How aware of Cybersecurity are you?

Recently, a friend shared an unfortunate incident where they faced financial hardship after assisting someone with an ‘unexpected loan’. Initially confused, I questioned why they would lend money if they couldn’t afford it. It was then revealed that they had clicked on a malicious link, leading to unauthorised withdrawals from their account until the bank intervened. 

This incident serves as a vital reminder to exercise caution when dealing with email links, particularly those from unknown sources. Even for emails that appear legitimate, it is prudent to avoid clicking embedded links. Instead, visit the official website directly and input the necessary information there to verify the authenticity of the payment request and ensure funds are directed correctly. 

There are many instances where emails and texts appear to be from legitimate sources such as NZ Post regarding parcels, NZTA for unpaid tolls, or subscription services indicating expired credit cards or overdue accounts. These can be deceptive, but vigilance and a cautious approach can help mitigate risks. When in doubt, contact the service provider directly. 

It is also crucial to examine the email address the communication has originated from. Scammers often use aliases that appear legitimate. To verify the authenticity, click once on the address for full details or right-click to check the properties. If the email is confirmed to be a scam, block the address to prevent further communications. 

Another safeguard is to use a separate card for online purchases linked to an account with a limited balance, sufficient only to cover the intended purchase. This approach minimises potential financial losses should your card be compromised. 

In the unfortunate event of falling victim to hacking, promptly contact your bank to block your accounts and prevent further unauthorised transactions. Do not feel embarrassed; such incidents can occur to anyone. With cybercrime costing the global economy approximately $13 trillion in 2023, projected to rise to $20 trillion by 2025, it is essential to remain vigilant to avoid contributing to these substantial financial losses. 

While discussing cybersecurity, it is relevant to emphasise the importance of strong, unique passwords for all accounts. Using passphrases or random words combined with numbers and special characters is advisable. For instance, a phrase like “Many hands make light work” could be transformed into “MhMlw2511%” by using the first letter of each word, altering some to uppercase, adding a number, and a special character. Another method is using the initials of your children’s middle names, or another memorable prompt which will be cryptic to everyone but you. 

Whatever strategy you adopt, avoid using the same password across different accounts. Once one is compromised, all others are at risk. If remembering multiple passwords is challenging, consider investing in a password management system for secure storage. 

It is also essential to always prioritise your digital safety by avoiding links in emails and visiting official websites directly, verifying email addresses, using unique passwords, and considering a separate account for online purchases. Cybercriminals often exploit a sense of urgency, so take your time, think critically, and seek advice from professionals or trusted friends if in doubt. By staying vigilant, we can protect ourselves and our loved ones from potential cyber threats.