Continuing to be scams aware

As banking moves increasingly online, it’s important to stay vigilant in protecting your digital accounts and personal information. Here are some scams to watch out for:

Hi Mum scams

Scamwatch is urging the public to be wary of phone messages from a family member or friend claiming they need help, following a significant rise in “Hi Mum” scams in recent months. Victims are contacted – most often through WhatsApp – by a scammer posing as a family member or friend.

More than 1000 Australians fell victim to the so-called “Hi Mum” scam in the first seven months of this year, with total reported losses of $2.6 million. The vast majority of these scams were reported in June and July 2022.

Investment scams

In the past year, scammers have become far more sophisticated in the tactics they use, with more than $700m lost to investment scams in 2021, data from the ACCC shows.

Scamwatch statistics showing more than $35 million lost to phony cryptocurrency schemes last year, demonstrating the need to double check unregulated investments like crypto are genuine.

Ways to avoid being scammed

• Build a network of reputable sources – including your bank, the ACCC’s Scamwatch, ASIC, your super fund, and your financial adviser, if you have one. Use these sources to check whether opportunities are legitimate.
• Watch for imposters – scammers sometimes try to impersonate reputable sources so look closely at the URL of messages, don’t click links on emails or messages unless you’re certain who it is from, and don’t be afraid to make a phone call to confirm a message is from an authentic source.
• Beware of social media – if you’re using it for financial advice or investment tips, get a second opinion from a trusted source like your bank, ASIC or the ACCC.
• Use extra caution with unregulated investments – when a market isn’t regulated (like cryptocurrency), it can be easier for fraudsters to imitate real investment opportunities.
• Use the “is it too good to be true?” test – is someone is promising a huge return for little risk? It can pay to use extra caution in these instances. If it sounds too good to be true, it usually is.

Identity theft

This year we’ve seen multiple major Australian companies taken down by cyber-attacks, and one way or another you’ve probably been caught up in the fall out. Some steps you can take to protect your personal information include:

• Secure your devices and monitor for unusual activity
• Change your online account passwords and enable multi factor authentication for banking
• Check your accounts for unusual activity such as items you haven’t purchased
• Place limits on your accounts or ask you bank how you can secure your money
• If you suspect fraud, you can request a ban on your credit report.

More information about how to protect yourself is available on the OAIC website.

If you are concerned that your identity has been compromised or you have been a victim of a scam, contact us immediately along with IDCARE on 1800 595 160. IDCARE is Australia’s national identity and cyber support service, to get expert advice from a specialist identity and cyber security service.

You can also report scams to Scamwatch www.scamwatch.gov.au and check cyber.gov.au for more information about cyber security.