How to spot scams and protect your financial security
BY VOSTRO PRIVATE WEALTH
Scams can range from text messages and phone calls to phishing emails from fraudsters posing as a representative of an organisation you may know, in a bid to steal your information and use it for profit.
According to the Australian Bureau of Statistics, in 2021-22 an estimated 1.7 million people experienced card fraud.
Here are some tips to stay safe from financial scams:
Guard your personal information
Never click on a link or text message that asks you to verify your information – even if it’s from a company you may know. If someone calls you and says they’re from your bank or insurance company, contact your provider on the official contact line to confirm their identity. You may also consider multi-factor authentication for accounts that require a login, to provide an extra layer of protection.
Be careful who and how you pay
Avoid paying for products on a website that doesn’t have an ABN, terms and conditions, or a privacy policy. Be sure to look out for the lock symbol to the left of a website’s URL to confirm it is secure.
Check credentials
Always check a financial adviser or insurance provider has an Australian Financial Services (AFS) licence if you’re using one. Be wary of an insurance broker or financial adviser who puts pressure on you to sign a policy or statement of advice agreement without providing the documents in writing.
Grammar matters
Look out for spelling errors in emails or unusual email addresses. Phishing emails are often poorly written, won’t have a link to unsubscribe, and come from obscure email addresses.
Grief targeting
If a loved one has recently passed, be wary of a phone call from any insurance provider naming you as a beneficiary and claiming there is an outstanding amount you need to pay to access the benefit. Sadly, some scammers will search obituaries to find potential victims.