In a world where our lives are increasingly lived online, protecting your personal finances is no longer just about locking your mailbox or shredding old bank statements. Cybercrime is on the rise, and Australians are losing billions of dollars each year to scams, data breaches, and fraud. From phishing emails and identity theft to compromised bank accounts, cyber criminals are becoming more sophisticated, targeting more and more people every day.
Whether you’re 25 or 65, employed or retired, financially independent or just starting out — financial cyber security is your business. But the good news is that with a few proactive steps, you can significantly reduce your risk.
The Rise of Cybercrime: A Costly Reality for Australians
Cybercrime has become one of the fastest-growing forms of crime in Australia. According to the Australian Signals Directorate’s Cyber Threat Report 2022–23, an average of one cybercrime report is made every six minutes. Australians lost more than $3.1 billion to scams in 2022 alone — a staggering increase of 80% from the year before.¹
Scammers use psychological tricks and technological tactics to manipulate their victims. Impersonation scams, phishing emails, malware, and fake invoices are just a few of the ways cybercriminals gain access to your personal and financial information. It’s not just the tech-illiterate or elderly who fall victim — professionals, business owners, and everyday Aussies are all in the firing line.
In one example, A 32-year-old Melbourne man lost $20,000 after receiving a fake SMS claiming to be from his bank. The message directed him to a lookalike website where he unknowingly entered his login credentials. By the time he realised it was a scam, the money was gone — and unrecoverable. 2
10 Practical Financial Cyber Security Tips
- Use a Password Manager and Strong Passphrases
Reusing passwords is one of the biggest security risks in the digital age. If a hacker obtains a password from one breached site, they can easily access your other accounts using the same login. That’s why it’s essential to use unique, strong passwords for every account you hold — and a password manager makes this simple. These tools can generate complex passphrases (long strings of random words or characters), store them securely, and even autofill them when you log in, reducing your risk and boosting convenience.
- Turn On Multi-Factor Authentication (MFA)
MFA provides a critical extra layer of protection. Even if someone steals your password, they still need a second factor to access your account — such as a fingerprint, a code sent to your mobile, or a security token. This is especially important for your bank accounts, email, and any account linked to your finances. Many services now offer app-based MFA (e.g. via Google Authenticator or Microsoft Authenticator), which is more secure than SMS. Enable MFA on all accounts where available and make it a habit to check your settings periodically.
- Set Transaction and Credit Limits
Limiting your daily spending and card limits won’t stop a breach, but it can significantly reduce the financial impact if one occurs. For example, if someone steals your card details, they can only make purchases up to your daily cap. You can usually set these limits through your online banking platform or mobile app in just a few clicks.
In addition, lowering your overall credit card limit (especially on infrequently used cards) adds another layer of protection. Some banks also allow you to freeze or temporarily lock cards, which is handy if something looks suspicious or your card is misplaced.
- Back Up Your Devices Regularly
Backing up your devices is like having an insurance policy for your digital life. In the event of ransomware, theft, or accidental loss, a current backup means you can recover your data quickly and without paying a ransom. Cloud storage services like OneDrive, Google Drive, and iCloud offer automatic backups, but you could also consider implementing a physical backup on an external drive, stored securely offline.
- Be Scam-Aware, Especially with Payments
Scammers often mimic legitimate organisations to trick you into making payments. This includes fake invoices, SMS alerts from “your bank,” or emails that appear to be from known contacts. Before paying a new or updated account, call the supplier on a known number to verify the details — particularly for large or unusual payments.
Also, beware of emails and calls asking for urgent action, especially those involving payments or banking changes. Always question unusual requests and trust your instincts — if something doesn’t feel right, pause and verify. It’s better to delay payment for a day than to transfer thousands to a fraudster.
- Pause Before You Click or Pay
Rushing into a payment or clicking a link can have devastating consequences. Many scams rely on pressure tactics — claiming your account is compromised or that urgent action is required. Train yourself to take a step back, even when the request appears genuine. Hover over links to see the true destination, and never click on anything that seems off or unexpected. If in doubt, close the message and visit the organisation’s official website or contact them directly. A few extra seconds of caution can save thousands of dollars, and your online identity.
- Monitor Your Accounts
Actively monitoring your accounts helps you spot fraud early. Enable instant alerts via SMS or email for transactions, withdrawals, and logins. Check your bank and credit card statements weekly — or more frequently if possible — and look out for small, unexplained transactions which could signal your details are being tested before a larger attack.
- Avoid Public Wi-Fi and Charging Stations
Public Wi-Fi is convenient, but often unencrypted, meaning hackers can intercept the data you send and receive. Avoid accessing banking or sensitive accounts on public networks, or use a VPN (Virtual Private Network) to encrypt your connection, which can be installed on computers and phones.
Similarly, avoid plugging into public USB ports or using someone else’s charging cable. This method, known as “juice jacking,” can allow malware to be installed on your device or personal data to be stolen silently. Always use your own charger or power bank, and avoid connecting to unknown devices.
- Be Selective on Social Media
Social media can be a goldmine for cybercriminals. Publicly shared details like your birthday, address, job title, or family members can be used to guess passwords or security questions, or to impersonate you in scams. Tighten your privacy settings and limit what you post publicly. Also, be cautious about sharing travel plans or photos while away from home — you may be signalling that your house is unattended. When in doubt, keep it private or leave it offline.
- Update Your Software and Devices
Outdated software is one of the easiest ways for criminals to access your devices. Developers release patches to fix vulnerabilities, and delaying these updates gives hackers time to exploit known flaws. Turn on automatic updates for your phone, computer, browser, and apps. Antivirus software also needs regular updates to stay effective. Don’t ignore update prompts — and avoid unsupported devices that no longer receive updates. Keeping your digital tools current is a simple but powerful defence against attacks.
Financial Cyber Security for Business Owners: Protecting Clients, Cash Flow, and Reputation
If you run a business, your cyber risks go far beyond your personal accounts. Cyberattacks can cripple operations, destroy trust, and cost tens of thousands of dollars. Research shows that nearly 30% of Australian small businesses have experienced a cyber incident.3 A single compromised email account or fake invoice could mean lost revenue, reputational damage, or worse.
Business-Ready Measures:
- Multi-Factor Authentication across all platforms (accounting software, emails, CRMs).
- Password Managers for all staff to ensure secure logins.
- Staff Training to recognise phishing emails and suspicious attachments.
- Role-Based Access to limit who sees what.
- Regular Backups (test restoration too!).
- Secure Document Sharing using encrypted portals.
- Vendor Due Diligence: Know how your software providers handle data.
Business owners should also conduct internal audits of data access, implement version control, and avoid sharing sensitive data through unsecure channels like email. Most importantly, foster a culture of cyber awareness in your workplace — it’s more effective than any single tool.
Stay Smart, Stay Safe
Cyber security doesn’t require you to be an IT expert. It’s about developing smart habits and making small changes that have a big impact. By following the tips above, you’re taking real steps to protect your financial wellbeing, identity, and peace of mind.
Cybercrime doesn’t wait — and neither should you. Make time this week to review your online accounts, update your security settings, and educate yourself on the risks and threats associated with cybercrime. For anything financial, consider cyber security the top of your list when making decisions – it could save you a lot of heartaches (not to mention money) down the track.
We at Priority Advisory Group care deeply about your financial security, and that means making sure cyber safety is part of your overall strategy. We have been implementing strict operational protocols over the past number of years, including all the business ready measures listed above. This investment into our systems and processes has ensured that our team and our clients are kept as safe as possible from cyber security threats.
If you’d like tailored advice on protecting your wealth — both now and for the future — the team at Priority is here to help.
References:
1 Australian Cyber Security Centre (2023), Annual Cyber Threat Report July 2022 to June 2023. Accessed August 2025: https://www.cyber.gov.au/about-us/reports-and-statistics/cyber-threat-report-2022-23
2 Melbourne man’s $20,000 in savings gone after phone call. Accessed August 2025: https://www.news.com.au/finance/business/banking/melbourne-mans-20000-in-savings-gone-after-phone-call/news-story/19ee30ec843df16c4aab5e82060a20b9
3 National Australia Bank (2023), NAB Economic Research Report: Scams and Cyber Security – April 2023. Accessed August 2025: https://business.nab.com.au/wp-content/uploads/2023/04/NAB-Economic-Research-Scams-and-Cyber-Security-April-2023.pdf