Strengthen Your Security

Why Multi-Factor Authentication is Essential

Securing your online presence has become more crucial in an ever-evolving cyber landscape. With a staggering 15 billion stolen credentials floating in the digital underworld, cybercriminals are more equipped than ever to exploit any vulnerabilities. We’ve observed a worrying increase in scams targeting both individuals and businesses.

The Growing Need for MFA

Creating a strong password is a basic yet vital part of safeguarding your online activities. However, relying solely on passwords is no longer sufficient. The key to elevating your security is Multi-Factor Authentication (MFA).

You may be familiar with MFA as an IT authentication method that requires a user to present at least two factors that prove their identity. However, since cyber criminals are so sophisticated, MFA has evolved into more than just two factors and now includes something you are.

MFA adds an extra layer of defense by requiring users to present two or more verification methods to access their accounts. Typically, these methods include:

• Something You Know: Your password or PIN

• Something You Have: Access to your mobile phone or a security token

• Something You Are: Biometric data such as fingerprints or iris scans

Using MFA protects you against hacking because it makes stealing your information harder for the average criminal—and they're smart enough to know which.

How to Check for Compromised Information

Given the sheer volume of compromised credentials, verifying whether your data has been exposed is prudent. Visit Have I Been Pwned (https://haveibeenpwned.com) and input your email addresses and those of close contacts—this includes work and home addresses, accounts used by your children, and your team. You may be surprised by how many passwords have already been compromised.

Implementing MFA on Key Applications

Many digital platforms now support MFA, and enabling it wherever possible is wise. Start with essential services like:

• Banking

• Superannuation

• Investments

• Insurance

• Facebook 

• Gmail 

• Microsoft 

• Instagram 

• Tiktok 

• LinkedIn 

• Twitter 

  
  

Be Vigilant: Recognising and Avoiding Scams

Protecting your personal and financial information is not just about MFA; it's also about recognising and steering clear of scams:

• Phishing Emails: Be wary of emails from seemingly reputable sources demanding immediate action. Avoid clicking on unfamiliar links or attachments.

• Fake Websites: Always check for "https://" in URLs before submitting personal info or conducting transactions.

• Unsolicited Calls or Texts: Legitimate organisations typically won’t ask for sensitive information via phone or text. Be skeptical of unexpected requests.

• Social Media Scams: Stay alert to enticing offers and suspicious messages on social platforms. Fraudsters often exploit these channels to impersonate legitimate businesses.

  
  

Proactive Steps for Protection

Here’s how you can bolster your defenses:

• Verify Communications: Validate any suspicious contact by reaching out to the organisation directly through trusted and verified channels.

• Use Strong, Unique Passwords: Regularly update your passwords and leverage MFA for added security.

• Monitor Your Accounts: Monitor bank statements, credit reports, and online accounts for unusual activity.

• Educate Your Team: For businesses, training employees to recognise scams and report any suspicious activities is crucial.

At Affluence Private Wealth, your security and well-being are our highest priorities. If you suspect you've been targeted by a scam or need assistance, please reach out to us right away.