The OBA’s Dion Smith providing insight and actionable steps for digital defense
Ho-ho-oh no! The holiday season sees Bermudians spending their hard-earned cash with online retailers, but the threat of being defrauded looms large. Both the BPS and the Bermuda Government have warned residents of the dangers that come with navigating the digital space, with locals finding themselves on the receiving end of elaborate banking scams. The elderly population are particularly vulnerable.
“Older adults are often targets of cybercrime. They fall prey to scams and fraud because they may not be as familiar with online risks or targeted phone calls.” Words from Dion Smith, Managing Director of Smith Technologies and One Bermuda Alliance Candidate for Constituency 27 Warwick North Central.
In a recent study from Juniper Research (https://www.juniperresearch.com/press/losses-online-payment-fraud-exceed-362-billion/#:~:text=Hampshire%2C%20UK%20%E2%80%93%2026th%20June,%2491%20billion%20alone%20in%202028.), global losses from online payment fraud will exceed USD $362 billion globally between 2023 to 2028. Bermuda is not immune to this development.
The cybersecurity expert says that the island’s senior citizens, alongside business professionals, have been scammed out of hundreds to thousands of dollars. He’s calling on the island’s financial institutions to do more in the way of fraud mitigation and protection.
“Would disabling or removing the option to send wires on personal accounts be possible? By removing the wire option and only enabling it for persons who have requested it, this could have an immediate impact on preventing the loss of funds (to scammers operating via overseas bank accounts).”
While the implementation of this suggestion has yet to see any movement, Mr. Smith says that there are six simple steps that Bermuda residents can take to keep themselves safe online.
- Use a strong, unique password:
A good first line of defense is a strong password. Avoid easy-to-guess passwords like “123456” or “password.” Instead, create passwords with a mix of letters, numbers, and symbols. If it’s hard to remember different passwords for each account, consider using a password manager. These tools safely store and manage your passwords for you.
- Be aware of phishing scams:
Phishing scams are common tricks where fraudsters send fake emails or messages pretending to be from a trusted company, like your bank or even a friend. If you get a suspicious email asking for personal information or telling you to click on a link, don’t do it. Speak to a trusted person to help by checking the validity of the company. In addition the email can be forwarded to your IT person or the police who can further investigate.
- Install security software and keep it updated:
Make sure your computer and devices have antivirus and anti-malware software. These programs help protect you from viruses and malicious attacks. Just as important is keeping your system updated. Those updates fix weaknesses in your computer that hackers could exploit, so don’t ignore them.
- Be cautious on social media:
While social media can be a great way to stay in touch with loved ones, it’s important to be mindful of what you share. Scammers can use the information you post, like your birthdate or address, to steal your identity. Always adjust your privacy settings and be cautious about friend requests from people you don’t know
- Watch out for unfamiliar calls and messages:
Fraudsters often use phone calls or text messages to steal information. If someone calls claiming to be from a government agency, tech support, or a financial institution asking for personal or financial details, be wary. Legitimate organizations will never ask for sensitive information over the phone. Hang up and verify their claims by contacting your own bank or a trusted person.
- Educate and empower yourself:
Finally, stay informed about the latest scams and fraud tactics. There are many free resources online that can help you learn more about staying safe in the digital world. Libraries, community centers, and senior organizations often offer cybersecurity workshops. The more you know, the better protected you are.
In the interim, Mr. Smith encourages the people of Bermuda to do their due diligence. “While the internet can offer tremendous benefits, it’s important to be cautious and protect yourself from online threats. By following these simple tips, you can enjoy the benefits of technology with peace of mind.”
