Newsletter Summer 2024 – Cyber Security

Impersonation Scams

Have you ever received a call and it just didn’t feel right? It may have been part of an impersonation scam, which is when a scammer impersonates a bank or other service company by phone or SMS, asking you to authorise transactions, make a payment, or provide personal information.

According to the Australian Government’s Anti-Scam Centre, three in four reported scams include some form of impersonation of a legitimate entity^.

So how can you be sure next time that person calling you is really from where they say they’re from? Here’s a few things to remember:

• we’ll never ask you to transfer funds to another account
• never share passwords with anyone
• avoid using phone numbers or links from text messages
• check contact information using a trusted source such as the company’s website.

Investment Scams

Already this year, Australians have lost $240 million to investment scams*. Investment scams are often sophisticated which means they can be hard to spot. Investment opportunities offering fast results and big returns can have the potential makings of a scam.

Common investment scams include:

• unsolicited investment offers such as cryptocurrency, fake corporate or treasury bonds, and fake share IPOs (Initial Public Offerings), claiming to be from reputable businesses
• fake endorsement of an investment or other business opportunities from celebrities
• early access to superannuation with a fee.

Buyer/Seller Scams

Buying or selling on an online selling platform is great when it’s quick and hassle-free. But scammers are popping up everywhere, so it’s harder to stay safe online. Here are five red flags to look out for:

• being approached by someone who has no profile photo
• the price seems too good to be true
• a request for personal information such as your phone number or email
• the buyer overpays for an item and wants you to refund the excess amount
• the buyer wants to pay using a gift card or wants to send a prepaid shipping label.