In some cases, hackers break into networks to take the data hostage, angling for a ransom. In other cases, the personal data is stolen quietly and then leveraged into larger crimes for a bigger payoff.
In recent times, there has been a surge in reported incidents of share theft involving compromised personal identities. According to the Australian Securities and Investments Commission (ASIC), threat actors exploit victims’ personal information to impersonate them and illegally sell their shares. In many instances, victims become aware of the fraud only upon receiving a confirmation letter from a share registry or the Clearing House Electronic Subregister System (CHESS). By that time, significant financial damage may have already occurred.
The threat actors obtain personal information through various means, such as mail theft or online data breaches. They use this stolen information to open share trading accounts to trade shares fraudulently and create bank accounts to receive the funds.
Fraudulent activities involving impersonation and stolen identities are highly complex and challenging to trace. Therefore it is crucial to stay vigilant against any suspicious activities. The ASIC advises regularly reviewing your share portfolio and promptly addressing any unexpected correspondence from financial institutions. In addition, implementing multi-factor authentication and using stronger passwords significantly enhance security. ASIC also recommends keeping the contact details up to date, and urges individuals to report any suspicious activities to their bank without delay.
If you ever happen to be a victim of such fraud, consider seeking legal advice too.
Otonata can help provide guidance on keeping your personal and work information secure.
