Cyber security can often feel overwhelming with cyber criminals using new tactics all the time to access your information, luckily our OFXperts can help to define the do’s and don’ts of cyber security to keep your information and money secure.
Making cyber safety a top priority
At OFX we know that knowledge is power, and we want to provide you with up to date information on cyber security so you can be better prepared to protect yourself and your business. Cyber security should 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 security priority number one doesn’t have to be difficult. There are plenty of small cyber security actions and the support of 24/7 real, human OFXperts 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 various types of cyber crimes committed every day and enlisting the help of a reliable, available FX partner. Understanding all of the ways that your information could be wrongly used and how criminals gain access in the first place 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, cyber criminals 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 awareness and reaching out to an OFXpert if in doubt, can help protect you from falling victim to cyber crimes. In short, scrutinise the 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 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 as well as real, human OFXperts that are just a phone call away. You’ve trusted us to move your money; we take that very seriously. The second layer of protection when it comes to cyber security, is to be proactive with your controls.
We sat down with some of our OFXperts to discuss their do’s and don’ts to improving your cyber security:
Do’s
- Create complex passwords of eight characters or more with a combination of letters, numbers and special characters.
- Think about using a password vault as it is easy to use and helps store passwords for future use.
- Only view transactions by logging in directly to your account. Sometimes emails and SMS can be used as a tool for phishing. Think before you click or download attachments.
- Consider using firewalls and antivirus detection software.
- Always check the recipient details are correct before making any transfers.
- Keep your mobile operating system up-to-date.
- Monitor your social accounts and bank accounts for any anomalies.
- Report unusual or suspicious activity as soon as you can.
Don’ts
- Never share your password or confidential information.
- Avoid reusing the same password across multiple accounts.
- Don’t click on suspicious links in emails or social networking sites claiming to be from your financial institution.
- Use caution while using Bluetooth in public places.
- Avoid using public or unsecured WiFi for financial transactions.
- Don’t store credit card details, user ID and passwords on mobile devices without encryption.
Cyber security begins with awareness. By understanding the possible types of attacks that could come your way, arming yourself with quick and easy defences, and educating yourself and your business partners on how to keep your financial information secure, you can help protect yourself and your business. Looking for more cyber security information? Contact an 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.
