This week is Cyber Smart Week and we're sharing 11 tips to help keep yourself and your money safe online and outsmart the scammers.
Last year (2023) was a great year for scammers, and a not-so-good year for Kiwis online. Almost $200 million was lost by New Zealanders, according to data from MBIE and 11 of our largest financial institutions.
For Cyber Smart Week on 21-27 October 2024, we’ve put together 11 quick tips to help you keep yourself safe online and outsmart the scammers.
1. Be aware of scams
Almost every scam requires you to do something, whether that’s click on a link, or share personal details. The best way to protect yourself is to be aware of scams so that you know when something’s up and can avoid making a mistake.
According to BNZ, the three most common scams in 2023 were government impersonation, bank impersonation and fake lottery or prize scams. The most common channels for scams were email, followed by text and social media (but you should be careful everywhere online).
2. Careful with links and attachments
If you receive an email or text, you’re not sure about, avoid clicking on any of the links or attachments. Always browse consciously online and watch out for links from untrusted sources like clickbait (clickbait is a catchy title or thumbnail designed to grab attention and entice users to click on a link to read, watch, or listen to content), free offers or unsolicited ads.
When receiving an email on your mobile device, it's essential to check the sender's email address. While the name may appear legitimate, the full email address may reveal a random or overseas domain.
3. Don't do anything sensitive on public Wi-Fi
Every time you join public Wi-Fi, you open yourself up to scammers so avoid it if you can and use your mobile data instead. If you can’t, make sure you don’t access anything personal where you log in, like online banking or social media.
4. Increase your privacy online
Social media platforms all have privacy settings that can be edited. Take a look at yours, and if you can - lock your profile so that only people you know can see your information. It’s a good idea to check websites you visit often too and check what information they’re gathering.
5. Choose strong passwords
Passwords to all online platforms (especially financial and social ones) need to be strong. They should have at least 12 characters and a mix of letters, cases, numbers and symbols and never be anything obvious, like your birthday or relative’s name.
Additionally, it is advisable to enable Face ID on your mobile device, if available, to provide an extra layer of security.
6. Enable multi-factor authentication
Many banks and financial platforms offer multi-factor authentication, when more than one login process or step is required. This may take a minute to set up and a couple extra seconds every time you log in - but it could protect you from scammers.
7. Contact out of the blue and urgency are red flags
If someone contacts you out of the blue to warn you about something (like an unknown payment) or offer a financial opportunity (like a lucrative investment) you should always be cautious. You should be even more on guard if they say that the opportunity or threat is urgent or under a time limit.
Don’t be pressured to make a quick decision. If you’re unsure if the communications are authentic, find the contact details for the institution on their public website and contact them.
8. Keep security and software up to date
Apps and operating systems on your devices are frequently updated to keep them safe and ward off new threats. To make the most of that, frequently check for updates and install them right away when they’re available. You should also run a good antivirus and update it frequently.
9. Banks will never ask for personal details
A large portion of scammers impersonate financial institutions, including banks, to get your login details or pins. Remember banks will never ask for bank account details, passwords, or pin numbers and they won’t send you an email or text asking you to log in.
10. Remember if it is too good to be true, it probably is
Those with savings and investments are a favourite target for scammers. MBIE’s spokesperson for Fraud Awareness Week 2023 Ian Caplin explains:
“It’s important to remember real investments don’t just come out of the blue. If it seems too good to be true, then it probably is. If you receive unsolicited investment offers via email or through a ‘cold call’, ignore it. It’s illegal to sell financial products through these methods in New Zealand.”
11. Stop contact and report if you think you've been scammed
If you’re worried you’ve been scammed, stop all communication with the scammer and block them from contacting you. Immediately contact the bank or service you sent the money through - the sooner they know, the greater the likelihood of getting it back.
Next, you can check out this NZ Department of Internal Affairs fact sheet so that you know who to talk to and how to get support if you’ve been scammed.
*Source BNZ: Nine out of ten targeted by scams, but New Zealanders getting more scam savvy
Disclaimer:
This ‘9 out of 10 Kiwis targeted by scams: Here are 11 ways to help stay safe online’ blog is general information only. The views and opinions expressed do not necessarily reflect those of the FSC. It is not intended to constitute legal or financial advice and does not take your individual circumstances and financial situation into account. We encourage you to seek assistance from a trusted registered financial adviser, legal or other professional advice.
The names of any third parties are additional resources that you access at your own risk and the FSC takes no responsibility for any third-party content.
The FSC and its employees make no express or implied representations or give any warranties regarding this blog, and we accept no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this blog.
October 2024
