RateCity.com.au research has revealed that nearly a third of Australians (29%) have been hit by a financial scam, including credit card hacks, identity theft, and people who have been tricked into handing over their money.
According to the latest figures from the ACCC Scamwatch, scams cost Australians $526.3 million from January to November this year.
Looking across the last 12 months (December 2021 to November 2022), that’s $569.5 million, which was $266.7 million (88%) more compared to the same period the previous year.
The study also found that investment scams caused Australians the greatest financial losses, at $351.6 million, although phishing was the most common type of scam, with 66,649 reports already in 2022.
Out of all the age groups, those aged 65yrs+ reported the most scams, with 44,285 scams worth $111.8 million reported.
This holiday season, Sally Tindall, RateCity.com.au research director, is urging everyone to remain vigilant against scams.
“Whether it’s a text message, email or a social media post – think before you click,” Tindall said. “The post-Christmas sales can be a great time to nab a bargain but it’s also an opportune time for scammers to catch people out.
“When shopping online, question everything. Is it a website I recognise and trust? Is the payment option secure? Is the site asking for unnecessarily personal or financial details? If something looks suspicious, close the browser and walk away.
“Check your bank statements regularly and if you see a suspicious transaction, query it. Often it’s just a shop with a funny trading name, but it’s better to feel momentarily silly for questioning it than potentially being robbed of thousands of dollars.
“If someone contacts you out of the blue – your bank, a loved one on a number you don’t recognise, or a delivery company – be like Santa and check it twice. Nine times out of 10 it will be something that’s easily explained. It’s the tenth time when you’ll thank yourself for being hyper-vigilant.”
The money expert is urging Australians to keep track of their credit score to help them catch a scam.
“If your score goes down for no reason, get a copy of your credit file and see if there’s any suspicious activity on it,” Tindall said.
She is also encouraging everyone who gets hit by a scam or catches one before they fall victim to report it.
“This helps the authorities keep track of the latest stings and send out warnings to help protect others,” Tindall said. “The more people report scams, the less likely scammers are to succeed in future attacks,” she said.
How are your protecting yourself and your family from scams this Christmas? We’d love to hear from you in the comments below.
