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Protect Yourself from Scams: Five Essential Steps
Protect Yourself from Scams: Five Essential Steps
Scams are becoming increasingly prevalent in Australia, with record losses of $3.1 billion reported in 2022, an 80% increase from the previous year. Despite efforts to raise awareness, scams continue to target individuals.
To combat this, Australia has established the National Anti-Scam Centre in May 2023, bringing together experts from both the government and private sectors to tackle scams and protect consumers.
Additionally, financial institutions such as banks are investing in new technologies to safeguard their customers.
However, there are steps that individuals can take to protect themselves from falling victim to scams.
1. Recognize Your Vulnerabilities
Scammers exploit people's vulnerabilities, targeting individuals based on their circumstances and characteristics. For example, individuals who have recently lost their jobs may be more susceptible to job scams, while those less experienced with digital technology may be more vulnerable to impersonation and remote access scams. It's important to be mindful of potential vulnerabilities when making financial decisions, even seemingly harmless ones like hunting for discounts on social media.
2. Monitor Your Accounts
Regularly checking your bank accounts is an essential practice to identify any suspicious transactions promptly. Many banks, such as Heritage and People's Choice, offer transaction notifications through various channels. These notifications can alert you whenever money enters or leaves your account, enabling immediate action if something appears amiss. Take advantage of your bank's security features to protect yourself against scams.
3. Stay Informed
Scammers constantly evolve their tactics, making it crucial to stay informed about the latest scams and cyber threats. Websites like the ACCC's Scamwatch provide valuable resources to keep up to date with new scams. In addition, banks like Heritage Bank and People's Choice regularly publish scam updates on their websites and social media platforms, helping their customers learn about potential scams targeting them.
4. Report Incidents
If you do fall victim to a scam, it is vital to report the incident to your bank and relevant authorities, such as the police or government agencies, as soon as possible. Banks like Heritage and People's Choice offer 24/7 assistance in reporting scams and can take immediate action to secure your accounts and prevent further losses. Reporting scams also helps banks enhance their fraud detection capabilities, ensuring better protection for their customers.
5. Share Your Experience
Many individuals hesitate to disclose that they have been scammed due to embarrassment or shame. However, by sharing your experience with family, friends, and your bank, you can help save others from falling victim to the same scam in the future. It's important to remember that being scammed is a dreadful experience that can have lasting effects on your finances and credit record.
Published:Saturday, 4th Nov 2023
Source: Paige Estritori
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