So when you think about what it means to be “good with money” today, security should be at the top of the list.
“With the right technology and layers of defence in place, you give yourself the best chance of keeping your hard-earned money safe,” says Olivia McArdle, head of payments and deposits at Macquarie Bank.
“It doesn’t have to be a difficult or scary process. It’s just about staying informed and making sure you choose the safest options for you.”
Develop your digital intelligence
Nowadays, most banking transactions are done online.Credit: iStock
With fraud and scams becoming more common in Australia, Australians need to be proactive about the security of their transactions, according to Dr Sushmita Ruj, Faculty Head of Engineering at the UNSW Institute for Cybersecurity.
“Today, many people are taking advantage of digitalization, using their credit cards and paying bills online – this is very different from what we used to do when we went to the bank,” she says.
According to Dr. Ruj, this means using hard-to-guess passwords, covering your hand when entering your PIN number in public, being cautious of unsolicited text messages, emails and calls asking you to disclose personal information and using multi-factor authentication (MFA).
MFA occurs when a service provider requires two or more pieces of identity to verify your identity.
“You could use your PIN and password, request a one-time password, or use an authentication app,” she says.
“It’s very good to use authenticator apps – essentially they’re how you prove your identity to get access to things. You actually have to prove that you’re the valid user.”
The goal of these apps is to add an extra layer of protection to your accounts, so if a fraudster cracks your password, they must also find a way to access your next verification method.
“MFA protects against the majority of password-related cyberattacks,” says the Australian Cyber Security Centre.
“An extra step may be inconvenient at first, but remember that taking shortcuts makes your system more vulnerable.”
Stay up to date with SMS
Fraudsters can use SMS in many ways to get your money. Credit: iStock
Fraudsters and scammers use SMS in a variety of ways to get your money. For example, they may illegally obtain your phone number to send you messages or try to impersonate an institution you trust.
“To make these messages look genuine, scammers spoof (copy) the phone number and sender ID of companies or people you know,” Scamwatch notes.
“Scam messages can even appear in the same message chain as genuine messages from the organization, making them even more difficult to detect.”
If a fraudster or scammer ports your phone number without your consent, they become the new owner of your number – and if you use SMS verification, they can access your verification texts. “Porting” means transferring a phone number to another telecom provider.
SMS verification provides an additional layer of defense and can be effective in preventing fraudsters and scammers in most cases. However, it is not the most secure option out there – and as technology evolves over time, your own toolkit should too.
Macquarie Authenticator is a multi-factor authentication app designed to maximise your security and provide you with a pleasant banking experience. For more information, visit Macquarie.com.au/Authenticator.
