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ACCC Warns Of Ransomware Threat

ACCC Warns Of Ransomware ThreatThe warning comes in the wake of the release of the ACCC’s Targeting Scams Report, which revealed that almost $1 million was lost to these type of scams last year.

Ransomware, a type of malware that infects a computer system, restricts user access unless a ransom is paid to a scammer for the restriction to be removed.

A recent example of ransomware saw Symantec detail the threat of a ransomware affecting Australian computers, which employs a theme styled around the TV show Breaking Bad, encrypting images, videos, documents and more on compromised computers, demanding up to $1,000 to decrypt the files.

“The ACCC received over 2,500 ransomware and malware complaints last year, 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 commented.  

“Ransomware can also see your business losing all of its business and financial records, which may be catastrophic.”

Victims had reported receiving an email purportedly from a reputable sender, such as Australia Post or FedEx, with a file attached, installing ransomware on a computer once it is 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,” Dr Schaper stated.

“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.”

The ACCC offers the following SCAMwatch tips:  

– Ensure your computer has a firewall and up-to-date antivirus 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 reinstalled if your computer is infected by malware or ransomware.