Australia is seeing a substantial increase in scams. To counter this threat, major banks are making substantial investments to protect themselves and their customers.

Business owners, individuals and corporations have all experienced a wave of scams, spanning remote access, investment inheritance, romance and data breaches.

Some scams are conducted via cyber-threats or fraud. This includes fake phone calls, text messages and emails. Scammers try to gain “unauthorised” access to customer accounts. Fake apps mislead users into believing they are engaging with legitimate organisations, tricking people to divulge crucial information.

How to spot a scam email

Fraudulent emails are often characterised by spelling errors, poor grammar, and promote (over- dramatic) urgency, seeking personal details, logins and/or passwords. Be alert to these tell- tale signs.

Here are some examples :-

Business email compromise (BEC) : BEC scams target

businesses, with criminals impersonating trusted vendors to collect payment for goods and services. For example, the business receives an invoice from a supplier whose email address has been compromised, advising that their bank details have changed and requesting future payments to be paid into a different (fraudulent) account.

Verify requests to change payment details. Be Alert and pick up the phone to confirm with your vendor when this happens.

Phishing Scams : When you receive a hoax email, text or social media post that looks like it has come from a legitimate company such as your bank or telco. A phishing scammer wants to trick you into providing them with your password, bank accounts or credit card number. It will usually ask you to clink on a link in the email. BE AWARE and avoid clicking on links in emails – always go to your bank logins via the bank’s corporate website on the internet.

Remote access scams : Also known as “Catch-a-Hacker”, this happens when a scammer phones you and pretends to be staff from a large telco or technology

organisation. They often claim that your internet connection or computer system has been “hacked”or compromised, and your assistance is needed for them to investigate or resolve the issue. BE AWARE. Generally, organisations DO NOT make “unsolicited” calls. Never provide personal details on the phone. If unsure, drop into a physical store or outlet to confirm.

Investment Scams : This involves getting you and/or your business to invest in a financial opportunity. They may pretend to be a stock broker or portfolio manager and offer Low Risk Investments with High returns. BE AWARE! Make your own enquiries (check ASIC website) or talk to your financial planner or adviser.

Impersonation scams : Using texts, calls, emails or social media (i.e. Whatsapp) impersonating organisations or loved ones to deceive you into visiting fake sites, sharing sensitive information or making payments. BE AWARE!

In summary : If it looks too good to be true then it probably is.

 

Tags: ,