CONSUMERS have been advised to adopt a zero trust principle when it comes to online activity.
A leading international cyber-psychologist in the fight against fraud said people must always verify information sent to them.
The expert was commenting after Bank of Ireland research revealed that over 68pc of those surveyed are worried about being targeted by online fraudsters.
Bank of Ireland said the research reveals that fraudsters are contributing to the stress of the nation due to fears people will be scammed.
There has been an increase in people receiving a fraudulent email, text or call. The percentage getting these dodgy messages has risen from 55pc last year to 61pc this year.
Cybercrime expert Professor Mary Aiken advised: “We need to adopt the ‘zero trust’ principle – that is never trust, always verify when it comes to online activity and protecting personal and financial information.”
Her advice came as the Central Bank issued warning notices against three unauthorised firms that hold no authorisation from it.
The regulator warned about Consdorf Investments ICAV (Ireland) has been operating as an investment firm or investment business firm in the State in the absence of appropriate authorisations.
This unauthorised firm cloned the name and address of Consdorf Investments ICAV which is a Central Bank authorised firm.
Consumers were also warned to be weary of unauthorised retail credit firm Business Credit Corporation, while a company called Fair Finances had cloned the details of a regulated firm, the Central Bank said.
Bank of Ireland teamed up with Prof Aiken to understand what drives customers to click on links in text messages that they believe are from their bank.
She said our behaviour can make us more vulnerable to online fraud.
What she called online disinhibition can play a major role in fraud. This means that people sometimes do things online that they wouldn’t do in real life, like revealing personal information and taking more risks.
The Covid crisis also means people are psychologically vulnerable.
Prof Aiken said we have been subjected to an “infodemic” over the past 18 months which can cause increased levels of anxiety.
When people become anxious, it can raise their level of vulnerability.
This can create an attack vector for cybercriminals who may, for example, place an urgent instruction in their communications regarding personal or financial information.
She also cited risks due to cognitive dissonance.
This describes the mental discomfort that results from holding two conflicting beliefs or attitudes.
For example, we know we should be wary of public wi-fi as we do not know who set up the network, and we understand that malicious users could capture passwords or intercept what we are doing online.
Prof Aiken said that many of us, when we really want to connect, ignore the risk, and do it anyway.
“The Gardaí also reported an increase in online crime up 50pc last year – with criminals moving away from traditional types of theft and robbery to attempting to defraud people online.”
She added: “It’s difficult: trust is a very human trait but in an age of technology we have to adapt. When it comes to personal information or financial transactions, the ‘zero trust’ principle must be front of mind – never trust, always verify.”
Consumers were advised to: