Protecting yourself from scams
03 June 2024
5
min read
Australians lost more than $82 million to financial scams in the final three months of 2023, according to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch figures.1
This figure was down by 43% from the same quarter in 2022, and down by 26% from the July to September 2023 quarter.
The end of 2023 marked 6 months since the National Anti-Scam Centre was established to coordinate government, law enforcement and the private sector to combat financial scams and build on the work of the Scamwatch service.
Compared to the same quarter in 2022, the National Anti-Scam Centre has seen significant falls, including:
- 38% decrease in investment scam losses to $52.4 million
- 74% decrease in losses by cryptocurrency to $12.4 million
- 31% decrease in losses by bank transfer to $40.2 million
- 22% decrease in losses where social networking is the contact method to $15.9 million.
Read the National Anti-Scam Centre's October to December 2023 quarterly update.
Be aware of the tactics
Always be on the lookout for contact from scammers on email, phone, text message or social media. Look out for suspicious or unexpected activity across your online accounts and report anything immediately. If someone contacts you asking for access to your computer, always say no.
Red flags: Common signs of a scam
- It's an amazing opportunity to make or save money
- Someone you haven't met needs your help – and money
- The message contains links or attachments
- You feel pressured to act quickly
- They ask you to pay in an unusual or specific ways
- They ask you to set up new accounts or PayIDs.
Source: ACCC Scamwatch, Ways to spot and avoid scams.
Types of investment scams
The Australian Securities and Investment Commission’s MoneySmart website says every scam is different and can be very difficult to spot, and anyone can be scammed.
Investment scams can include:
- An investment offer that is completely fake.
- An investment exists, but the money you give the scammer doesn't go towards that investment.
- The scammer says they represent a well-known investment company, but they're lying.
In all cases, the money you “invest” goes straight into the scammer's bank account and not towards any real investment.
How to protect yourself from scams
There are warning signs you may be being scammed. Look out for whether the person offering you an investment opportunity:
- Does not have an Australian Financial Services (AFS) license or says they don't need one.
- Calls you repeatedly, keeps you on the phone, or emails you a lot.
- Demands you make a quick decision, or you will miss out on the deal.
- Offers professional-looking prospectuses, brochures, share certificates or receipts, but their prospectus isn't registered with ASIC.
ASIC says if you spot any signs of a scam, hang up the phone or delete the email they have sent you.
If you manage to record any of the scammer's details, report them to ASIC or to Scamwatch.
Keep you protected
We’re serious about keeping your super safe and have security in place to protect your accounts. Find out more about password security, about how you can stay safe online, and contact us if you have any concerns.
1. Media Release, 12 March 2024 , National Anti-Scam Centre releases second quarterly update, accessed 21 May 2024.