Scammers are more active and creative than ever with police and Scamwatch urging the public to be more cautious with phone messages, calls, and suspicious emails and links. More than 1,150 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, according to police reports.
At SCCU, we use the latest technology to keep your accounts and cards secure from fraud, and our team is trained to help you avoid scams. We have helped customers avoid more than $200,000.00 in losses by helping them double-check the information they received from scammers in the past month. However, with the rise of scam activity across the world, including the recent Optus data breach, it is important to know how you can identify potential scams, minimise the risk of any fraudulent activity and help prevent other people close to you fall for scams.
Scams trending now
Hi Mum: The “Hi,Mum” scam where the scammer will impersonate a family member, usually a daughter or son, and ask to borrow money. They will do it thought a phone message or a call, make it sound urgent, and use an excuse saying they have lost their phone or something similar.
Here are a few things you can do:
- If receiving a message, call your children, parents or relative to confirm they are the ones communicating with you.
- Ask personal questions and more details before going ahead with the transactions.
- If receiving a phone call, ask for a video call before transferring any funds.
- Call your bank and ask for guidance if you are unsure.
“We have seen an explosion in the number of ‘Hi Mum’ scams in the past couple of months, and so we are warning Australians to be very wary of messages from unknown numbers claiming to be from their children, parents, relatives or friends,” ACCC Deputy Chair Delia Rickard said.
Fake Advertisement: The fake bank or financial institution advertisements. It is a global phishing scam occurring that is targeting bank customers worldwide with bogus bank or financial institution advertisements on search engines such as Google, Yahoo and Bing. The bogus advertisements include a direct link to a fake internet banking login page. In some cases, it can be followed by a phone call.
Here are a few things you can do:
- Never use a search engine link or any links in search engine ‘paid ads’ to access your internet banking, and always check the URL that you are using to determine its authenticity.
- Always access internet banking securely through the official website.
- As an alternative option to browser-based banking, download and use the App banking channel on a smart device.
- If receiving a call, check if it is from a mobile number or an overseas number.
- If in doubt, call the bank to confirm the information.
Investments scams: Term Deposits, crypto and quick return investments scams make the majority of scam losses, with $113 million reported this year. With the rise in interest rates, people are shopping around for the best rate and visiting websites with the option to invest their funds. The website appears to be completely legitimate, and in some cases, they even receive a confirmation email to only find out months later that the account doesn’t exist.
Here are a few things you can do:
- Double-check the website address you are using.
- Try and speak to someone directly via phone or video conference.
- If connected to a finance institution, get in contact with that particular institution before proceeding.
Find more information on current scams on the Scamwatch website and MoneySmart websites, and visit the SCCU Security Centre to stay updated on the latest scam, fraud and security alerts.
The ideas, discussions, options and details expressed in SCCU Blogs are for general informational purposes only and are not intended to provide specific personal advice or recommendations for any individual or on any specific security or investment product. We intended only to provide education about the financial and banking industry to make the complex simple, and help everyday customers realise their dreams.
