How to protect your financial identity during cyber awareness month

October is Cyber Security Awareness Month and it’s a timely reminder: in an environment where digital infrastructure underpins both operations and personal finances, the line between corporate and individual risk is increasingly blurred.

From sophisticated phishing attempts to targeted data breaches, financial identity theft is now a material threat to high-net-worth individuals and business leaders alike, particularly those with complex digital footprints and publicly visible roles.

While cyber threats are evolving rapidly, effective protection doesn’t require overhauling your entire ecosystem. It starts with a few high-impact habits. In this article, we outline how to recognise scams, secure your financial accounts, and monitor for warning signs so you can protect both your professional standing and personal security.

Spot the signs of a financial scam

Scams are no longer amateur attempts to steal small sums. They’re coordinated, data-driven operations often run by sophisticated criminal networks. In 2024, investment scams alone accounted for $945 million in losses, making them the most financially damaging scam type in Australia (NASC, 2025).

But investment pitches aren’t the only threat. The five most common and costly scam types last year included:

• Romance scams – where trust is built over time before financial exploitation begins
• Payment redirection scams – often targeting businesses by impersonating vendors or executives
• Remote access scams – where victims are tricked into giving control of their devices
• Phishing attacks – designed to harvest logins and financial details through fake emails or messages

Scammers are also shifting their tactics. Social media is now the top-reported entry point for scams, responsible for $69.5 million in losses in 2024. And although fewer in number, phone scams caused even greater financial harm, with over $107 million lost across just 2,179 incidents (NASC, 2025).

For busy professionals, these red flags can be easy to overlook:

• Unsolicited messages pushing for urgent action
• Unexpected invoices, document requests or password reset links
• “Exclusive” investment opportunities or financial offers with unusually high returns

best defence against scams is pause and verification, particularly when a request involves money or sensitive data.

Lock down your online banking and investment apps

In 2024, Australians lost $141.7 million to scams involving bank transfers, making it the highest-risk payment method for financial loss (Scamwatch, 2025). For senior leaders managing multiple accounts or overseeing large transactions, this vulnerability cannot be ignored.

Yet the most common gaps remain surprisingly basic: weak passwords, outdated apps, and unsecured networks.

• Use strong, unique passwords for each financial platform. Avoid reusing passwords across personal and business accounts.
• Adopt a password manager to generate and store complex credentials securely, reducing the risk of human error.
• Verify your apps. Only download banking and investment apps from official sources—never third-party sites or links in emails.
• Keep apps updated to ensure the latest security patches are applied.
• Avoid public Wi-Fi for sensitive financial activity. Unsecured networks are a common attack vector for credential theft and account takeover.

Even with robust internal systems in place, your personal financial accounts require equal protection. One compromised login can cascade into broader business or reputational risk.

Use multi-factor authentication wherever possible

Multi-factor authentication (MFA) remains one of the simplest and most effective defences against financial fraud. It adds an extra layer of verification (such as a code from an authenticator app or biometric scan) beyond just a password.

That extra step is important. In 2023-24, phishing scams affected 148,800 Australians, while remote access scams and identity theft combined impacted over 680,000 individuals (ABS, 2025). Many of these scams begin with compromised login credentials, especially when users reuse passwords across accounts.

Scammers are increasingly targeting high-value access points:

• 91% of card fraud victims had funds withdrawn in the most recent incident (ABS, 2025)
• The median loss was $250, but 17% of victims lost more than $1,000
• Card fraud alone accounted for $2.1 billion in gross fraudulent withdrawals in the last financial year

To reduce exposure:

1. Use app-based authenticators (like Microsoft or Google Authenticator) rather than SMS, which can be intercepted
2. Apply MFA across all financial, email, and cloud accounts
3. Pair with strong, unique passwords, ideally managed via a secure password manager

This combination drastically reduces the risk of unauthorised access, even if your credentials are compromised in a data breach or phishing attempt.

Monitor your financial activity regularly

Timely detection can make all the difference when it comes to financial fraud. Yet many breaches go unnoticed until significant damage has occurred.

In 2023-24, over 675,000 Australians experienced a scam, and 255,100 fell victim to identity theft, many only realising after the fact (ABS, 2025).

To stay ahead:

Check your bank and investment accounts weekly for unauthorised transactions or unusual patterns.

• Enable transaction alerts where available. Real-time SMS or push notifications can help flag issues early.
• Review your credit reports regularly via Australian reporting bodies like Equifax, Experian, and illion.
• Consider a credit monitoring service if your data has been exposed in a breach or you suspect identity misuse.

The median card fraud loss in 2023-24 was $250, but 17% of cases exceeded $1,000. Most victims (91%) had funds withdrawn. While 72% were fully reimbursed, that still leaves hundreds of millions in net losses (ABS, 2025).

Monitoring helps catch small breaches before they spiral.

What to do if you think your identity has been compromised

Despite best efforts, breaches happen. Quick action can limit the damage, especially when financial accounts or personal data are involved.

The National Anti-Scam Centre recommends a simple but effective three-step response:

1. STOP: Pause before responding to requests that seem urgent, emotional, or too good to be true. Scammers thrive on pressure.
2. CHECK: Independently verify contact details using official websites—not links or numbers provided in the message.
3. PROTECT: If you suspect a breach, act fast:

• Contact your bank or financial institution immediately
• Report the incident to Scamwatch and IDCARE, Australia’s national identity and cyber support service
• Review your credit report and consider a temporary credit ban or credit monitoring service
• Change passwords and enable multi-factor authentication on all accounts

In 2023-24, 1.2% of Australians experienced identity theft, and nearly half of all victims had their data used to access bank accounts, superannuation, or investments (ABS, 2025).

So, what should you do if you notice any suspicious activity? There are some really clear first steps that can be committed to memory: report the transactions to you bank and ReportCyber, freeze your accounts, reset your passwords, and notify authorities. If you think that your identity has been stolen, you will need to take your reporting a step further. It will take time, but you will need to contact all institutions that hold your personal information: ATO and Services Australia being on top of the list.

Stay alert, stay safe

Although total scam losses declined in 2024, the threat remains dynamic. Scammers are evolving quickly, exploiting new technologies and tactics to bypass defences.

Encouragingly, 92% of scam websites referred by the National Anti-Scam Centre were successfully taken down, preventing an estimated $36 million in further losses (NASC, 2025). Collective vigilance is powerful, but prevention still starts with individual awareness.

There are a couple of key things you can do right now to increase your personal online security:

• Complete a password audit

Track patterns of your most used passwords and ensure that your key accounts have unique, high-strength codes. Set regular reminders to change your passwords and consider integrated keys like 1Password for additional protection.

• Enable multi-factor authentication (MFA) on your most used apps

MFA, also known as 2FA, offers effective password protection with low effort. Consider starting with any apps that hold financial information (including budget apps that link with your accounts) and social media apps that hold your personal information and photo identification.

Cyber Security Awareness Month is a timely reminder that small, consistent habits can make a big difference. By staying informed, adopting secure digital habits, and acting quickly when something feels off, you’re not only protecting your own financial identity, you’re also contributing to a safer digital environment for others.

Learn more at Scamwatch.gov.au or cyber.gov.au for tools, alerts, and expert guidance.

References

Australian Bureau of Statistics (ABS), 2025. Personal Fraud, Australia, 2023-24 financial year. https://www.abs.gov.au/statistics/people/crime-and-justice/personal-fraud-australia/latest-release

National Anti-Scam Centre (NASC), 2025. Targeting Scams Report 2024: Annual insights into scam losses and trends. Australian Competition and Consumer Commission. https://www.scamwatch.gov.au/about-scamwatch/scam-statistics/targeting-scams-reports

Scamwatch, 2025. Scams Awareness and Reporting Resources. Australian Competition and Consumer Commission. https://www.scamwatch.gov.au

IDCARE, 2025. Support Services for Identity Theft Victims. https://www.idcare.org

Moneysmart, 2025. Protecting Your Identity and Avoiding Scams. Australian Securities and Investments Commission.  https://moneysmart.gov.au