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Cyber Crime Costs and Financial Advice

According to the UK's Money Advice Service (MAS): 

UK consumers have lost more than one working day dealing with the fallout from online crime and nearly £134 per person, according to Norton Cybersecurity.

Here in New Zealand there is some dispute as to the number, this source reckons about $288 million a year, and this source says it is more like $463 million to $625 million. A rough average means that on a per adult basis we are experiencing similar levels of cyber crime to the UK. That makes sense, house-breaking is rarely international, but cyber crime is routinely international. 

But what really surprised me was what MAS had to say next

Despite this, 42% of us that have had our security compromised haven’t taken the time to change our account passwords afterwards.

Wow... so perhaps one of the most valuable things a financial planner can do for a client is probably really simple: to get them to change their passwords on all financial accounts accessed online. Insist they make them strong and unique, using an approach like this one

 

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