Scammers are becoming more sophisticated in a world of hyper distraction
In a world where digital distractions are ever present, criminals are becoming increasingly sophisticated in their methods to deceive and steal from us. With hundreds of millions of dollars lost to scams, it’s crucial to stay informed and vigilant.
According to the latest Scamwatch data, investment scams have caused the highest amount of losses this year, exceeding $125 million. These scams use convincing marketing and new technology to lure victims with promises that seem too good to miss.
Leveraging new technologies, products, services, and major events to create believable stories that convince you to provide your financial or personal details, criminals will often target customers during the busy Christmas trading period when people are more distracted.
Why Scams Work
Scams are effective because they look legitimate and catch you off guard. Scammers are becoming increasingly savvy, contacting you when you’re busy or trying to do many things at once. They tap into vulnerable human instincts, such as the desire to save time or money or the urge to act quickly to resolve a problem.
During this year’s Scams Awareness Week, the theme “Share a Story, Stop a Scam” highlights the power of word-of-mouth in the fight against scams. By sharing your scam story using the hashtag #ShareAScamStory, you can help others spot, avoid, and report scams.
Remind your family, friends, and colleagues to be extra vigilant heading into the holiday season. Ensure you have multi-factor authentication on devices requiring payment and access to sensitive and personal data, such as emails and social media accounts. Check in on vulnerable family members, such as older people and persons with disabilities, to ensure they understand how to stay protected and how to report a scam.
Integrating Cyber Risk Management and Data Security
With cyber threats on the rise and the increasing value of data, it is imperative for boards and senior managers to develop and implement robust data governance frameworks for their organisations. By doing so, they can protect their assets, enhance customer trust, and ensure long-term organisational resilience.
To help, the Governance Institute of Australia offers resources like the Effective Cyber Risk Management Guide, which provides best practices for digital security. Additionally, Standards Australia’s new IoT security standard, AS/NZS ISO/IEC 27400:2024, addresses the unique challenges of IoT devices.
Essential Steps for Cyber Security
As we enter the holiday season, ensure your organisation follows these basics:
- Activate multi-factor authentication: Adding an extra layer of security.
- Apply all software updates: Protecting against vulnerabilities.
- Avoid password reuse: Preventing unauthorised access.
- Phishing email awareness: Recognising and avoiding phishing emails.
These steps, combined with effective data governance and cyber risk management, are essential for protecting your organisation in a digitally driven world.
By staying informed and proactive, we can collectively combat the growing threat of scams and ensure a safer digital environment for everyone.