Share a story, stop a scam
This Scams Awareness Week, we are sharing some of the recent scams we have seen at RACQ Bank and providing advice to Queenslanders on how to avoid them.
This year’s theme, “Share a story, stop a scam,” highlighted the power of word-of-mouth to protect each other and join the fight against scams.
With scams evolving and becoming increasingly sophisticated, sharing real-life experiences can be a powerful tool in preventing others from falling victim.
According to the latest ScamWatch data, already this year more than 31,000 Queenslanders have lost almost $25 million to scams.
The top five scam types in Queensland are investment, romance, business email compromise, phishing and remote access scams.
By highlighting these stories, we hope to educate, inform, and ultimately protect our community.
1. The promised wealth: Investment scam
An RACQ Bank member had recently sold a property and was looking for an investment in corporate bonds. The member found a company through social media and was satisfied with their due diligence after researching through an online advisor. Despite warnings from RACQ’s Financial Crimes team, a large investment was made. Fortunately, after it became obvious it was a scam, the funds were able to be recovered in full.
Takeaway: Investment scams often use convincing marketing and technology to make their investment sound too good to miss.
2. The unpaid invoice: Business email compromise
An RACQ Bank member was arranging an event and during what was a stressful time they received many invoices to pay. The member received an invoice from the venue and paid it via online banking using the account details sent by the company’s direct email. A few days later, they received a call from the venue advising their business email had been taken over, resulting in invoices sent to customers being compromised with scammers' account details. Unfortunately, RACQ Bank was only able to recover part of the funds sent.
Takeaway: Scammers might compromise a business and send you an invoice with fake payment information.
3. The tech support trap: Remote access scam
An RACQ Bank member clicked on a Facebook news article, triggering a warning that claimed a hacking attempt and instructed them to call "Microsoft" for help. Believing it was legitimate, the member called the number and was told to download a remote access app, AnyDesk. The scammer then remotely accessed their computer, manipulated them into logging into their online banking and then transferred significant amounts of money. Unfortunately, only part of the stolen funds could be recovered.
Takeaway: Remote access scams exploit fear and urgency, convincing victims to allow scammers into their devices.
How to avoid being scammed
The most important thing you can do to avoid being scammed is to ‘stop, check and report’ before responding to any message, email or phone call.
Stop: Don’t give money or personal information to anyone if you’re unsure.
Check: Scammers pretend to be from organisations you know and trust. If you’re not sure, call the official phone number of the organisation to check.
Report: Contact your bank immediately if you notice unusual activity or if you think you have been scammed. It’s also essential that you report it to ScamWatch and ReportCyber.
Scams are becoming increasingly sophisticated, but by sharing our stories, we can empower others to recognise and avoid them.
This Scams Awareness Week, remember that your story could be the one that stops a scam in its tracks.
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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.
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