Spotlight on Scams – Scams on the rise

The following article was written and published by Macquarie Bank dated 14 June 2024.  It is reproduced here in full.

Last year, Australians lost over $2.7 billion to scams, while scam reports increased over 18% to more than 600,000.

As we approach the halfway mark of 2024, scams continue to be a serious problem for many Australians so it’s worth refreshing your knowledge and keeping up to date with the latest information.

We’re here to help, so we’re sharing our latest insights on which scams are on the rise and how to stay protected, plus tips and resources so you always know what to look out for when it comes to scams.

Impersonation Scams

You’ve likely heard of the ‘collect your parcel’ or ‘Hi Mum and Dad’ scams.  Scammers impersonate trusted organisations such as banks, businesses, or government agencies.  They may even impersonate a friend or member of your family.  They’ll generally contact you via phone call or email with an urgent request to take action and often include links in their email or SMS.

Security tip: If you’re unsure about a message you’ve received, contact the person allegedly reaching out through other channels to confirm they are who they claim, and never send money unless you’re certain it’s going to the right person.

Buying or selling scams

Scammers on resale websites, such as Facebook Marketplace, target both buyers and sellers.  They may ask to move your conversation to a different platform, tell you that they’ve overpaid you and are requesting a refund, ask that you pay their shipping costs upfront, or want to use an unusual payment method such as gift cards or cryptocurrencies.

Security tip: Don’t share additional personal information such as your email address or driver’s licence.  If you’re picking up the item at a physical location, it’s recommended that you obtain and verify the address before making any payments.  If you’re in doubt, don’t proceed.

Remote access scams

Scammers will make unsolicited contact with their target, often claiming to be an IT professional or a member of an organisation’s fraud and security team who has identified a possible problem.  They create a sense of urgency and request access to your computer or mobile phone and ask you to log into your bank account, make payments, or confirm security codes.

Security tip: Always keep your computer software up to date and never share your personal information or account details over the phone. Don’t download remote access software or share screens with a third party. A bank will never ask you to provide access to your computer or device.