SOFTWARE HOLDING BUSINESSES TO RANSOM

Written on the 19 May 2015

SOFTWARE HOLDING BUSINESSES TO RANSOM

SMALL business owners are being urged to think twice before opening emails that could contain 'ransomware' after the latest Targeting Scams Report revealed that almost $1 million was lost to these scams last year.

This Fraud Week, the Australian Competition and Consumer Commission is making business owners aware of the malware that infects a computer system by restricting access unless a ransom is paid to a scammer for the restriction to be removed.

The ACCC reported it received over 2500 ransomware and malware complaints in 2014 with over $970,000 reported lost by small businesses and consumers. 

"Several people reported losing over $10,000 to these scams, which can have a devastating effect on a small business," ACCC Deputy Chair Dr Michael Schaper says.

"Ransomware can also see your business and financial records, which may be catastrophic."

Victims reported receiving an email purportedly from a reputable sender such as Australia Post or FedEx, with a file attached that will install ransomware on your computer once opened.

"Many small businesses and consumers have reported that their computer has been frozen, with a pop-up alert that claims to be from the Australian Federal Police stating the computer has been locked because they have visited an illegal website or breached various laws," Schaper says.

"Scammers claim that they will unlock the computer if a fee is paid. However, even if you pay the ransom, there is no guarantee your computer will be unlocked and you're likely to be up for expensive repairs to your computer and the loss of your invaluable data."

"Scams like this often succeed because they look like messages from a government agency or reliable large corporation. It's important that small businesses are aware that government agencies will not send these demands and they're dealing with a scammer.

SCAMwatch tips:

  • Ensure your computer has a firewall and up-to-date anti-virus and anti-spyware software.
  • Do not click on links or download files in emails you receive out of the blue; especially if they are executable (.exe) files or zip files. These files are likely to contain malware.
  • Use a pop-up blocker as a lot of ransomware is delivered after following links in pop-up alerts.
  • If there is any doubt about the legitimacy of an email supposedly from a legitimate business, do not rely on contact details or links provided or open any attachments - contact the organisation using the number in the telephone directory or on their official website to verify.
  • Regularly back-up your computer's data on a separate hard drive so this can be easily re-installed if your computer is infected by malware or ransomware.

Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter