What can consumers do to combat cybercrime?

People work hard for their money, and hackers can take it all away in what seems like the blink of an eye. Preventing that from happening is much easier than consumers think, so we're taking a look at just what can be done to prevent these invasions of privacy and identity theft.

It doesn't have to cost a lot of money, and is a barrier that could bring users peace of mind.

Who can be targeted?

The Veda 2015 Cybercrime and Fraud Report investigated just who in Australia is at risk. According to its research, 25 per cent of Australians have been a victim of identity theft in their lives, which is an increase on the 2013/14 figure of 18 per cent(1). It doesn't matter who a person is - cybercrime is a reality for everyone.

Most at risk are people who buy goods online. If a secure server is not being used then the data entered onto a website could be stolen and used without the knowledge of the user.

With the advances in technology comes a reciprocal increase in online identity theft. Veda reports that 50 per cent of credit application fraud is now happening online, whereas through 2013/14 that number was only 33 per cent(1).

Protection at the source

An antivirus program such as BitDefender can cost less than $50.00 for a year-long subscription(2). One of the most common ways that sensitive information can be stolen is with malware, which can sit on a system undetected for years at a time before activating when you are about to type in data it wants to steal. Having antivirus can enable users to find these infections(2), and in an AV Test of the top contenders on the market for 2016, BitDefender ranked highest for impact on performance, usability and number of infections caught(3).

For only $50.00 a year, that sort of technology can potentially help put a stop to any threats to your identity. It could also pay to ensure any online transactions are completed only on an 'https' domain, which means the transfer will be secured.

The Australian Payments Clearing Association reported that in 2014 there was almost $300 million of fraudulent credit card use, and that was up from $210.4 million the previous year(1). Taking into account the percentage of Australians that have been affected and the extreme amount of money that can be stolen very quickly, protecting yourself at every potential access point to hackers is increasingly important. Starting from the bottom is a great strategy and can cut out malware infections before they find their way onto your system.

Combatting the threat

There are a number of ways users can take precautions on top of having antivirus software which will only compound online safety. Many Australians are already taking steps, such as using two-factor authentication when logging into online profiles, which 24 per cent do(1). This is easy to set up and can help to stop identity thieves from taking control of email and social media accounts, which could give them access to a user's date of birth. A birthday is one of the most used ways that a hacker can steal an identity, and Veda reports that 32 per cent of Australians publish their full date of birth on social media(1).

Another simple step to take is making your passwords more complex, which only 2 per cent of people do(1). Using different passwords for different websites is also important.

If you suspect that your identity has already been compromised then contact Identity Watch today and see what its services can offer for your identity protection.

1. Veda. Accessed March 2016.

2. BitDefender. Accessed March 2016.

3. AV Test. Accessed March 2016.