They seem to come at us constantly, through texts, emails, letters, social media posts, even knocks on the door. But however they contact you, all scammers have one objective - to separate you from your money and/or your personal information. It's important to remain vigilant as scammers become more and more sophisticated.
"We use technology all the time now, and many people are so familiar with it, they think they're too savvy to be impacted by a scam," said Ben Young, Westpac Head of Fraud.
"But being scammed doesn't mean you're gullible, it's just so prevalent now. Scammers utilise many creative schemes of deception, so it's vital to maintain a healthy level of suspicion about anyone who is asking you for money or your personal details."
According to ACCC Scamwatch, the number of scams reported increased 170 per cent during the pandemic, with Australians over 65 losing the most of any age group last year – $81.9m.
Ben explains scammers took advantage of pandemic lockdowns to reach people through digital channels, and is concerned by the growth in remote access scams especially.
"This is a fast-growing type of phone scam, where the scammers try to convince you to give them remote access to your computer," he said. "They might pretend to be from a utility company or tech support, and get you to download software, the real purpose of which is to steal your details and your money."
Investment scams are another way in which scammers try to fleece Australians, offering them investments in everything from cryptocurrency to pyramid schemes.
"These scammers often offer high returns for low risk, and put pressure on their targets to make decisions immediately," Young said.
You can protect yourself from scams by being alert to requests for personal details or security codes, unsolicited calls or emails, claims an offer is low risk with high return, unusual payment methods such as Bitcoin or gift cards, pressure and threats, and requests not to tell anyone else. You should also trust your gut if something seems odd.
Westpac's top tips to outsmart the scammers
- Never give anyone remote access to your computer. Many scammers will ask you to download software to then be able to hack into your personal devices.
- Be wary of unexpected callers - if you're unsure, don't be afraid to hang up and call back on a trusted number.
- If a deal appears too good to be true, then it probably is.
- Be careful about who you connect with on social networking sites and never send money to someone you haven't met face to face.
- Never click on email or SMS links that ask you for personal details or direct you to make a payment.
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