[VIDEO] Introduction To Identity Theft {Part 2}

 

Today in the Evolve IT Lab,  we discuss the second part of our three-part series on identity theft. In today's episode, Lachie and Jason discuss a real-life story of a CEO that was affected by identity theft, we hear about how a cybercriminal was able to take control of his personal and business finances while overseas.

Here are some handy links on identy theft:

  • If you are affected by identity theft, we recommend you contact your trusted advisor and IDCARE.
  • Prevention is better than cure; you should have a chat with your bank about how you are protected from identity
  • Be very careful when giving out personal information that does not change. Medicare Numbers, Drivers Licence, Passports
  • Try to avoid Public Wifi; nothing is for free. Spend the extra $10 and get roaming on your phone when overseas.
  • Don't use public computers.

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TRANSCRIPT

Lachie: Good day, guys, and welcome back to the Evolve IT Lab. My name is Lachie and this is Jas. Jas, welcome back.

Jason: Good day, everyone. 

Lachie: Guys, today, we're gonna continue our ID theft second part, the second part of our video. We're gonna be discussing a real-life story. So I'm gonna set the scene. Jas, we've got a CEO that's going overseas with his family. He's logged onto the lobby computer of a five-star hotel. You tell us the rest.

Jason: Yeah, so he's over there with his family, obviously going to relax, but realized he needs to get some financial transactions done for his business. So he accesses the business kiosk machine in the hotel, logs on, uses his security details, completes the transactions, and thinks, "Oh, that's great. Now, I can go back to relaxing now with my family on my holiday."

About three days later, his mobile phone stops working. It's turning on, but all he's getting on the phone and is SOS, emergency only.

Lachie: Well, that could be anything, couldn't it? I mean, you're overseas, you could think that maybe your phone just stopped working or reception is no good over there. Could be anything.

Jason: Yeah. Got a problem with the roaming, which a lot of people try and set up when they travel overseas. 

So he starts to engage his carrier to try and work out why his phone is not working, then starts receiving some fairly alarming emails from the financial institutions he works on, saying that he had authorized information to go to overseas bank accounts. And it's at this stage he's really concerned, "Phone's not working, I'm getting these emails about money that's moving out of my accounts." Sure enough, when he checks those accounts, there's no funds in there. The bank accounts have been emptied.

Lachie: All of a sudden, holiday over.

Jason: In the worst way possible.

Lachie: Yeah, of course. So what happens next? He goes back, comes back to Australia and he engages with a third party?

Jason: Yeah. So the best organization we have in Australia is an organization called IDCARE, and they're actually specialists in identity theft. So the CEO's put in contact with IDCARE. They step him through the process that he needs to work through to engage with financial institutions and also government departments to, in essence, stop these people from using his identity, to move funds, to open bank accounts, to create fake ones, or for the purpose of trying to ship money overseas.

Lachie: So Jas, when we talk about, you know, he's the CEO of an organization, there I assume that they're not just attacking his own personal financials. He's obviously attacking the business ones as well.

Jason: Yeah, correct. In this particular instance, they accessed both his personal accounts, his personal credit cards, and his business accounts. 

Lachie: Yeah, right. And these are details that can't be changed, I assume, being driver's licenses and banking details and... 

Jason: Yeah, correct. They'd have personal identifiable information, things like Medicare card numbers and passport numbers. They identify you.

Lachie: Yeah, right. So the process...I'm gonna put a link down now and show notes, just so everyone can take a look at it. But hopefully they've got a lot of value out of this real-life story. Until next time, guys. We'll see you next time.

Jason: Thanks, everyone.



 

Posted by Lachie Dixon

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