Six helpful tips to help brokers see through scams

As small business owners and trusted advisers to a growing number of Australians, mortgage brokers are responsible for a substantial amount of data and personal information. Keeping this business and customer data safe is a significant task.

NAB Economics research found three in 10 businesses have experienced a data breach or cybercrime, with average losses of almost $20,000. According to the Australian Competition and Consumer Commission’s Targeting Scams report, financial scams cost Australians a record $3.1 billion in 2022.

With scams and cyber attacks becoming increasingly common, NAB is supporting brokers in safeguarding their businesses and customers. In late April, the bank launched an education and awareness campaign aimed at helping Australians to ‘See through scams’. 

Across the bank, NAB has more than 60 projects underway to help address the impacts of scams and fraud. This includes initiatives such as partnering with telecommunications to reduce the incidence of scam calls and introducing protective prompts to digital banking to help customers identify potential scams. NAB has added 50 people to its Scams and Fraud team since October to help prevent scams and support businesses and customers. 

Prevention is the best defence against cybercrime. Here are six steps broking businesses can take to protect themselves and their customers. 

#1 Know a scam when you see one

Scams come in several forms but they have common features.

The scam might contact a business or customer to update personal details, banking details or passwords. It might request payment via unsecure or unusual methods, such as gift cards, cryptocurrency, or overseas money. Or, it might attempt to infect your computer or device with malicious software such viruses, worms and adware. 

Often scams seek an urgent response to try to stop the victim thinking the situation through. 

Brokers who receive suspicious emails can report them to NAB’s security team (This email address is being protected from spambots. You need JavaScript enabled to view it.).

#2 Protect your data

Scams such as phishing emails, aim to trick the recipient into handing over personal information. Business emails may be targeted by criminals to intercept or change payment details. They may appear to come from a legitimate source as phone numbers and names can be spoofed.

Other scams may involve cyber criminals attempting to gain remote access to the business’s network, or installing ransomware on devices. 

As well as staying alert to scams and not clicking on suspicious links or giving outsiders access to business devices, brokers should install operating system and software updates regularly to ensure their systems as protected. 

# 3 Have a back up

If your system is compromised, you’re at risk of losing all your business data. Backing up data regularly can help to prevent damaging losses. 

In combination with ensuring your business computer systems are updated regularly to comply with the latest security measures, you can stop hackers from exploiting weaknesses due to out of date systems. 

#4 Lift your defenses with multi-factor authentication 

Rather than relying on login details and passwords alone to secure accounts, a growing number of services are offering multi-factor authentication (MAF) for added security. MAF requires two or more points of authentication to allow access to a website or service – such as entering login details and passwords, followed by verification with a key or code generated by an authenticator application on a mobile device. 

Having two steps to the process makes it more difficult for cyber criminals to access accounts and personal data even if they do manage to get hold of password and login details. 

#5 Have the conversation

Technology is playing an ever increasing role in broker businesses, with simple and digital enhancements making brokers lives easier. But the growing reliance on technology also brings more opportunities for cyber criminals to target brokers and their customers. 

Brokers can start discussions with staff and customers on how to spot emails, texts and other scams that could compromise security. NAB offers a range of webinars on cyber security and fraud that brokers can access to educate themselves, their staff and their customers. The Australian Cyber Security Centre and Australian government’s Scam Watch are other useful resources. 

#6 Stay informed 

Cyber criminals are becoming increasingly sophisticated in the ways that they target businesses and customers. Brokers can stay informed on the different cyber threats impacting businesses via the Security Hub,  the latest fraud alerts service on the NAB website, and through free monthly security webinars for businesses and customers.

As the bank behind the broker, NAB is continually investing in systems and processes to keep brokers and customers safe. By being alert to suspicious activity, maintaining digital defences, and keeping up to date with the latest information, brokers – with the support of NAB – can stay a step ahead of scammers and cyber criminals.