Is your business a target for cybercriminals?


A few black boxes around a blue box with an arrow on it

The sophisticated new scam tactics you need to be aware of.

When it comes to cybercrime, it’s tempting to think that only large businesses are the targets for hackers and scammers, but sadly this just isn’t the case.

Cybercriminals now target small to medium businesses more frequently, which means it’s more important than ever for business owners and their staff to be aware of the increasingly elaborate tactics being employed by cyber scammers.

A recent experience by a Capricorn Member illustrates the sophisticated nature of these attacks and the lengths scammers will go to. In this case, the Member received an alert on their phone that someone had tried to use their credit card; this was followed shortly by a phone call from the scammer posing as a bank employee. They spoke professionally and already had access to much of the Member’s personal information including their date of birth, credit card details, bank login name, etc.

The scammer provided this information to the Member and informed them they needed to reset their account. The scammer used the bank’s password reset system, which generated a new password that was emailed automatically to the Member. The scammer then asked the Member to provide the new code which then gave them access to the Member’s bank account where they subsequently stole $30,000.

Apart from the password reset code, the Member did not provide any information to the scammer throughout the process. The scammer was convincing due to their professional nature and the fact they had access to much of the information a bank would know about a customer.

Needless to say, this is an alarming occurrence and one that we believe all Members should be aware of and protect themselves against.

Some things you can do to keep your business cyber-safe include:

  • Keep your software up to date
  • Use antivirus protection and a firewall
  • Have a strong wi-fi password
  • Use unique passwords for the various logins
  • If someone calls from the bank and you are unsure, get their name and call them back on the bank's main phone line
  • Be vigilant when paying invoices
  • Educate yourself and your team on the most common cyber scams

You should also consider protecting your business with Cyber Liability insurance. This type of insurance can provide coverage across multiple cyber-related exposures including failure to keep data secure, claims for compensation from third parties, investigations, defence costs and legal representation expenses. It can also potentially cover financial loss as a result of social engineering, phishing and cyber-fraud attacks.

Contact your local Risk Account Manager for more information, or simply call AU:1300 007 022 or NZ: 0800 555 303 or email info@capricornrisk.com for assistance.

 

Australia: 1Products sold through Capricorn Risk Services Pty Ltd (ABN 91 111 632 789) are: (i) discretionary risk protection products issued by Capricorn Mutual Ltd; and (ii) general insurance products issued by a range of insurers and brokered through Capricorn Insurance Services Pty Ltd. Before deciding to acquire any product, you should consider the Product Disclosure Statement available from Capricorn Risk Services Pty Ltd to see if the product is appropriate for you. Capricorn Risk Services Pty Ltd is a Corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038) and Capricorn Insurance Services Pty Ltd (AFSL 435197). Capricorn Mutual Ltd has published a Target Market Determination for its protection which is available at capricorn.coop/about/capricorn-mutual.

New Zealand: 1Products sold through Capricorn Risk Services Pty Ltd include discretionary risk protection and general insurance products. Discretionary risk protection is issued out of Australia by Capricorn Mutual Ltd. Before deciding to acquire discretionary risk protection, you should consider the Product Disclosure Statement to see if it is appropriate for you. This can be obtained from Capricorn Risk Services by phone 0800 555 303, email info@capricornrisk.com or website capricorn.coop/risk. General insurance products are issued by a range of insurers and are available through Capricorn Risk Services Pty Ltd as a member broker of PSC Connect NZ Limited. Capricorn Risk Services is a registered financial services provider (390466) and a corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038). Capricorn Mutual Ltd has published a Target Market Determination for its protection which is available at capricorn.coop/about/capricorn-mutual.

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This article was published 08/06/2023 and the content is current as at the date of publication.