Posted June 02, 2018 05:36:31 The Australian Financial Conduct Authority has warned of a widespread “phishing” attack on banks.
Key points: Australia’s biggest banks are at risk of losing money to fraudsters and the number of cases has increased in recent months The AFA has identified more than 400 cases so far this year that are related to phishing attacks on banks A number of banks are now being targeted The AFT has issued a warning that the growing number of phishing attempts and attacks against Australian financial institutions is likely to lead to the financial sector becoming a “dangerous place”.
“The threat is that the threat of fraudulent transactions and the volume of fraud activity has become so large that it will cause financial institutions to become a dangerous place,” AFT president Michael Wood said.
“The issue of fraud and identity theft are not new.
They have been occurring on a larger scale over the last few years, and they are only going to grow.”
The Aftab’s warning comes on the heels of a string of attacks on Australian banks over the past year that have forced the closure of dozens of businesses.
Most recently, one company in Sydney was forced to close after a phish attack on its business, which involved phishing emails sent to hundreds of customers.
More than 800 of the phishing messages contained personal information about customers and were sent to a number of business email addresses.
“It is a serious issue for Australian banks,” AFA chief executive Tim McGinty said.
“[The] problem is they’re going to have to be really careful in how they respond to these attacks.
They’ll have to take a real hard look at how they handle these things and they’ll have a lot of work to do to keep their banks safe.”
The number of incidents is on the rise Mr Wood said he was confident that the banks would be able to recover if a phisher was unable to get hold of their systems.
“If they can’t get hold, they can still recover, but that’s not going to be the case,” he said.
But banks have struggled to deal with the increase in the number and number of malicious emails.
“There’s no question it’s an issue that has increased significantly over the course of the last year,” he added.
The Afts warning comes as banks are preparing for a busy summer with the launch of a range of new measures to protect against fraudulent transactions.
Among the measures that banks are introducing are the introduction of new customer information technologies, and a change to the way they handle fraudulent transactions, which means they won’t be able access customers’ banking details.