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

CROWN EMPLOYEES CONVICTED, JASON O'CONNOR TO SPEND 10 MONTHS IN JAIL

CROWN Resorts (ASX: CWN) employees who were arrested in October last year on suspicion of gambling offences have b...

QUICK TURNAROUND FOR $20 MILLION OFFICE IN MELBOURNE OUTER-EAST

AN office building in Melbourne's outer eastern suburb of Mount Waverley has sold for $20.5 million just two year...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

Related News

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

CHINESE TECH FIRM LOOKS TO AUSTRALIA FOR 'CUTTING EDGE' IDEAS

CHINESE ed-tech company Retech Technologies (ASX: RTE) has listed on the ASX after raising $17.9 million from its IPO...

COLLINS FOODS GOBBLES UP MORE AUSSIE KFC STORES

COLLINS Foods Limited (ASX: CKF) has purchased 28 KFC restaurants from Yum! Brands Inc for $110.2 million, adding fur...

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