Five tips to help you avoid scams
Learn about the key takeaways from RACQ’s Privacy Awareness member events.
.jpg?h=667&iar=0&w=1000&rev=b82eb8dfeb5247aa87358357ba360b4a&hash=62E6C93194F2A3AA707D91D6BA5FF4C6)
The latest data from Scamwatch revealed 600,000 Australians reported losses of $2.7 billion to scams in 2023.
During Privacy Awareness Week in May, RACQ held four events to educate members on financial safety.
As artificial intelligence continues to evolve, scammers are becoming more tactical about how they use the technology to target Australians.
RACQ Manager Group Resilience Eszter Cathcart, who presented at the sessions, provided myriad tips and tricks on how to protect your data and shared a personal experience.
“I was really passionate about sharing my knowledge with our members and fellow Queenslanders after having my own recent experience with identity fraud which took over 18 months to rectify,” Ms Cathcart said.
“Through voicing my experience, I hope I can show people that anyone can be the victim of a scam – even someone who works in risk and compliance.
“These sessions were a great opportunity for members to learn how to identify a scam, as well as how to take proactive steps to protect their personal data. Data to a scammer is as valuable as the money they’re trying to get access to.”
Here are five key takeaways from RACQ’s Privacy Awareness member events:
Stop, think, protect
The most important takeaway was to ‘stop, think and protect’ before responding to any message, email or phone call. Even if you receive communication from a company you trust, a scammer may be impersonating them. Always take the time to process the information before responding to any form of communication and remember, a reputable company will never ask you to act on anything immediately.
Anatomy of a scam
There are three stages to any scam – approach, communication and payment. The most common types of contact for a scam are via phone call, email, SMS, social media or dating apps/websites. Scammers are likely to use high-pressure sales tactics, encourage you to act urgently, play on your emotions and/or attempt to give you a solution to a problem. This will often lead to the scammer requiring you to make a financial transaction, sometimes with a threat of fines, debt or jail if you don’t make the payment.
Types of scams
While scams can evolve as quickly as technology does, there are currently seven types of scams that are the most common. These are:
- Phishing (collecting pieces of personal data at different times)
- Identity theft
- Investment scams
- Threats and extortion
- Dating and romance scams
- Invoice fraud
- Remote access scams (either through a computer or an app).
A great resource to stay across the latest types of scams and to educate yourself on ways you can keep your data safe online is the ScamWatch website.
Take control back
Whatever the means, the purpose of a scam is to gain control of your personal information. A helpful hint to avoid falling victim is to always take control back. If a company gets in touch asking you to provide information, let them know you’ll call them back and then search for the company’s contact details independently. This way, it’s in your hands and you can determine whether the contact details are legitimate. Rather than clicking a link in an email, you can also search for the website independently.
Treat personal data like it’s currency
Data is often just as important to scammers as a financial transaction, so always treat your personal data like cash. Often a scammer will be patient in their approach and try to gain small pieces of information from you over a period of time. Never share your passwords with anyone, be cautious about who you give information to and ensure you verify the contact details of a company before sharing your data with them.BONUS TIP:
Always report a scam
If you have been the victim of a scam, you can visit IDCARE to find out more. It’s also essential that you report it to ScamWatch and ReportCyber.
This not only allows the government to monitor the most common scams affecting Australians but will give you a clear path on what to do next.
More articles
Related topics
-
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.