1 in 3 Australians lose money to crooks
Research by RateCity.com.au shows vast numbers of Australians are losing money to crims through credit card hacks, identity theft or simply being tricked into handing over money.
Over the past 12 months, scams have cost Australians $201 million. In the first three months of 2021 alone, crims fleeced their victims out of $63 million.
With one-third of us having lost money to cybercrooks, the sheer scale of the problem can’t be underestimated. As RateCity warns, scammers have an array of tactics to catch people off-guard, whether it’s through unsolicited text messages, hacking into emails or skimming your credit card.
But that doesn’t mean you have to be the next victim. Here are five simple ways to help keep scammers at bay.
1. Use strong passwords – it’s a no brainer that a unique password makes it harder for crims to hack into your computer or bank accounts. Which is why I shake my head reading the latest study by password manager NordPass, which shows the most commonly used password in 2020 was 123456. It takes cybercrooks less than a second to crack the code, and not surprisingly, this password has been exposed in over 23 million data breaches.
2. Keep strict privacy settings for social media – social media is a great way to stay connected, but without tough privacy settings crims can access your personal details, use your photos to create fake identities, or target you with a scam.
3. Avoid using public Wi-Fi – we all want to save on data costs but public Wi-Fi is just that – open to everyone. If you must use a public Wi-Fi network, don’t send or receive sensitive information or login to bank or social media accounts.
4. Play it smart when shopping online – aim to stick with shopping websites you know and trust. Check sites are secure by looking for a closed padlock or key symbol in the URL. If you have doubts, do a Google search for reviews of the site. It can reveal some very dodgy operators.
5. Check your bank and credit card statements regularly – if you see a suspicious transaction, query it. A friend of mine aged in her 50s, recently saw an entry on her credit card statement for $300 worth of muscle supplements purchased from a store in the UK. Needless to say, she hadn’t been out of Australia, nor had she spent several hundred bucks on bicep builders. A quick call to her card provider saw the transaction wiped and the compromised card replaced.
Don’t assume scams, fraud and identity theft won’t happen to you. A little extra vigilance goes a long way to keeping your money safe.
Frequently Asked Questions about this Article…
Over the past 12 months, Australians have lost $201 million to scams, with $63 million lost in just the first three months of 2021.
Scammers often use tactics like unsolicited text messages, hacking into emails, and skimming credit cards to catch people off-guard and steal money.
Using a strong, unique password makes it harder for cybercriminals to hack into your accounts. Common passwords like '123456' can be cracked in less than a second and have been exposed in millions of data breaches.
To protect your personal information on social media, ensure you have strict privacy settings. This prevents criminals from accessing your details, using your photos to create fake identities, or targeting you with scams.
It's best to avoid using public Wi-Fi for online transactions as it is open to everyone and can be insecure. If you must use it, avoid sending or receiving sensitive information or logging into bank or social media accounts.
When shopping online, stick to websites you know and trust. Check for a closed padlock or key symbol in the URL to ensure the site is secure. If unsure, search for reviews of the site to avoid dodgy operators.
Regularly checking your bank and credit card statements helps you spot suspicious transactions early. If you notice anything unusual, contact your card provider immediately to address the issue.
To prevent scams and identity theft, use strong passwords, maintain strict social media privacy settings, avoid public Wi-Fi for sensitive transactions, shop on secure websites, and regularly check your financial statements.
Call 1300 880 160
Start a chat
Schedule a call
