Cybercrime on the rise

By Oonagh Reidy

Aussies are more likely to have been a victim of cybercrime than in the physical world, new research shows.

Cybercrime is now the number one economic crime with identity theft, blackmail and sextortion all on the rise.

However, Generation Y are shying away from protecting themselves online with almost three out of four surveyed failing to secure their smartphones, tablets and other internet-ready devices, new research by security firm Cisco shows.

This makes Gen Y the prime target for cyber crimes, considering the vast amount of time the internet generation spend on Facebook, Snapchat, Netflix et al. Baby Boomers, on the other hand, are far more likely to play it safe online and protect their devices.

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Gen Y are almost six times more likely to be blackmailed online than Baby Boomers, twice as likely to be both the victim of identity fraud and click on a risky pop-up, the Cisco research also showed. The startling figures come in the wake of Safer Internet Day, which fell on Tuesday, where web surfers are encouraged to be more vigilant online.

But despite using online protection, Baby Boomers are more likely to be victims of an email phishing attack since that age group conduct more of their online business via email than Gen Y.

Sixty three per cent of those surveyed by Cisco reported being targeted or the victim of cybercrime, compared to 54 per cent for physical crime.

“People are now more worried about cyber crime than physical crime,” said Anthony Stitt, ANZ General Manager for Security at Cisco.

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“Younger people are more happy to conduct their lives online and on social media. But there are ramifications for their online security,” he warned.

And although some scams are “extremely inventive” a lot of the online security can be downloaded for free, so there’s no excuse.

Ransomware, where someone’s data is held to ransom – is the most prevalent cybercrime in Australia.

It includes email phishing, where fraudsters attempt to obtain personal data such as usernames, passwords, and credit card details and demand a ransom for their return.

Identity theft – from fake passports to credit cards, has always been popular, said Stitt. Mobile malware is also on the rise, and is “one of the signatures of the last five years,” he added.