Financial Crime World

Cyber Fraud on the Rise in Brunei Darussalam’s Financial Institutions

As technology continues to evolve in the financial sector, so do its risks. Recently, there has been a surge in smartphone malware scams, phishing messages, and online payment fraud in Brunei Darussalam and the region. To combat these cyber threats and safeguard their customers, financial institutions are taking proactive measures to strengthen their banking systems and prevent data breaches.

Consumers’ Role in Protecting Personal Data

Consumers also play a crucial role in protecting their personal data and securing their devices. By working together, both financial institutions and consumers can build a robust defense against information theft and financial loss. This four-part series of articles aims to provide tips and advice on how to increase protection against digital fraud by being a responsible financial consumer online.

Securing Devices

Importance of Awareness

This week’s article focuses on securing devices and the importance of awareness about risks associated with digital transactions or applications, such as cyberattacks, online fraud or scams, and personal information theft.

Do’s

Regularly Update Your Devices

  • Regularly update operating systems, applications, and/or firmware on your devices.
  • Only install applications from official application stores such as Apple AppStore or Google Playstore.
  • Remove any unnecessary or unused applications on your devices.
  • Check the applications on your phone to ensure that no unknown applications have been installed.
  • Disable features like wireless, Bluetooth, and Near Field Communication (NFC) when not required.

Don’ts

Avoid Unnecessary Risks

  • Do not click on unknown or unverified internet links. Scammers use attractive click-bait titles and images to interest you into clicking on links that may contain malware.
  • Avoid jailbreaking or rooting your smartphone.
  • Avoid plugging into unknown USB ports or devices.
  • Never accept any suspicious activity on your smart device that triggers a warning.

Always Be Aware

Importance of Vigilance

In today’s digital age, it is crucial to always be aware and vigilant. Whether accessing or discussing information in a public space, or browsing the internet and making online purchases, it is essential to remain aware of potential risks and take steps to protect yourself.

Do’s

Be Proactive

  • Discuss financial matters in private settings where there is less chance of eavesdropping.
  • Exercise caution when making payments at any shop premises or using ATMs in secluded locations.
  • Be aware of your surroundings when entering account details and be cautious against prying eyes.
  • Ensure the web address or URL for banks and online shopping begins with ‘https’ or has a closed lock icon.
  • Double-check the details of the website you visit because hackers use visually similar characters to deceive people.

Don’ts

Avoid Unnecessary Risks

  • Avoid making online transactions on websites which seem dubious or are not familiar to you.
  • Avoid online transactions on open or unsecured public Wi-Fi, including fake wireless hotspots.

Conclusion

By following these simple practices, individuals can empower themselves with the right tools to keep their financial information and transactions safe. Catch the next article in this series next week for more tips and advice to protect yourself online! This series is a joint initiative brought to you by Brunei Darussalam Central Bank (BDCB), Authority for Info-communications Technology Industry of Brunei Darussalam (AITI), Cyber Security Brunei (CSB), and Brunei Association of Banks (BAB).