One in four Asian consumers are victims of online fraud: eight easy steps to protect yourself

With the number of online fraud cases in Asia rising at an alarming rate, Infinity’s compliance officer, Duncan Taylor, outlines eight easy steps you can take to protect yourself from internet scams such as phishing.

Online fraud in Asia: the stats

There is a tendency to think online fraud won’t happen to us… until it does! And, if you live in the APAC region, according to a survey by Experian, there is a one in four chance that you will become a victim.

And yet the Global Identity and Fraud Report also highlights a surprising indifference by many consumers to protecting themselves against the threat of fraud and identity theft.

You may be ‘lucky’ and only be tricked into buying an inexpensive item from a scammer, with minimal impact on your life. But if you are less fortunate, and get caught out by a sophisticated scam, you could suffer substantial financial losses as well as reputational damage.

Like the woman in Hong Kong who lost an astounding $32 million in a phone scam. You may not have $32 million to lose but you get the point!

Given the high probability of becoming a victim, complacency seems foolhardy, especially when there are simple steps that you can take to significantly reduce the risk.

Eight easy ways to protect yourself from online fraud

Effective password management

Using the same password for multiple accounts leaves you extremely vulnerable to hackers yet many of us still do this. If you reuse passwords, if one account is hacked, all other accounts with the same password are compromised.

According to the World Economic Forum, poor or reused passwords are responsible for 80% of data breaches. In that context, devising a system to use single-use passwords that include a mix of letters, numbers and symbols seems worth the effort! Use a password manager such as 1Password or LastPass to keep track.

Protect your devices

Software updates can be a pain and seem to be increasingly frequent, but they are critical to keeping your computer, phone and tablet safe. Updates include security patches that mend vulnerabilities to keep hackers out in the perpetual game of cat and mouse between scammers and cybersecurity experts.

Anti-virus software is also a must for all devices.

Destroy digital data

Personal information should always be erased when you get rid of obsolete tech, including computers, phones, tablets, hard drives and any other digital storage devices, regardless of whether you sell or bin them.

It can be easy to forget passwords saved in browsers or deleted items folders so the most effective way to ensure you leave no digital trace on old devices is by restoring factory settings.

You’ll find more information for Apple devices here and Android here or search ‘reset factory settings’ and your device name.

Never reveal personal information to unverified sources

Banks and other financial institutions will not ask you to reveal personal information in emails or phone conversations. They will also never pressure you if you express doubts as to the veracity of a call or message and will direct you to trusted channels of information such as a secure online account where you can gain reassurance that a request is genuine.

Scammers are getting more and more wily, so vigilance is essential. If you have any doubts at all about a specific communication, withhold information and investigate further until you are satisfied that it is legitimate.

Purchase from secure websites

When purchasing online, always check that sites feature the small padlock symbol in the address bar of your browser and use a web address beginning https://. The ‘s’ is for secure.

Sites that have spelling mistakes, poor grammar, an abundance of pop-ups, or other intrusive advertising should be a red flag. Avoid these.

If in doubt, run the site name through a scam checker such as Scamvoid. You can also google suspicious phone numbers to weed out criminal activity.

Beware of links and attachments from unknown sources

Personally, if I don’t know the sender, I won’t open any link or attachment in an email.

Unidentified attachments are highly likely to contain malware that could give scammers access to your computer and all the personal information on it. Website links can lead you to fake websites designed to fool you into entering your website and password that can be stolen and used illegally.

Check your bank accounts regularly

If you are one of those people hoarding a pile of unopened bank statements, it’s time to mend your ways. With fraud rife, it is essential to keep tabs of bank statements, credit card bills and other loan statements to identify and report suspicious activity as soon as possible.

Now we all have 24/7 access to online accounts, a brief scan of your accounts once a week is a quick and easy task to safeguard your finances.

Forward mail when you move

To avoid financial data falling into the wrong hands, ensure you use a mail forwarding service when you move home.

Reporting online fraud in Asia

If you fall victim to a scam or fraud, always report it. Your story could help protect someone else.  Most countries will have a government department dedicated to fighting online fraud such as the Commercial Crime Investigation Department in Malaysia, or Vietnam’s National Cyber Security Centre.

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Don’t leave your digital door open for fraudsters, guard your financial and personal data fiercely by taking these eight easy steps to prevent them from gaining access to information that could make you their next victim.