known as Credential stuffing.

Credential stuffing is a type of cyber-attack whereby cyber criminals collect stolen usernames and passwords available on the dark web from previous data breaches, and then attempt to use those credentials on other websites or services. If an affected user uses the same password across multiple accounts, a successful credential stuffing attack could compromise all of their accounts.

To protect against this type of attack, it is important to follow the cyber security advice as given by the Australian Government with 3 easy steps:

1. Set up multi-factor authentication to add an extra layer of security to your online accounts.
2. Create strong and unique passphrases of 14 or more characters long. These passphrases should be different for each account you hold.
3. Install software updates regularly to keep your devices secure.
   

Please refer to the Australian Government’s best cyber practices and protect yourself online at cyber.gov.au