The latest report by UK Finance – the collective voice for the UK banking and finance industry representing around 300 firms – reveals that fraudsters stole £1.17billion in 2023
You work hard for your money – so beware those who are working hard to take it off you.
The latest report by UK Finance – the collective voice for the UK banking and finance industry representing around 300 firms – reveals that fraudsters stole £1.17billion in 2023. And a substantial portion of scams originated from online platforms and from telecommunications.
Phishing and social media scams continue to be major threats, with criminals increasingly using these tactics to steal financial data. Notably, romance scams surged by a third from 2022, resulting in a total loss of £93million in 2023. All of which highlights the ongoing need for vigilance and collective efforts to tackle an evolving fraud landscape.
Many of these attacks have resulted from your data being sold to data brokers without your knowledge or agreement. They are following your online activity and digital footprint to profile you. Your data is then being sold on the dark web to thousands of companies.
Some of these companies will sell it on, and others will look to use it to make money from it. This concerns me greatly – we can do what we can to protect our physical wealth, but when the attacks come in a form that we don’t understand, how can we expect to defend ourselves?
I want to change this – I want you to do what you can to limit your exposure to these threats. Here are some steps you can take to reduce the risk of online fraud:
Keep devices up to date
Ensure your computers and mobile devices have the latest security update, web browser and operating system. These are the best defence against viruses, malware, and other online threats.
Strong passwords
Create complex and unique passwords for each of your accounts. Consider using a password manager to manage them.
Use two-step verification
This adds an extra layer of security to your online accounts by requiring more than just a password before your account can be accessed.
Be vigilant
Always take a moment to stop, think and check whenever you are approached online or on the phone. Be wary of unsolicited requests for personal or financial information.
Report suspicious activity
If you come across any suspicious websites, emails, phone numbers, phone calls or text messages, report them to the appropriate authorities.
Have I been pwned?
Finally, look at a free website called “Have I been pwned” (online slang for “owning” someone, or compromising) at haveibeenpwned.com This site can quickly assess if you may be at risk in a known data breach. You simply enter your email address and it will show sites you use that are known to have been compromised by hackers and where your email may be at risk, along with other data.
This gives you a heads-up to change your password immediately. You could be thinking that this is a financial column so why am I focusing on data security? It is because a data breach could cost you thousands of pounds – and building up your wealth is as much about protecting what you have as it is about creating more.
