Financial planning is important for everyone. Having a solid financial plan can benefit people whatever income levels and backgrounds he is. It is imperative to have a proactive approach to securing financial well-being especially in today’s economic climate. Being prepared financially can help us reach our goals. Investing in our future requires careful planning to maximize financial returns while minimizing the risk to our investment. Today is the best time to plan and prepare for our retirement. The earlier we start planning for our retirement the better we will be financially prepared once we stop working.
Start planning for your retirement today by taking control of your superannuation. A self managed superannuation fund can help you take control of your assets. An SMSF gives you total control over how your super is invested. Make your own investment choices for your retirement than leave your super to be invested by others. An SMSF management company can help set up your account, establish fund and insurance, help in administration, actuarial, accounting and taxation.
There are over AU$400 billion in assets owned by SMSF. Due to its popularity, it’s not quite surprising that it is often the target of hackers and thieves. SMSF were more exposed to cybercrime because people rarely checked their accounts. Now that financial transactions are normally done online, it is much easier for cybercriminals to steal our private information, assume our identity and steal our assets. So you might be asking, are your financial planning details safe from hackers? Nothing is 100% safe today, even cloud storage can be compromised. Cyber hacking is becoming common these days. Banks and even government agencies have been victims of hacking.
Most people store their personal information on their devices. It is important to protect your devices when you’re online. Personal information can be stolen without your knowledge. The common denominator in all types of cybercrime from phishing to investment scams is the misuse of personal information. Information such as name, address, date of birth, phone number, tax file number and bank details should be kept. Your identity can be compromised every time you give your personal information online.
Here are some tips for DIY investors to protect their SMSF against hacking:
Be wary of websites – hackers are becoming more sophisticated they are creating websites that looks convincing even providing links to fake regulatory and government sites to add credibility.
Do not give your BSB and account number to anybody or send it via email. Bank details can be illegally used to empty the cash in your account.
Protect your identity – keep your personal details such as name, date of birth, address, photo and signature as secret as possible. Limit the amount of personal information you publish online.
Secure your devices – your computer or mobile devices may have a virus that collects your personal information and send it to the hackers. Ensure that you have a security software and strong password. Regularly update your software when fixes become available.
Ignore unsolicited email offers to purchase your SMSF shares. Guard your email address, it is best to delete messages if you don’t recognize the sender’s name.
Don’t respond to messages that your account will be closed and ask for personal information.
Websites where sensitive information is required like shopping or banking should have an “s” after the “http” the s stands for secure and should appear before you login. Small lock icon should also appear on the address bar.
If you suspect that your account has been hacked, the first thing you should do is to report the issue to the Australian Cybercrime Online Reporting Network. ACORN is a one-stop shop where you can submit a complaint to be forwarded to the relevant agency to see if it warrants an investigation. It also gives advice to help people recognize and avoid hacking or any common types of cybercrime. Reporting cybercrime will help protect yourself from future attacks and ensure that law enforcement resources can help your case.