Think malware is a term used to describe clothes you go shopping in? Then you might have a big problem. Malware is what’s known as a syntactic form of identity crime – where fraudsters attempt to exploit technical vulnerabilities in order to commit fraud. Today the total malware count is just shy of 80 million. That’s scary stuff. We tell you exactly what it is, and what you can do to prevent your personal information from being exploited by fraudsters and prevent debt and bad credit history from credit fraud.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Last week I received a warning from the Stay Smart Online alert service about a new spam email containing a Trojan horse virus as an attachment. This must have caught out enough people for SSO to put out a warning about it. In fact, new forms of malware catch out millions of people every day. It is reported there are 55,000 new unique malware samples per day sent out there. So how can we stay on top of it?

Stay Smart Online defines malware, and explains how it can infect your life through your computer:

What is ‘malware’ and how does it affect your computer

Malware—short for ‘malicious software’—is the term often used to refer to any type of malicious code or program that is used for monitoring and collecting your personal information (spyware) or disrupting or damaging your computer (viruses and worms).

Spyware

The term spyware is typically used to refer to programs that collect various types of personal information or that interfere with control of your computer in other ways, such as installing additional software or redirecting web browser activity.

Examples of spyware include:

Keyloggers

A keylogger is a program that logs every keystroke you make and then sends that information, including things like passwords, bank account numbers, and credit card numbers, to whomever is spying on you.

Trojans

A Trojan may damage your system and it may also install a ‘backdoor’ through which to send your personal information to another computer.

Viruses and worms

Viruses and worms typically self-replicate and can hijack your system. These types of malware can then be used to send out spam or perform other malicious activities and you may not even know it.  Both can use up essential system resources, which may lead to your computer freezing or crashing.  Viruses and worms often use shared files and email address books to spread to other computers.

How does your computer become infected with malware

Most spyware is installed without your knowledge. It often gets onto your computer through deception or through exploitation of browser vulnerabilities.

•Spyware can come bundled with other software. When you download a program, the spyware can be downloaded and installed at the same time.
•Some spyware infect a system through security holes in the Web browser or in other software. When the user navigates to a Web page controlled by the spyware author, the page contains code which attacks the browser and forces the download and installation of spyware.
•Be wary of USB sticks from unfamiliar or untrustworthy sources, for example those given away at conferences, trade shows, or in promotional packs. These devices may contain malicious software, which could cause severe damage to your computer or compromise your personal information.
•Some “rogue” spyware programs masquerade as security software.
•Worms can also be used to install spyware on your computer.

A recent article published in the Sydney Morning Herald Tech Section has some alarming concerns from some pretty hefty security people about the internet’s battle with malware. Many wonder if we could possibly be losing the fight against it – with updates unable to keep up with new developments, and anti-virus letting some slip through the cracks. If you’re game, you can read this article here: Anti-virus can’t keep up with threat onslaught.

Concerns aside, far and away the best way we can have any hope of fighting it – is with installing updates on our computers. Here are Stay Smart Online’s best tips for preventing malware:

How to prevent spyware from getting onto your computer

•Install anti-spyware and anti-virus software and set it to automatically check the product website for updates. This will ensure that your computer is protected against the latest viruses and spyware.

•Install a firewall. It will prevent unauthorised access to your computer and the installation of spyware on it. Some firewalls can also prevent information being taken from your computer and sent to someone else.

•If you must use a USB stick from an unfamiliar source, you should always scan the USB stick for viruses or other malware before accessing any of its content. You should also disable the autorun function, which is commonly enabled on the Microsoft Windows operating system. This will lessen the risk that any malicious software that may be on the USB stick, will automatically start when you connect it to your computer.

•Keep yourself informed about the latest security threats and solutions. You can sign up for the free Cyber Security Alert Service from this website. Alternatively, your anti-virus software vendor may have an email alert system. Look for a ‘keep informed’ tab or section on the software’s main screen.

•Be cautious about opening emails from unknown or suspicious sources. Look at the sender of the email as well as the body and the subject of the email. Do not open email attachments or click on hyperlinks in these emails. You should install spam filters to minimise the amount of spam you receive.

•Set your anti-virus software and anti-spyware software to automatically scan incoming email.

•Only download files and software from reputable web sites. Read the licence agreement and terms of use before you download software and don’t download it if you don’t understand or trust the terms and conditions.

•Be wary when exchanging files even with colleagues or friends. Scan the files before you install them or run them on your computer.

•Never click on an ‘Agree’, ‘Ok’ or ‘No’ button to close a window on a suspicious website or pop-up. This can launch spyware onto your computer. Instead, click the red ‘X’ in the corner of the window to close the window.

Your credit file at risk

In SMH’s article, Charles Wale, security and risk consultant at Lee Douglas and Associates, who has consulted for over 50 ASX-listed companies says consumers need to realise their machines are targets.

“They are after your personal information for identity theft and login details, especially for banking sites so they can remove funds in their favour,” he tells SMH.

What can fraudsters do if they can get their hands on your personal information?

They can steal passwords to your bank or credit accounts and they can also create a patchwork quilt of information that can allow them to eventually have enough on you to request duplicate identity documents, and apply for credit in your name.

Running up credit all over town, perhaps buying and selling goods in your name, or in some cases mortgaging properties – the victim can have a stack of credit defaults against their name by the end of their ordeal – and sometimes no proof it wasn’t them that didn’t initiate the credit in the first place.

Recovery can be slow, and in some cases victims have had no way to prove they weren’t responsible for the debt – with fraudsters leaving no trail and the actual identity crime happening long before the fraud took place.

So to prevent devastating identity crime, which leaves you in debt and can leave you without any way of obtaining new credit for years to come, make it your business to educate yourself on internet and or computer risks. And think before you click….it could save your financial future.

If you need help in recovering your good name following identity theft, you may find a professional credit repairer can give you the best chance at having the defaults removed from your credit file. Contact MyCRA Credit Rating Repairs on 1300 667 218 for more information.

Image: Idea go/ www.FreeDigitalPhotos.net