Constant cyber ‘warfare’ hits Australia's big four banks—are YOU at risk?
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In an age where our lives become intertwined with digital transactions and online banking, the security of our financial information has never been more critical.
Yet, as we navigate this digital landscape, a shadow looms over the institutions we trust with our money.
Australia's big four banks—ANZ, Commonwealth Bank, National Australia Bank (NAB), and Westpac—are not just managing your savings; they're on the frontlines of a relentless cyber war.
One of Australia's top banking executives has sounded the alarm, revealing that these financial bastions are under constant siege from cybercriminals.
From sophisticated transnational crime syndicates to the proverbial 'Larry the loser' in his basement, these attackers are relentless in their pursuit to steal money and obtain sensitive data.
Chris Sheehan, the Executive for Group Investigations at NAB, spoke candidly about the omnipresent threat.
'Every bank, if it’s not us being attacked, then our customers are being attacked in an effort to steal their information and their money,’ he said.
Sheehan described the situation as 'warfare' engaged on a ‘day-by-day’ basis.
According to Sheehan, a staggering 90 per cent of scams afflicting Australian victims stem from hardened, transnational criminal gangs.
‘And then at the top end of the scale, we’re dealing with nation-state actors, malicious nation-state actors,’ he said. ‘So, it’s asymmetrical warfare.’
Cybersecurity expert Troy Hunt echoed the sentiment, highlighting the pervasive nature of these attacks.
He said the public is largely unaware of cybercrime's frequency and global scale.
‘All sorts of different demographics are mounting them,’ he said.
‘There are attacks online, attacks against individuals, attacks against corporations. It really is prevalent.’
The perception of cybercrime as a low-risk endeavour, especially for those operating from countries with little chance of extradition, only fuels the fire.
‘The reward’s totally different as well,’ he added.
‘It’s not about grabbing cash out of a till, it’s about potentially grabbing hundreds of thousands of dollars or millions of dollars in one go.’
In response to this escalating threat, the National Anti-Scam Centre has joined forces with the Australian Financial Crimes Exchange intelligence loop.
This partnership aims to bolster defences by sharing intelligence across banks, telecommunications companies, and digital platforms.
By detecting and blocking scam phone numbers, bank accounts, URLs, and websites, these organisations enhance their ability to disrupt and dismantle scam operations.
Anna Bligh, the Australian Banking Association's chief executive officer, emphasised the importance of swift and effective intelligence sharing in the fight against cybercrime.
‘This will be a vital weapon in the war against scams. Its expansion will make it easier to shut down scammers and stop them from harming more Australians,’ she said.
‘Banks play a critical role in the operation of this intelligence tool whether it be acting on information it receives from another participant or passing on critical intelligence that can be used to dismantle a scam.’
‘In practice, it means when a bank customer reports it’s received a scam via SMS, the bank can share that information with the relevant telecommunication provider who can take action to block the phone number.’
Bligh added that this escalation in intelligence sharing is part of the industry's Scam-Safe Accord, a set of protections designed to shield customers from the threat of scammers.
Have you encountered any suspicious activity? How do you protect yourself against cyber threats? Share your stories in the comments below!
Yet, as we navigate this digital landscape, a shadow looms over the institutions we trust with our money.
Australia's big four banks—ANZ, Commonwealth Bank, National Australia Bank (NAB), and Westpac—are not just managing your savings; they're on the frontlines of a relentless cyber war.
One of Australia's top banking executives has sounded the alarm, revealing that these financial bastions are under constant siege from cybercriminals.
From sophisticated transnational crime syndicates to the proverbial 'Larry the loser' in his basement, these attackers are relentless in their pursuit to steal money and obtain sensitive data.
Australia’s big four banks have been in constant cyber attacks. Credit: Shutterstock
Chris Sheehan, the Executive for Group Investigations at NAB, spoke candidly about the omnipresent threat.
'Every bank, if it’s not us being attacked, then our customers are being attacked in an effort to steal their information and their money,’ he said.
Sheehan described the situation as 'warfare' engaged on a ‘day-by-day’ basis.
According to Sheehan, a staggering 90 per cent of scams afflicting Australian victims stem from hardened, transnational criminal gangs.
‘And then at the top end of the scale, we’re dealing with nation-state actors, malicious nation-state actors,’ he said. ‘So, it’s asymmetrical warfare.’
Cybersecurity expert Troy Hunt echoed the sentiment, highlighting the pervasive nature of these attacks.
He said the public is largely unaware of cybercrime's frequency and global scale.
‘All sorts of different demographics are mounting them,’ he said.
‘There are attacks online, attacks against individuals, attacks against corporations. It really is prevalent.’
The perception of cybercrime as a low-risk endeavour, especially for those operating from countries with little chance of extradition, only fuels the fire.
‘The reward’s totally different as well,’ he added.
‘It’s not about grabbing cash out of a till, it’s about potentially grabbing hundreds of thousands of dollars or millions of dollars in one go.’
In response to this escalating threat, the National Anti-Scam Centre has joined forces with the Australian Financial Crimes Exchange intelligence loop.
This partnership aims to bolster defences by sharing intelligence across banks, telecommunications companies, and digital platforms.
By detecting and blocking scam phone numbers, bank accounts, URLs, and websites, these organisations enhance their ability to disrupt and dismantle scam operations.
Anna Bligh, the Australian Banking Association's chief executive officer, emphasised the importance of swift and effective intelligence sharing in the fight against cybercrime.
‘This will be a vital weapon in the war against scams. Its expansion will make it easier to shut down scammers and stop them from harming more Australians,’ she said.
‘Banks play a critical role in the operation of this intelligence tool whether it be acting on information it receives from another participant or passing on critical intelligence that can be used to dismantle a scam.’
‘In practice, it means when a bank customer reports it’s received a scam via SMS, the bank can share that information with the relevant telecommunication provider who can take action to block the phone number.’
Bligh added that this escalation in intelligence sharing is part of the industry's Scam-Safe Accord, a set of protections designed to shield customers from the threat of scammers.
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