In a society where the internet is used much differently to the way we used to use it, many have questioned how safe it is to use for accounting purposes. There seems to be a stigma that the traditional paper methods are safer, because they cannot be hacked or accessed by the wrong person.
Recently in the media, a court case has played out detailing how a former Liberal Party staffer who allegedly stole $13.5 million from the life savings of more than 80 people has been handed an additional 51 charges.
The man in question allegedly orchestrated a systematic identity takeover, which resulted in defrauding $11 million from innocent people. Police say he used the stolen and forged personal details to modify payroll data, superannuation details and credit card records of victims across Australia. With these details, he allegedly redirected invoices or payroll payments to his own accounts. In other cases he allegedly consolidated legitimate super funds into new funds he had created, purporting to be those of the victim.
How was he able to do this? Detectives in a home search recovered documents such as tax returns, bearing the personal details of individuals he would use down at the local post office to lodge false paperwork to make changes to superfunds and access the above data.
Now, while seems like a sophisticated operation, it is not uncommon that personal data can be gained from paperwork that has gotten into the wrong hands.
So how do you keep your paperwork and information safe?
A secure data exchange portal has many advantages. Files are simply uploaded by the sender and then used or viewed via the recipient without actual transmission! Encrypted passwords make the system super safe, and have the added advantage of making all your documents available to you at any time. It is for this reason that CAAA has adopted this technology for compulsory use by all staff and clients.For more information on safety and our portal, contact your Concierge today.
Financial Product Advice – Disclaimer
To the extent applicable the above general information we have provided you is purely factual in nature and does not take account of your personal objectives, situation or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. Similarly, any tax, superannuation or self-managed superannuation fund advice we have provided is factual and not financial product advice as defined by the Corporations Act. It should be noted that taxation is only one of the matters that you need to consider when making a decision on a financial product. If you require personal or financial product advice you should consult an appropriately licensed or authorised financial advisor. Commercial Associates Accountants and Advisors Pty Ltd A.C.N 117 062 183 and its subsidiaries are not licensed to provide financial product advice.