The Key to Avoiding Scams is Being Informed

Even though we all like to think we are smart enough to avoid falling for a scam, last year scammers cost Australians a total of over 480 million dollars.

Scammers utilise increasingly complex techniques every year to defraud us of our money or sensitive personal data. It’s critical to acknowledge that even the most knowledgeable individuals can become victims of scams that are constantly changing to defraud us. Let’s identify common scams and learn how to stay away from them.

 

 

Photo by SHVETS production

 

Phishing Scams Are Still Hitting All-Time Highs

Phishing is the most prevalent kind of scam and is becoming more and more popular. Phishing scams target everyone, and everyone with an email account or a mobile phone is at risk, which is why they are so prevalent, in contrast to romance scams that target those yearning for love or financial scams that target investors.

Last year, there were around 109,000 reports of phishing scams, with $26.1 million in damages (up 6% year over year).

These could seem like emails or texts from a scammer posing as a reputable company or government agency you are familiar with.

They are made to trick you into giving them personal information so they can steal your identity or gain access to your bank and/or superannuation accounts. Or they can just be requesting that you give them money to settle a tax bill, an overdue invoice, or a “fine.”
Additionally, there are scammers that pose as someone you know in order to defraud you of your money. The “Hi mum/dad” SMS, in which the con artists pose as one of your children who has misplaced their phone and is in urgent need of money transfers, is a classic that has been making the rounds.

 

How To Stay Out of Trouble

How can you protect yourself, then, considering how compelling these messages can be? Since awareness and understanding what to look for are the best defenses, let’s examine some typical traits of scam emails and messages as well as some frequent techniques used by scammers to help you stay safe and vigilant.

• Threats or an urgent call to action: Scammers frequently instill a sense of urgency by advising you to act right away in order to receive a reward or stay out of trouble. They want you to respond without giving it much thought or verifying the authenticity of the email or message.

Pro Tip: Have doubts. If a message calls for immediate action, proceed cautiously.

• Emails that appear to be from a reliable source: Scammers are frequently skilled at imitating a company’s branding, and they may initially appear to be fairly authentic.

Pro Tip: Spelling errors and a generic greeting are two warning signs to watch out for (if the communication is from a provider, they should have your name on file). Examine the email source thoroughly. Subtle misspellings of the authentic domain name are used by scammers. For example, swapping out “o” for a zero or “m” for “r” and “n.”

• Suspicious links: Scammers employ links to online forms that can look quite similar to the actual thing in order to obtain your personal information. These links frequently contain harmful attachments that infect computers with malware and viruses. Don’t open any links or attachments in emails or messages you think are scams.

Pro Tip: Move your mouse pointer over the link, but do not click it. If the address that appears when you hover over the link is the same as the one that was put in the message, check it out.

Enter the official web address into your browser to access a provider’s website instead of clicking on a link. You might also look out the official website using a search engine and use that to log in.

 

It is more crucial than ever to remain alert and provide yourself with the necessary tools to ensure that you do not fall for phishing attempts, since they are getting increasingly difficult to identify and steer clear of. Get in touch with your bank and report the issue to Scamwatch if you believe you may have been the victim of a scam.

Dealing only with trustworthy, registered providers is an important safety precaution for financial products. For more tips and financial advice, get in touch with our Success team. We can help you recognise scammers and ensure your financial stability both now and in the future.

 

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