The shocking risk of using email communication for sensitive information.
Whether we are at work, study or home, email communication has become the main way in which we converse. Why is it that we share our personal information across an often unsecured an unencrypted platform without a second thought? Andrew's story might change that.
Did you know that Australians have lost more than $80 million dollars at the hands of online hackers and fraudulent activities often involving email communication?
Hacking and fraudulent activities are becoming all too common and have been exacerbated by the Coronavirus Pandemic, that has been witness to the dramatic rise of online communication, technology usage and therefore, cybersecurity risks.
This is a scary reality that is facing every day Australians, who are at risk of having their lives and loves ones dramatically affected by not being aware of the security risks of communicating with professionals using email. Let's take Andrew's story for instance.
Andrew's Story
In April of 2020, Andrew had signed a contract for a purchase of a property in rural Victoria. An exciting time in his and his partner’s life. However, what seemed like a joyful and standard transaction, turned out to be close to a traumatic experience when Andrew discovered that he was almost the victim of a fraudulent activity.
As the terms of Andrews contract for sale started to take effect, an initial deposit of $40,000 became due and payable. As per the new covid-normal, the agent emailed Andrew the Trust Account details into which the deposit needed to be paid into. The email contained information such as the agents letterhead and account details, and was attached to and followed on from numerous other emails in relation to the transaction. An email trail, if you will. The email was received on Friday afternoon. However, by Friday evening, Andrew received a similar email claiming that the deposit was required immediately and new trust account details for it to be paid into. On contacting his agent by phone, the agent was shocked and was concerned that their new communication software could have been the cause of the hack. A similar situation occurred when arranging insurance with the property where Andrews broker received emails, along with the full email loop asking for money to be paid into a fraudulent account.
Lucky for Andrew, trusting his instinct that something did not seem right, saved him from losing a substantial amount of money. However, not saved from his details now being with hackers.
How is the LifeReady platform safer than Email?
The solution that the LifeReady platform offers is simple. Using our patented KeyCrypt technology we have created a SaaS platform whereby you can store your important documents and securely share these documents with your assigned Trusted Party. For instance, if you were on the verge of purchasing a property (just like Andrew was) and needed to provide Trust Account details to your Agent, you could simply add your Agent as a Professional Trusted Party and share this document with them, and delete this process after completion. Here you are communicating documents through a zero-knowledge and maximum security platform, protected from fraudulent activity (and safer than email).
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If you would like to learn more about how LifeReady can help you organise, store and share your important life information, or to try out our platform contact us here: lifeready.io
