Banking Sector Hit by Constant Cyber Attacks, Warns NAB Executive
The Australian banking sector is under constant attack from malicious actors around the world, with cybercriminals targeting financial institutions every minute of every day. The National Australia Bank’s (NAB) executive for group investigations, Chris Sheehan, has warned that the banking sector is engaged in “asymmetrical warfare” on a daily basis.
Constant Attacks on Australian Banks
According to Mr. Sheehan, every bank in Australia is being attacked constantly, with malicious actors trying to gain access to computer systems, deny services to customers, and steal sensitive information and money. The attacks are often carried out by sophisticated transnational organized crime groups, as well as nation-state actors.
Extent of the Problem
Cyber security expert Troy Hunt estimates that Australians lose around $3 billion annually to cybercriminals through scams. He believes that the public is not aware of the extent of online attacks on financial institutions, which originate from all over the world and target individuals and corporations alike.
NAB’s Response to Cyber Attacks
The NAB has taken steps to protect its customers, including:
- Setting up a call center and operations team focused on fraud and scam prevention
- Discontinuing the practice of sending text messages with links
- Advising customers to be cautious when receiving suspicious texts or emails, warning that if something seems too good to be true, it likely is
Industry Response: “Scams War”
The Australian Banking Association agrees with the NAB that the banking sector is in a state of “scams war,” with banks working around the clock to protect Australians from scams. The association claims that Australian banks have some of the strongest anti-scam protections in the world and are investing heavily in the latest scam-fighting technology.
Prevention Key
Experts warn that once a customer hits “send” on a scam payment, it is usually too late for the money to be recovered, making prevention key. They advise customers to:
- Seek advice from their bank
- Talk to friends or relatives
- Avoid hitting send on suspicious payments
By being vigilant and taking proactive steps to protect themselves, individuals can help prevent falling victim to cyber attacks and scams.