Risk is not knowing what you don't know
We read newspaper headlines such as “Online credit card fraud on the rise, accounting for 78 per cent of total card fraud in Australia” all of the time. The recent high profile e-conveyancing related PEXA breach shines a spotlight on the risks associated with transacting online yet again.
Having a better understanding of the common techniques employed by hackers (such as phishing) is a good starting point to better understand the risks associated with transacting online. And beyond that, you need to take some real action to reduce the additional risks. Our recent webinar “Transacting Online – The Risks and Opportunities” considered these, plus more.
As 93% of Australians have internet access, and many have or will transact online, it was great to see so many people in attendance at the webinar. Looking at the poll response rate and the number of questions posted at the Q&A session, we can easily conclude that we are all keen to be better educated to mitigate the risks, so we can enjoy the convenience that comes with transacting online.
Insecure about your online security?
Here's a recap of the tips we shared at the webinar:
- Verify the identity of the person or entity with whom you are transacting
- Use two-factor authentication when executing a transaction
- Check and enhance the integrity of passwords
- Opt to receive automatic updates on web browsers and operating systems
- Use up-to-date security software
- Backup data both online and offline
And here's our top tip – education is the key to reducing risk exposure. For Australia and New Zealand, we support the help available via IDCARE, ANZ's national identity and cyber support service. In our webinar, we introduced IDCARE's Cyber First Aid Kit as a convenient online tool that provides cyber first aid. Anyone who needs to understand what's happening, such as any unusual account activities, the Cyber First Aid Kit can help diagnose the problem. If treatment of a problem is needed, the “Treatments and Prescriptions” function enables the user to identify the topics of relevance, then access IDCARE's Fact Sheets and Video Demonstrations.
With improved awareness of what can go wrong, and what to do if something goes wrong, the community can be a much better place to enjoy the benefits of online transactions, including e-conveyancing. For those that attended the webinar, we hope we helped you better understand the risks and opportunities related to transacting online. And for those who have not attended the webinar, you can access an on-demand version below.
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Having an ethics and compliance program within your organisation has the ability to protect your reputation, shape your culture, positively impact your bottom line, and help your employees do the right thing. Contact us to receive a course catalogue.
Missed the webinar?
View the slides here or
 Sydney Morning Herald. 2017. Online credit card fraud on the rise, accounting for 78 per cent of total card fraud in Australia. [ONLINE] Available at: https://www.smh.com.au/business/consumer-affairs/online-credit-card-fraud-on-the-rise-accounting-for-78-per-cent-of-total-card-fraud-in-australia-20170802-gxnwd7.html. [Accessed 10 July 2018].
 Australian Financial Review. 2018. PEXA hack shows email is a fraudster's best friend. [ONLINE] Available at: https://www.afr.com/technology/web/security/pexa-hack-shows-email-is-a-fraudsters-best-friend-20180629-h1216v. [Accessed 10 July 2018].
 Australia Post's recent insight paper, “Australia's pathway to a digital economy”, available here
 IDCARE. 2018. National identity and cyber support service. [ONLINE] Available at: https://www.idcare.org/about. [Accessed 11 July 2018].