"In the Wake of Recent Data Breaches, Here's Why You Need to Check Your Credit Score. It Could Even Help Track Down Criminals"
Millions of Australians' privacy has been violated due to recent cyberattacks on Optus, Medibank, and other companies. Cybercriminals stole sensitive health and financial information that could be used to demand a ransom from victims, commit fraud, and more. Although law enforcement agencies are still investigating the source of these attacks, two things are already clear to cyber and national security experts. According to researchers Sascha-Dominik (Dov) Bachmann and Mohiuddin Ahmed, those who have been impacted by such attacks should check their credit records. They also say that Australia's international cyber engagement strategy, which outlines collaboration with other countries to maintain national cybersecurity, desperately needs an update. Making money is said to be the most common motivation for cybercrime, as the return on investment can be significant. A recent estimate found that a low-end attack that costs about $34 could bring in $25,000, while a few thousand dollars spent on a more sophisticated attack could bring in $1 million for cybercriminals. Hackers could demand a ransom in return for the stolen information, and if that fails, they can make money from it in other ways. For example, names, birth dates, email addresses, driver's license numbers, and Medicare and passport information were stolen in the September Optus attack. Applying for credit cards is a quick way to turn this data into money. Many credit card companies have simple and streamlined identity verification processes. Along with stolen information such as a name, address, and driver's license number, cybercriminals will require an email address, a phone number, and paystubs. Phone numbers and email addresses are simple to provide, and it is possible to generate fake payslips using free websites. In some cases, cybercriminals can use the credit cards immediately if they are approved. Unless the victim's credit report is checked as part of a subsequent mortgage or credit application, the victim will be unaware of the existence of this credit card. Although cybercriminals take steps to stay anonymous, applying for a credit card leaves traces that can be used to track them down. This article continues to discuss how cybercriminals can turn data into credit, how to track cybercriminals, and the need for stronger data protection rules.