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Watch out for these three scams

 New scams are emerging daily; staying aware of the trends can help avoid them. Keep an eye out for these tricks.

Scams have unfortunately become a part of everyday life, with thousands of banking customers targeted each day.

Some of these scams are pretty easy to spot, due to an unlikely backstory, spelling errors or unreasonably demanding language. Others are a little trickier.

In fact, fraudsters are now becoming more aware of the moves that work and changing their strategies and targets to increase their likelihood of success.

We’ve taken a look at some of the more recent scams to add to your radar.

1. Loyalty points scams

Some scammers have now moved beyond cash and are trying to collect people’s loyalty points.

This scam involves a text or email to a customer advising points about to expire and a link to a fake website, Scamwatch explained. Once you log in, the fraudster can collect your hard-earned points and identity information to commit fraud.

It’s catching people out because some loyalty schemes do, in fact, advise customers when points are due to expire.

A quick way to avoid this scam is to go directly to the loyalty program’s website, instead of accessing the program through a link.

2. Artificial intelligence (AI) scams

In the past few months, we’ve begun to see the power and potential of AI to help with various aspects of life. We’re also starting to see the potential for harm, through digitally altered images known as ‘deep fakes’.

Deep fakes digitally manipulate a person’s image into a new setting to make it look real and have been used to create several types of illegal content, including revenge pornography and child sex abuse material. However, they’re also being used for illegitimate investment schemes.

At the moment, deep fakes are often spotted by identifying small details you wouldn’t see in a true image, such as unusual shadows, robotic movements and changes in skin or hair tone.

3. Live chat scams

Various websites use chatbots to help visitors answer simple questions or navigate the site.

We’ve been informed scammers have recently been duplicating legitimate websites and getting people to interact with the live chat function. The pretend chatbot then tries to gain remote access to the customer’s computer for a phishing scam.

To avoid this, be extra careful about the URL of websites you frequent, especially if accessing them from an email link.  

If you’ve seen a new scam, you can report it to Scamwatch.

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Police podcast reveals more fascinating true stories of real NSW cops

An international fraudster who impersonates children, a year in the life of NSW Police Commissioner Karen Webb, and innovative geo-targeting technology that’s helping to find missing loved ones – these are just a few of the true stories featured on the Inside the NSW Police Force podcast in recent weeks. Don’t forget to tune in!

Extraordinary stories continue to be revealed in the official Inside the NSW Police Force podcast, which takes listeners through real investigations and provides insights into the lives of police officers.

Sponsored by Police Bank, the official weekly podcast of NSW Police is produced by author and journalist Adam Shand and brings to life true stories from all aspects of policing in the state.

Here, we share details of some of the episodes that have been published since our last update.

The Changeling: Samantha Azzopardi

International fraudster Samantha Azzopardi has racked up 100 charges for impersonating children and teenagers, yet her motive for these elaborate hoaxes is still unclear. In this episode, Detective Sergeant Aaron Power tells of his investigation into “The Changeling”.

The Missing Persons Registry

The Missing Persons Registry is bringing the public into the search for missing loved ones through innovative geo-targeting technology. Detective Inspector Ritchie Sim says he wants more people to get involved.

Resilience: In Memory of Constable Peter Forsyth

Two long-term frontline officers discuss dealing with trauma in their lives and policing careers. Senior Constable Brian Neville was with Constable Peter Forsyth when Forsyth was murdered by a suspect in 1998. For Detective Sergeant Kylie Whiting, it was the death of a stranger that led her to a life of public service.

One Year with Commissioner Karen Webb

NSW Police Commissioner Karen Webb discusses her first year in the top job and the principles that have guided her through a long career. The commissioner sets out her agenda in tackling domestic violence and organised crime.

Operation Trawler: Protecting Our Kids

Operation Trawler is one of NSW Police’s most successful pro-active squads, targeting online paedophiles by posing as potential victims. In this episode, Detective Chief Inspector Chris Goddard and Detective Sergeant Natalie Stojceski take listeners behind the scenes of this high-stakes work.

We urge you to take the time to listen to this extraordinary podcast, which will cover all facets of policing in NSW.

You can access the podcast on Apple Podcasts and Spotify. Go here for more information.

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Rates announcement – 25th August

After careful consideration we will be increasing 2, 5, 7, 9 Month Term Deposits.  These changes will be effective on the 25th August 2023.

New Business:

  • 2 months from 0.40% to 1.40% (increasing by 1.00%)
  • 5 months from 1.90% to 3.00% (increasing by 1.10%)
  • 7 months from 2.00% to 3.00% (increasing by 1.00%)
  • 9 months from 2.05% to 3.75% (increasing by 1.70%)

Information about the new rates is available here.

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Tackling mid-year debt

If you’ve spent a bit more than you planned in the first half of the year, now could be the right time to make a debt plan. These tips may help.

Many of us are feeling the pinch at the moment, thanks to high inflation and interest rates. Some have turned to credit cards or other loans to get through the first half of the year.

While taking on extra debt can be a short-term fix, it can also create household stress. If you’re hoping to squash some of your recent debt, here are a few strategies that may be worth thinking about.

1. Work out the full picture and a plan

If you’ve got different types of debt, it can be useful to document the amount, the interest rate, minimum payment, and type (holiday, car, etc.) in a spreadsheet or on a piece of paper. Once you have the full picture, it may be easier to work out an approach for chipping away at the money you owe.

Popular strategies include: the debt snowball, where you pay off small debts first; the debt avalanche, where you target larger or higher-interest forms of debt first; and debt consolidation, where you merge forms of debt into a single account.

No debt strategy works for everyone, so it’s about seeing what may work best for you and your circumstances. If you’re not sure or feel overwhelmed, you can speak to a professional, like a financial planner or a financial counsellor (see details at the end of this article).

2. See if making cutbacks can help

To pay off debt, we generally either need to find savings in the budget or earn more. The latter isn’t always easy, but sometimes things can be cut out of weekly or monthly spending lists to help pay down money owed.

Examples of potential things to save on include meals out, brand-name groceries, monthly entertainment subscriptions and things like phone or energy plans. 

Once you’ve found a bit extra in the budget, the idea is to channel that extra money towards debt.

3. Know when to get extra help

Some people find their debt has got away from them and they may need a bit of extra assistance to get it back under control. If you’re in this position, there are several things you can do, such as:

  • Speak to us, at Police Bank – If there are special circumstances that have stopped you from making repayments, we may be able to work out a strategy to help.
  • Contact a financial counsellor – You can speak to someone for free via the National Debt Helpline on 1800 007 007.

If you’re not in immediate trouble, but do want some debt planning, you can also speak to a financial planner for personalised advice – but this comes with a fee.

Ultimately, everyone tackles debt in a slightly different way, so it’s worth spending a bit of time to figure out what works for you.

General advice warning:

The information provided on this webpage is intended to provide general information only and the information has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs.

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Why financial advice can be valuable in tricky times

With costs rising and financial markets looking uncertain, many Australians are turning to advisers for help. Here’s are three ways our trusted financial advice partner may be able to assist you.

When it comes to money challenges, the past year may have felt like a perfect storm. We’ve seen interest rates rise, the cost of living has climbed steeply, and the share market has been bouncing around.

It has left many people, both within and outside the police force, wondering how to navigate these challenging economic times.

Given the unpredictability, some are turning to financial advisers – like Police Bank’s Chelsea Wealth – to help create a budget, managing repayments, invest for the future, and make the most of superannuation.

While there are thousands of qualified advisers in Australia (you can do a search here to check an adviser’s credentials), Chelsea Wealth has specific experience looking after police.

Three ways Chelsea Wealth can help

1. Navigating benefits for experienced officers

If you were employed by the NSW Police Service prior to 1988, some of your super savings may have gone to the Police Superannuation Scheme (PSS).

Chelsea Wealth has plenty of experience helping members of this scheme work out their entitlements, along with decisions around whether to take a lump sum or pension.

2. Making the most of other super entitlements

Chelsea Wealth has also helped members maximise their retirement savings by taking advantage of the State Authorities Superannuation Scheme (SASS) contribution matching.

Under the scheme, members who make additional personal contributions to their super (up to a limit of 9 per cent of their annual salary) can have some of those contributions ‘matched’ by their employer. Essentially, by adding extra money to super, members can accrue benefit points, which equate to extra entitlements at retirement.

Chelsea Wealth can also help pre-retirees with Aware Super and other funds work out how to add to their nest egg in a tax-effective way and how much they need for a comfortable retirement.

3. Managing cost-of-living changes

Rising costs have left many homeowners and renters with less cash to spend each week or month.

Chelsea Wealth can help find ways to offset the pain of these economic changes; that could mean finding a more suitable mortgage package, tax-effective investing, minimising discretionary expenses or accessing all the benefits for which you are eligible.

Whether you’re struggling with the current financial climate or would like help setting yourself up for the future, Chelsea Wealth advisers are here to help – today or down the track.

Click here to learn more.

General advice warning:

The information provided on this webpage is intended to provide general information only and the information has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs.

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Five reasons to switch to a digital wallet

Digital wallets are a convenient and secure way to store your payment information. Here’s why you may wish to add one to your phone or watch.

If your bank and credit cards have lived safely in your back pocket for decades, making the switch to a digital wallet may not sound so appealing; however, there are many advantages to the newer way to pay, including enhanced security, convenience, and payment tracking.  

A digital wallet stores payment information securely on a connected device, such as your phone or watch. When you go to a shop or use an app to pay for something, the digital wallet brings up your card information for the transaction.  

Here are five reasons you may wish to consider moving to the newer technology.

1. Its secure

In an age of heightened financial fraud, it’s natural to be worried newer forms of payment technology could make you more vulnerable. However, that’s usually not the case with digital wallets.

The technology uses tokenisation to keep your information safe. In other words, your data is encoded in a way that makes it difficult for hackers to access.

Having said that, no payment technology is completely foolproof, so it’s still important to use strong passwords, keep an eye on your transactions, and try not to lose your phone.

2. It’s easier to track payments

With a digital wallet, you don’t have to log onto your home computer or wait for a bank statement to see what you (or someone else) have spent. A record is kept on your device that’s easily accessible at any time.

It means if you’re worried about a suspicious transaction, you can catch it quickly. The same goes if you think you’ve been overcharged.

3. It’s a one-stop shop

A digital wallet can hold many forms of currency, including credit cards, bank cards, gift cards and loyalty cards. It can also store travel and event tickets, which means you don’t have to worry about leaving anything behind – except for your phone or watch.

4. It’s lighter than a physical wallet

With a digital wallet, the days of heavy pockets are behind you. The wallet can store dozens of different passes and cards without any additional physical weight.

5. It simplifies travel

Many of us have travel horror stories, where a card has been stolen or snapped up by an ATM, a pin code hasn’t worked, or a payment method has been blocked. It can turn an otherwise relaxing holiday into an administrative nightmare.

A digital wallet protects against the above scenarios. The wallet recognises you overseas via a passcode or face/touch ID, which means you don’t have to worry about theft or being locked out of your account. As mentioned, there’s also an extra layer of protection to stop your accounts from being compromised.

While it may feel strange at first to let go of a physical wallet you’ve become accustomed to over decades, moving to a digital wallet may just simplify your financial life.

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Footy, snags, and a great cause

In a world where community matters more than ever, Police Bank remains deeply committed to actively participating and fostering the wellbeing of our police force and their families. As we embark on the second half of the year, let’s take a moment to reflect on our recent initiatives and contributions!

NSW vs QLD Police Rugby League

It was great to see the NSW Police Rugby girls and boys back on the field last month in a nail-biting game of footy against their Queensland equivalents! The match was packed with solid tackles and incredible tries.

Heart2Heart

What an incredible opportunity it was to witness the historic moment when the first group of Heart 2 Heart walkers embarked on their momentous journey from Lambert’s Geographical Centre of Australia in the Northern Territory, setting out towards Government House in Canberra.

Before their departure, Boyd Stewart, our Head of Partnerships and Engagement, participated in a solemn smoking ceremony. This ritual also included a symbolic baton handover, containing the 14 vital recommendations from the 2019 Senate Inquiry Report addressing first responder suicide, PTSD, and premature mortality. Throughout their expedition, this baton will accompany the walkers, and upon reaching their destination on 28 September 2023, it will be presented to the Prime Minister at Parliament House.

Thank A First Responder Day

Our first responders bravely serve on the frontline, working tirelessly to ensure our community’s safety day in and day out. That’s why Thank A First Responder Day holds immense significance, as it allows us to express heartfelt appreciation for their unwavering dedication.

Our Newcastle branch, represented by Wendy and Tamika, proudly joined in on the activities alongside more than 100 first responders, including police officers, firefighters, and paramedics. We’re committed to showing up for our community and fostering meaningful connections with those who serve and protect us every day.

 

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Rates announcement – 28th July

After careful consideration we will be increasing the interest rates to our fixed rate Owner Occupier and Interest Only Home Loans.  These changes will be effective on the 28th July 2023.

New Business:

-Owner Occupier P&I and IO increasing all 2 year fixed rates by 0.10%

-Owner Occupier P&I and IO increasing all 3 year fixed rates by 0.20%

-Investor P&I and IO increasing 2 year fixed rates by 0.10%

-Investor P&I and IO increasing 3 year fixed rates by 0.20%

Information about the new rates is available here.

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Rates announcement – 10th July

We have some fantastic news for our term deposit members, we are increasing our 12 Month Term Deposit rates effective 10 July 2023 by 0.25% p.a. This rate increase will appeal to members who are looking for a higher interest rate and are comfortable locking their funds in an account for a fixed period of time.
Information about the new rates is available here.