Table of contents
Here’s how you can protect your money from scams - featured image
By Brett Warren

Here’s how you can protect your money from scams

Worrying new figures from the Australian Banking Association show 37 per cent of Australians have lost money to a scam or have a family member or close friend who has.

The research also found: Scam Victim

  • 99% of Australian adults have been exposed to a scam or fraud.
  • 66% deal with a scam attempt every week.
  • 29% fend of a scam attempt every day.
  • 34% know someone who has lost more than $150,000 to a scam.

Research director at RateCity Sally Tindall, commented:

“Many Australians don’t realise how common financial scams are until they, or someone they love, gets hit.”

Financial scams are getting more sophisticated every day.

Many unsuspecting Australians are being duped by unsolicited text messages, emails or phone calls that can sometimes seem legitimate,

If someone calls or texts claiming to be from your bank and asks for your account details or other personal information, know it is most likely a scam.

If you’re worried, call your bank directly on a number provided on their website.

The quicker you pick up the fraud the better.

Check your bank statements regularly, and if you see a purchase or transaction you don’t remember, query it.

Often it could be a shop with a different trading name, but if not, you need to report it so you can hopefully get your money back.

Keeping track of your credit score is a good way to double check you haven’t fallen victim to a scam.

If your score goes down for no reason, you can get a copy of your credit file and see if there’s any suspicious activity on it."

TAKE OUR 3-MINUTE SURVEYHow do you compare to other property investors?

What to do if you suspect you’ve been hacked?

  • Check your card and bank statements regularly –
    if you notice any unusual purchases on your statement, report them to your bank. Banks take fraud seriously and will try to recover any lost money for you.
  • Get a free copy of your credit history –
    check that all personal information and the loans and debts listed are correct. It’s free to request a copy of your credit file every 12 months.
  • Fix any errors 
    if something is wrong or out of date, contact the reporting agency and ask them to fix it, it’s a free service. If any loans or debts in your report aren’t correct, contact the bank immediately.
  • Report it –
    it’s important to notify the appropriate agency (this will depend on the type of scam - it could be your bank, the ACCC Scamwatch, ASIC, Centrelink/Medicare, or the Police) so they can investigate and warn the community to take action.


How to protect yourself from financial scams

  • Use strong passwordsScam
    to make it harder for scammers to hack.
  • Be careful when shopping online –
    only shop on websites that you trust and make sure the website is secure. It will show a closed padlock or key in the URL.
  • Check your credit score monthly 
    if you notice any unexpected changes to your score, it could be a red flag that something is wrong and should be investigated.
  • Avoid public Wi-Fi –
    if using a public Wi-Fi network, don’t send or receive sensitive information or login to your banking or social media accounts.
  • Review your privacy and security settings on social media 
    if you use social networking sites like Facebook or Instagram, review your options for privacy.

TAKE OUR 3-MINUTE SURVEYHow do you compare to other property investors?

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.
No comments


Copyright © 2024 Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts