The future of security: how will you keep your money safe in the long run?

When you think about your financial future, what springs to mind? Building wealth, travel plans, buying a home, a special purchase? Whatever your aspirations are, they’re supported by security, and a reliance on your money staying safely in your hands.

The future of security is likely to be defined by themes already familiar to us today — but in a more pronounced way. In other words: it’s time to double down on your digital hygiene, the technology you use, and your know-how when it comes to spotting and preventing malicious behaviour.

Security as your mindset

Right now, you might see security as an add-on to your daily tasks. It might be something you consider at the point that you make a payment or decide on an investment.

However, when it comes to keeping your money safe, security should be ingrained — not an afterthought.

What does that mean? It means adding security to your criteria when you’re picking service providers. It means sussing out the security credentials of any person or platform you engage with. It means prioritising security like you would prioritise any other important money habits, like saving.

“We are a big part of our customers’ everyday lives. When we think about designing security products, we think about security in every step — so that it’s a seamless, integrated part of their banking,” says Luis Uguina, chief digital officer at Macquarie Bank.

“For us, that’s the way of the future, for both security and customer experience,” says Uguina.

Dr Surya Nepal, a senior principal research scientist at the CSIRO’s digital specialist arm Data61, encourages good “digital hygiene” as a part of your day-to-day life.

He explains how scammers and fraudsters rely on unsolicited contact and for their victims to slip in the heat of the moment.

“One of the greatest challenges today is raising awareness about cyber hygiene in a world driven by social media and instant messaging,” he says.

“Cybercriminals employ simple, low-cost methods to steal money from Australians,” he adds.

“But most of these threats can be avoided by following basic cyber hygiene practices when accessing digital services.”

Technology as your superpower

We all know how transformative technology is. When it comes to managing your money, technology has revolutionised our control, access and visibility.

As a first step, it is critical to use that technology properly, and to your advantage.

“Stay vigilant by following key cybersecurity and safety practices. They include strong and unique passwords that are changed regularly, enabling multi-factor authentication, keeping your devices’ software up to date and only installing verified trusted applications,” says Dr Nepal.

The flip side of the positive impact of technology is the rise of scam and fraud operations that can leverage digital communications, deepfake technology and popular online platforms such as social media. When artificial intelligence (AI) can help generate content that looks legitimate and trustworthy, your own judgement might not be a match for a cyber criminal.

Technology that is designed to protect you in this environment is one of your best defences. To put it another way, if scammers and fraudsters have sophisticated technology at their fingertips, you should make sure yours is one step ahead.

Ilona Oshana, head of digital banking experience at Macquarie Bank, believes the reliance on technology as a primary defender will only grow into the future, and she sees risks for Australians who aren’t already ahead of the curve.

She and the engineering teams at Macquarie Bank are looking to continue enhancing the technology they roll out to their customers, such as Macquarie Authenticator, rather than relying on traditional methods of verification. Macquarie Authenticator is a multi-factor security and verification app, which is bound to a device — not a phone number.

“Using SMS for security is an outdated approach compared to multi-factor authentication,” she says.

“We wanted to flip that on its head when we were creating Authenticator.”

Knowledge as your armour

You might imagine that the third ingredient to the future of security is a concept or a creation that is in its early days, ready to roll out to the world.

But really, it’s a tried-and-tested tale as old as time: if in doubt, don’t.

Your security might be front of mind and your technology might be market-leading — but scammers and fraudsters rely on you overriding those instincts and protections to part with your hard-earned savings.

Keep yourself up to date with trusted sources, such as the Australian government’s Scamwatch, on best practice to protect yourself. And remember, you can stop a scammer in their tracks with simple steps such as independent verification. Don’t trust a promise, trust your research.

Unsolicited call? Text out of the blue? Email requesting an urgent transfer? Your bank won’t do that to you. Pausing and processing before you proceed is a line of defence and, together with the right technology and digital smarts, it’s a strong one.

Macquarie Authenticator is a multi-factor authentication app designed to maximise your security and provide a beautiful banking experience. To learn more, visit Macquarie.com.au/Authenticator.