It is essential for anyone with a bank account to understand the risks that come with online banking and how to protect against them. Cybercriminals are a formidable and pervasive threat that continue to loom over online banking and consumer bank accounts. These malicious actors employ a myriad of sophisticated techniques, such as hacking, phishing, spamming, card theft, online fraud, vishing, and keylogging, among others, to exploit unsuspecting individuals and gain unauthorised access to their financial resources.
Recognising the gravity of this issue, Simon Campbell-Young, co-founder of Digimune, an authorised Norton distributor in South Africa, emphasises the criticality of empowering consumers with the right tools to protect their assets and personal information.
“You need to see yourself as a human firewall,” he explains. “By being aware of cyber-threats and using intelligent solutions that provide automated protection, you can create an impenetrable barrier against the constantly evolving landscape of attacks.”
Cyberattacks are indeed prevalent and continuously changing. According to research conducted by PwC, criminals are continuously finding new ways to exploit vulnerabilities in online security. One such innovation is the web skimmer, which has become increasingly common in recent years. This includes a type of attack called “formjacking”, where hackers hijack virtual forms on websites. This technique allows cybercriminals to capture the payment details entered by consumers instead of the online store. All websites are susceptible to this risk.
“To protect yourself effectively, it is important to know what threats are out there and how to defend against them,” says Campbell-Young. “Your first step is to stay vigilant by asking yourself questions like: Is this website URL correct? Does this form look different? Have I set up my antivirus to check my online activity? With new viruses being launched on the internet every day, it is critical to ask these questions before making online purchases or entering your bank details anywhere.”
According to Statista, there were 5.5 billion malware attacks globally in 2022, which is higher than the previous year. The AV-Test Institute discovered over one billion malware programs installed worldwide, with 560 000 new malware applications being found every day. Consumers cannot keep up with the sheer volume of attacks and threats, which is why they must invest in software that can protect them.
“You need a platform that is always checking your systems, keeping up with the latest viruses, and applying all the necessary updates,” says Campbell-Young. “It should have a powerful engine that takes care of the basics and ensures you have the right layers of security in place. When it comes to protecting your personal assets and information from anywhere in the world, you want a solution has you covered. Whether you are working from home, doing your banking on the move, or travelling, you want a secure VPN that lets you surf the web with peace of mind.”
The landscape is challenging to navigate, but this does not mean people should give up on online banking or stop using digital solutions. Norton offers protections that are specifically designed to monitor your online activity and detect potential scams, phishing attempts, and identity manipulation tactics. These tools protect your digital assets across multiple devices and platforms, and they are constantly updating and evolving alongside the threats so your systems are protected in real time.
“Cybersecurity protections have come a long way. They do not just protect your devices anymore, but also shield you from the ever-present dangers lurking on the web,” concludes Campbell-Young. “These protections are like invaluable allies, working tirelessly to keep you safe from threats online. Investing in them is critical because they ensure your protection and security, no matter what you are doing on the internet.”
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