Scammers are always searching for new techniques to get what they want. Keeping yourself updated and conscious of any anomaly helps you safeguard your personal information and finances.
The Changing Scams
Scams don’t look like scams anymore. Their sophistication continues to increase as scammers effectively work their way around impersonating departments and stealing your important information.
You might think you can never be scammed, but in reality, these scammers go for a wider audience and use every tool at their disposal to access any funds they find. Recent events like the onset of COVID-19 paved the path for these scammers to target and exploit retirement pensions and government funds and play with people’s financial situations. Hence, a scammer can easily reach you wherever you might be.
Thinking of Scams as a Business
Many people think falling prey to scams is impossible since people can easily recognise them. However, this notion is far different from what happens in reality.
Scammers can establish communication channels through marketing forums and target individuals through social media, phone calls, SMS, and more.
Moreover, these scammers work in groups. So, when you think of these scams as a business, you understand how dire the situation can be if you face one. Like businesses, these scammers constantly use new tools to reach individuals. They employ sales psychology to lure customers and identify loopholes in the market that they can exploit to gain a high return on investment.
In this scenario, the loopholes are the individuals because it is easier to coax them into giving up information compared to complex software algorithms that the government agencies design to safeguard the information of individuals.
Types of Scams in Australia
Investment scams stand at the highest position compared to any other scam in Australia. One factor that both individuals and businesses need to weigh is the increasing risk of Business Email Compromise (BEC) scams. Scammers use this road to redirect funds and payments by altering details on your invoices. However, you can take simple steps and dodge these scams.
For instance, check the details with the payee if you’re making an online purchase. Investing a few minutes while cross-checking everything for verification can save you from losing money.
Scammers can also impersonate government officials from official phone numbers and steal information. This problem is growing exponentially in Australia. The Australian Competition and Consumer Commission (ACCC) reported a $2 billion loss from the government and financial sector. This number is expected to grow to $4 billion this year.
Defending Yourself Against Scams
Recovering your funds after getting scammed is extremely challenging. Keeping yourself updated with every scam possibility is one of your best weapons.
Moreover, staying alert for any anomaly or unusual activity is crucial. A small inconvenience helps you set boundaries with these scams and proves one of the greatest small-time investments you make.
Take practical steps and think clearly before you make your next move regarding sharing your personal and financial information. If you receive a call, take a minute and think if you were expecting it. Process the information you’ve been asked for. Is it necessary to nature, and can you trust the person on the other side? Always visit the organisation’s website and see their communication mode.
Lastly, if you ever encounter incidents like these, you must keep your loved ones updated. Help them understand what these red flags can be like so they can avoid any financial loss.
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