Business Breakfast: Cybercrime

It was good to see some new faces at the Business Breakfast this morning. Visitors are always welcome and the first attendance is free. We heard from Ray Cole, retired Cumbria Police Officer and former Chair of the Cumbria Police Authority about the risks of cybercrime to businesses.

The key points were to shred all confidential information to avoid it being sold on the black market. Criminals can buy harvested data for a few pounds.

Also keep software up to date and be very cautious about opening emails from unverified sources.

The approach taken by members of the group were varied. Some avoiding online or telephone banking altogether.

On balance most people reported positive experiences and it was noted that where money had been taken from accounts or credit cards it had been refunded by the banks.

Although it was clear members of the group had on occasions encountered problems with online and telephone banking it was pointed out that:

  • Recovery was more likely than loss of bank notes
  • The risk of physical harm was far less than carrying large amounts of money
  • Cheques and paper transactions were also subject to fraud
  • Given the huge volume of electronic transactions the amount of fraud was very, very small.

One member commented they had used telephone banking with Nationwide since the late 1980's when it was necessary to use a handset provided by them to create the tones to give instructions to the equipment at the other end of the line when phone literally had a dial on them! That's nearly 30 years of problem free electronic banking.

Modern transactions require access to the account holders chip and pin card, adding another layer of security.

 

 

 

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