In a recent alarming development, Australian Bank Customers’ Passwords Stolen. With more than 31,000 passwords belonging to customers of the Big Four banks have been stolen and are being traded online by cybercriminals.
Despite robust anti-fraud protections, cybersecurity experts warn that victims could “definitely” lose money as a result. Here’s what you need to know and how you can protect yourself.
The Scope of the Breach
Cyber intelligence researchers have discovered that credentials from at least:
- 14,000 Commbank customers
- 7,000 ANZ customers
- 5,000 NAB customers
- 4,000 Westpac customers
are available on platforms like Telegram and the dark web. These passwords were stolen directly from users’ devices infected with a type of malware known as an “infostealer.”
What is Infostealer Malware?
Infostealer malware is designed to infect a device, harvest valuable data, and deliver it to criminals. It primarily targets Windows & Mac computers but can also infect phones & tablets and can capture:
- Passwords
- Credit card details
- Cryptocurrency wallets
- Local files
- Browser data (cookies, user history, autofill details)
The Risks
Exposed passwords pose a significant risk of theft. Cybercriminals can use stolen credentials to:
- Link bank accounts to payment systems
- Transfer funds
- Launder money
Protecting Yourself
Here are some essential tips to safeguard your information:
Update Your Software and Antivirus
Ensure your operating system and antivirus software are always up-to-date to protect against the latest threats.
Use Strong, Unique Passwords
Avoid reusing passwords across multiple accounts. Use a combination of letters, numbers, and special characters. Best practice is to use a password manager that makes these passwords for you and remembers them for you.
Enable Multi-Factor Authentication (MFA)
MFA adds an extra layer of security, making it harder for unauthorised users to access your accounts.
Be Cautious with Downloads
Avoid downloading software from untrusted sources. Malware can often be hidden in pirated software, gaming mods, and suspicious links. On phones & tablets only install an app from the Google Play App or iTunes App Store.
Separate Sensitive Information
Keep sensitive information on a separate device from the one your children or other family members use.
Stay Safe on Your Devices
While no system is entirely unhackable, following these strategies can make it much harder for criminals to access your information. For more tips & help with your cyber security feel free to contact us today!
