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INSIGHTS
Understanding the scope of the problem
Scams are an increasing threat in our digital world, and their impact on our communities is both significant and concerning.
Looking back to 2023, Victoria and New South Wales saw 166,000 reported scams. Eight months into 2024, both states have reported 71,000 scams, which is set to increase as the year progresses.
Scams come in many forms, including investment fraud, romance scams, false billing, and phishing. Scammers can use various methods to contact people, such as text messages, emails, and phone calls. Unfortunately, older Australians, particularly those aged 65 and over, are often the most vulnerable and bear a significant portion of the financial losses.
Scammers are expert manipulators who exploit people’s trust for their gain. The emotional and psychological impact on victims can be profound, often leaving them feeling shame and stigma that prevents them from seeking help or sharing their experiences. It’s important to remember that being caught in a scam doesn’t reflect a person’s intelligence or alertness but rather the skills of those who perpetrate these crimes.
The power of conversation
One of the best ways to fight the rise in scams is by having open conversations. Talking about scams can help break down the social barriers and misconceptions surrounding them.
- Do you talk about scams with your family and friends?
- Have you or someone you know experienced a scam?
- What happened, and how did it make you feel?
These discussions can help demystify scams and provide support to those who might feel isolated or embarrassed.
Recognising scams: What to look for
Scams often follow specific patterns, and being aware of these can help you and your loved ones avoid falling victim:
- Suspicious online encounters: Be wary of people you meet online who share troubling stories or offer opportunities that seem too good to be true. They might direct you to fraudulent websites or send malicious attachments.
- Urgency and pressure: Scammers frequently create a sense of urgency, pushing you to make hasty decisions without proper consideration.
- Unusual payment requests: If someone asks you to make payments in unconventional ways or to set up new accounts like PayID, be cautious.
- Messages from ‘friends’ or ‘family’: Scammers may impersonate someone you know, claiming their contact details have changed or that they’re in trouble.
- Threats and scare tactics: They might threaten to cut off a service, charge you extra fees, or claim there’s an issue with a delivery or payment.
By staying informed and talking openly about scams, we can all play a part in protecting ourselves and our communities.
What to Do: Stop, Think, Protect
When you encounter a potential scam:
- Stop: Take your time before you give money or personal information
- Think: Ask yourself if the message or call could be a scam
- Protect: If something feels wrong, contact your bank as soon as possible and report your experience to Scamwatch and to the Police.
If we’re your bank, we can assist in securing your accounts and preventing further losses. Call 1300 004 863, Monday to Friday (8am to 5:45pm) and Saturday (9:30am to 12pm) or visit one of our 15 branches.
For reporting scams to the Police, use the links below: