How to protect your cash from cyber criminals

There is no doubt that advancements in technology have had a positive impact on the banking sector and it has become far easier for people to keep up to date with their finances online.

Sadly, it is inevitable that the increasing reliance on digital developments also plays into the hands of criminals.

There has been a sharp increase in the number of Aussies being targeted by cyber thieves in recent years and it is vital that people remain vigilant at all times.

Having worked so hard to add money to your savings accounts, the last thing you want is to have it all taken away from you by unscrupulous hackers.

Thankfully, banks are aware of these threats and are constantly boosting their defences.

That said, there are a few things that banking customers can do themselves to ensure their money is safe and sound.

According to the Australian Securities & Investments Commission (ASIC), there is an email scam currently doing the rounds, which claims to be from the organisation's chairman Barbara DuFrene.

The message informs recipients that they are entitled to a tax refund if they click on the link provided.

In addition to this, ASIC has been made aware of bogus calls being made by con-artists.

Commissioner of the organisation Peter Kell said that ASIC does not use automated services to collect payments, so people should ignore these calls.

"Scams can be very convincing and sometimes quote your personal information such as your address, phone number and date of birth to sound genuine," he remarked.

"Their offers can also be very attractive but don't be lured by the false promises. Protect yourself by conducting a few basic checks before acting on an email or phone call out of the blue," Mr Kell added.

The body urged Aussies not to issue payment details to untrustworthy sources and to verify the identity of a caller by finding their contact details from the official government website.

If you do mistakenly give out your credit card details, contact your bank immediately so that any potential transactions can be blocked.

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