Cyber security can often feel overwhelming with cyber criminals using new tactics all the time to access your information, luckily our OFXperts help to define the do’s and don’ts of cyber security to keep your information safe and your money secure.
Making cyber safety a top priority
At OFX we know that knowledge is power, and we want to provide you with the most current information on cyber safety so you can be better prepared to protect yourself and your business. Security must be a top priority for you and your FX partner when transferring money online. One missing link in a chain could mean your business’s financial information falling into the wrong hands. Making cyber safety priority number one for your businesses doesn’t have to be difficult. Many small cyber security tips working together can add an extra layer of protection between cyber criminals and your financial information, helping to give you more peace of mind.
Making cyber safety priority number one for your businesses doesn’t have to be difficult. Many small cyber security tips working together can add an extra layer of protection between cyber criminals and your financial information, helping to give you more peace of mind.
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Types of cybercrimes
So, what should you do? The first step in amping up your business’s cyber safety measures is being aware of the many types of cyber crimes that criminals commit every day. Understanding all of the ways that your information could be wrongly used and how criminals can access it is key to helping you stay vigilant and protected.
- Phishing- Phishing is when cyber criminals send emails to targets that appear to be from reputable sources that encourage the receiver to give out personal, financial, or otherwise sensitive information. These can come in the form of a verification email from a social media site, an urgent payment notice required from a financial institution, and many other scenarios.
- Smishing- Smishing is a form of a phishing attack being executed via SMS text messages. Cyber criminals will often send text messages that look as though they are coming from a reliable source like a bank or a business, asking the receiver to verify their information or enter their information for payment or verification. Most messages have a sense of urgency and request the recipient click on a link or reply with personal information.
- Vishing- Vishing is “voice phishing.” This means that instead of a message in writing, cybercriminals use voicemails, phone calls, or voice messages to encourage the recipient to share sensitive information. Many times vishing is directed towards non-tech-savvy recipients that are more likely to trust a phone call or voicemail.
While these cyber crimes can seem daunting, a keen eye and active knowledge can help protect you from falling victim to cybercrimes. In short, scrutinize messages you receive. Verify that the sender’s details are correct, hover over links in emails to see where they lead before you click, and do not act on any communications that ask for urgent financial information until you are positive that they are from a reputable source.
Cybersecurity do’s and don’ts
The good news is, at OFX we have robust security measures to help keep your account secure. You’ve trusted us to move your money; we take that very seriously. With that in mind, the second layer of protection when it comes to cyber safety, is to be proactive with your controls. We sat down with some of our OFXperts to share some of the tips they relay to their clients.
Our OFXpert tips for better cyber security:
Do’s
- Create complex passwords of eight characters or more with a combination of alphabet, number and special characters.
- A password vault is recommended as it is easier to use and store them.
- If you get notified of any transaction by email or SMS, log in directly from the website you know to be legitimate. Think before you click or download attachments.
- Consider using firewalls and antivirus detection software.
- Always check the recipient details are correct before transferring funds.
- Update your mobile operating system as soon as it becomes available.
- Monitor your social accounts and bank accounts to see any anomalies.
- Report any unusual or suspicious activity to your financial institution as soon as you can.
Don’ts
- Never share your password or confidential information over the phone or internet.
- Avoid reusing the same password across multiple accounts.
- Don’t click on links in emails or social networking sites claiming to be from your financial institution.
- Use caution while using Bluetooth in public places as it could be exploited to access confidential data.
- Don’t use public or unsecured WiFi for any financial transactions.
- Don’t store credit card details, user ID and passwords on mobile devices without encryption.
Cyber security begins with knowledge. By understanding the possible types of attacks that could come your way, arming yourself with quick and easy defenses, and educating yourself and your business partners on how to keep your financial information safe, you can help protect yourself and your business. Looking for more cyber safety information? Contact your OFXpert today!
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IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
