M J Heywood & Co
Chartered Accountant
 

Address:
Suite 407
1 Princess St.
Kew, Vic. 3101

Phone:
613 9853 1234

Fax:
613 9853 1023

Email us

Liability limited by a scheme approved under Professional Standards Legislation

 Latest Accounting News Service
Hot Issues
How is your super going, ready for retirement?
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Doing a budget is a good idea but ....
Government ‘undermines’ tax system in new moves on property expenses
Taxpayer denied deduction for work expenses of $60,000
Overtime meal expenses disallowed because no allowance received
Key Economic Indicators, 2017
Government to shut down salary sacrifice loophole
Crowdfunding legislation gets greenlight
ATO heavyweight responds to hacking fears
Checklist - Individuals Tax Returns - 2017
Checklist - Tax time 2017 - Company, Trust & Partnership
Checklist - Superannuation Funds - 2017
ATO to ramp up scrutiny of $20K tax break use
‘Bank-like heists’ make way for new wave of cyber crime
ATO reports on key contraventions for 2016-17
ATO, mid-tiers warn on common expenses myths
Articles archive
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 2 April - June 2005
‘Bank-like heists’ make way for new wave of cyber crime

WARNING:  Identity theft is an increasingly popular method of cyber crime as opposed to “bank-like heists” of the past, and SMSF trustees are a prime target, according to a university professor.



       


 


Professor Matthew Warren, deputy director at the Deakin University Centre for Cyber Security Research, told SMSF Adviser cyber criminals are no longer simply after stealing lump sums by cracking through security systems.


Instead, criminals aim for identity theft, which allows them to assume the identity of the client and transfer funds out into a different account, going under the radar of SMSF firms on the lookout for suspicious external activity.


“Attackers wouldn’t necessarily go after superannuation funds to extract large sums of money in a single transaction because they know identity theft and assuming the identity of customers of those organisations would just be as successful,” he said.


Professor Warren said there is more than one route of attack facing trustees, but more often than not, the pathway is based around identity theft utilising a social engineering method.


“A social engineering attack is when you are trying to manipulate people’s actions in terms of a social context whether it’s via email, whether it’s phoning someone and pretending to be someone else or whether it is physically going into an organisation,” said Professor Warren.


“So in terms of threats you are not seeing one particular type of threat but you are now seeing the sophistication of attackers develop a number of different threat strategies into a single attack.”


 


 


KATARINA TAURIAN AND JOTHAM LIAN
Tuesday, 13 Jun 2017
accountantsdaily.com.au




30th-June-2017