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09-20-2024 04:04 PM - edited 09-20-2024 04:06 PM
In today’s highly connected and digital world, we spend a lot of time online interacting with friends and family, shopping, searching for information and being entertained. This hyperconnected world gives us incredible benefits, but it also introduces us to more risks.
Many of these activities require us to set up accounts which collect personal information. In today’s world, our information is incredibly valuable, like crown jewels and cybercriminals are constantly trying to steal it, so we must be vigilant.
If cybercriminals get access to our personal information it can have a tremendous impact on us, including:
- Financial loss - After gathering data such as banking login credentials attackers can access accounts and steal money, often resulting in financial losses where its difficult to repair the damage.
- Identity theft - Using your identity cybercriminals can set up new accounts or credit cards or make purchases using your name. This can greatly damage your credit rating and possible false implication in criminal activities.
- Extortion - Criminals can keep or lock your data and then demand a ransom for it to be returned or unlocked. They can also threaten to expose sensitive information unless a payment is made.
Cyber criminals have different types of cyber attacks they use to try and get our information and/or access to our accounts. The most common types of attacks they use are:
- Phishing and smishing – Using either email or texts to entice someone to share sensitive or personal information or download malicious software
- Vishing – A phone call where the caller convinces a person the call and caller are legitimate and persuades the target to disclose information or take some action
- Malware – Commonly known as a “virus” - getting a person to click on a link and download malware or clicking on a file that was sent. This malware can steal data or lock devices and hold them for ransom.
- QR codes – When a person scans a QR code there is no way to know where the link will lead to. The link could download malware or send a person to a fake website and ask for personal information to be disclosed.
Many of these attacks rely on social engineering, where cyber criminals use psychological manipulation to trick people into revealing personal and sensitive information or to quickly take action such as claiming a deal or discount.
The use of Artificial Intelligence (AI) for highly sophisticated attacks is growing. With AI, cyber criminals can quickly attack more people, rapidly crack passwords, generate highly targeted phishing emails, and create highly realistic deepfake audio or video forgeries to impersonate trusted people. Deepfakes are particularly concerning because they can be very sophisticated and difficult to detect.
Here are a few tips to protect your accounts and information:
- Use strong passwords – Always use 10 or more characters which have upper and lower case letters, numbers and special symbols. Never reuse the same passwords across multiple accounts.
- Use a password manager – Using complex and unique passwords for every account can be difficult to remember and manage. Using a password manager simplifies things for users and ensures the various passwords are kept secure but are easy for you to access.
- Turn on Multifactor authentication (MFA) – MFA, sometimes referred to as 2FA (2 factor authentication) is when a unique one-time passcode is sent to a user which must be entered during login. This validates the user and adds a layer of protection to account logins.
- Regularly check your account statements - Log in to your accounts regularly and monitor them for any suspicious activity. Enable account notifications to receive alerts about unusual activity.
- Keep software up to date – Operating systems (OSs), firewalls and anti-virus need to be kept current. Upgrades have the latest technology, which can make them more secure and worth the investment.
- Be careful when using a public computer or your own computer on a public network (such as coffee shops and airports). Do not visit financial institutions’ websites or enter any personal information or passwords. Be sure that no one else can see your password, if you choose to enter one. If you really need to access a site where you enter sensitive information always use a VPN.
- Minimize your digital footprint – Delete old or unused accounts. Limit what personal information you share online. Use privacy settings on social media, browsers and apps to keep information from being shared.
Taking steps likes these can significantly protect your accounts, but cybercriminals are creative and persistent, so accounts can still be compromised. If you suspect your account has been compromised, here a few things you should do:
- Immediately change your password to a strong one and ensure it is unique.
- Review your account activity and statements for any suspicious activity. Enable account alerts to flag any unusual activity.
- Contact the company you have the account with and report the compromise and any potential fraudulent activity.
- Check and monitor other accounts to see if there is any suspicious activity.
If you notice suspicious activity on your accounts and you believe you may be the victim of fraud:
- Document everything and contact the police
- Contact the credit bureaus to inform them of the fraud
- Report it online at the Canadian Anti-Fraud Centre or call them at 1 888 495-8501.
One thing everyone should do is educate your friends and family on your experience – it may help them be more aware and better prepared.
To learn more about how you can protect yourself online, we encourage you to read our other articles for more in-depth information.
- The importance of strong passwords
- Social engineering – How cybercriminals focus on people
- Emotions – the cornerstone of fraud
- Protecting your digital footprint