How to kick online bank hackers to the curb

PERTH, Australia - Sept. 30, 2016 - PRLog -- 4 million Australians were reported as victims of cybercrime, with these digital attacks costing Australians $1.2 billion a year. The true cost of cybercrimes could be as high as $17 billion, according to the Prime Minister's Australian Cyber Security Policy & Strategy Review.

As a result, it comes as no surprise that more Perth residents are coming forward as being hacked in the media such as Andrew Forrest losing $615,000, and a Perth Real Estate Agency almost losing $500,000 in their trust account.

Banks only compensate after detailed investigations which could take days, weeks, or even months. This means that individuals and businesses may be left without funds until after the investigations are over, leaving individuals the inability to pay the household bills. Online bank fraud could cripple affected businesses, who may be unable to make payroll, buy stock, or pay their rent.

"Australians can have their identities stolen or bank accounts hacked unless individuals and organisations take steps to prevent cyber thieves from stealing your private information. It is surprisingly easy for cyber criminals to hack into your computer when you don't realise it such as reading blog articles where images have been injected with a virus. Unfortunately antivirus and security banking fobs and SMS authentication are known to fail during cyber heists," said Graeme Speak, CEO of financial cyber security software company, BankVault.

"If people educated themselves on how to protect ourselves from cybercrime and took action, many cases of online banking fraud and identity theft could be prevented. We have released the '11 Security Practices for Online Transactions' checklist (https://www.bankvaultonline.com/lp/free-online-security-check/) for those who would like to learn more about what they can do to stop bank hacking from happening to them," said Graeme Speak.

BankVault stops bank account hacking and secures online transactions by creating invisible endpoint devices which bypass hackers. It has many applications outside of banking too.  It can also be used against ransomware and other malware when opening suspicious emails and browsing online.  The vast majority of cyber-attacks target the user's PC or smartphone (the endpoint device) and the bank security fob and SMS's are easily defeated. Any delay in compensation while the bank investigates can have dire consequences for both individuals and businesses. Trust account holders are particularly vulnerable as they must personally replace stolen funds in under 24 hours or their business can be shut down. To find out more, visit www.BankVaultOnline.com.

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