How safe is my money and data?

2nd October 2018

These days you’d find it difficult to meet someone who doesn’t have some kind of social media account. From companies to individuals, social media accounts are used to keep people in touch with their friends and family and it provides a constant stream of news and information about what’s going on in the world.

The advantages are aplenty but if information gets into the wrong hands in can become very dangerous, very quickly. Just this week Facebook admitted to having almost 50million of its users exposed by a security flaw.

On its website it reported that users may have been logged out of their Facebook accounts to protect their security. This was after it discovered an attack on its system on the 25 September 2018, where attackers stole Facebook access tokens.

It added that it doesn’t know yet if anyone’s Facebook information was accessed but it tries to  make assurances. “We’re continuing to investigate the situation and have informed law enforcement about the issue. If we find that more people have been affected we’ll immediately log them out and let them know what happened,” it said.

Facebook is not the only organization that has been vulnerable to cyber-attack. This week also saw Tesco Bank fined 16.4million by the Financial Conduct Authority after it found that it could’ve done more to protect customers in a ‘largely avoidable’ cyber-attack back in November 2016. During the 48-hour attack cyber attackers stole a collective £2.26 million. Tesco Bank would’ve been slapped with a larger fine of £33.56 million had it not co-operated and negotiated an early settle agreement.

While we can point fingers at banks and social media giants for weak points in their cyber security, the truth is that individuals can expose themselves and their data too. Besides sending scam emails making it look like information is coming from a reputable source, fraudsters are now pressuring people to make online payments by calling them to make that instruction.

Often, they’ll convince the hapless victim that they are from an organization that is calling them about an outstanding bill. They will tell them to make an authorized push payment through their online banking platform.

As the money reflects instantaneously the fraudster will immediately be able to make off with the money before the victim realizes that it was all a scam and that they paid directly into the criminal’s bank account. But unfortunately, once the mistake is realized the criminal and his or her bank account is no longer traceable.

According to trade association, UK Finance, a whopping £503.4 million was stolen by criminals in the first six months of this year. Logic dictates that millions more will go missing if more action isn’t taken to prevent such crime.

Protecting data, whether it’s your bank details or social media account, is vital. But combating cyber-attacks of this magnitude can’t be done alone and this is why it’s so important to get specialist help.

At SchemeServe we’re proud to be data compliant to ISO standard 9001: 2015. You can rest assured that you’re using a system that’s secure to the highest standards. We use trusted and secure third-party suppliers and regularly scan our systems to ensure ongoing compliance and ensure that we maintain our security. If you don't have a data protection officer - why not hire ours? To find out more about what we do and offer, click here.

 

 

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