Fraud in today’s modern world, at many levels, has become more sophisticated and frequent. Within Australia, however, fraud sustains its levels due to these fraudsters operating both in the digital and conventional modes of getting their victims to cough their valuables.
Let’s get started with some insight into the different classes of fraud taking root in Australia at the moment.
Most common among them are:
- Fraudulent Investments
- Phishing
- Identity Theft
- Romance
- Money Recovery Scams
1. Learn About Common Scams
You first need to know how to identify any type of this scam. Some common fraud involves phishing emails, investment frauds, identity theft, and romance scams. More information on currently ongoing fraudulent situations is available, continuously updated at ACCC’s Scamwatch website.
2. Safeguard Personal Information
Be very careful about sharing your personal information, particularly on social media and internet sites. Use strong, distinctive passwords for all your accounts and switch on two-factor authentication where available.
Never share sensitive information, like bank account numbers or a tax file number, unless absolutely necessary and only to entities that can be trusted.
3. Research Fishy Investment Opportunities
Investment scams are common in Australia, so do some research on the company or opportunity before investing. Check if they have an AFS license number, and check the same from ASIC. Be wary of offers boasting extremely high returns and making no risks – such offers are generally just too good to be true.
4. Monitor Your Financial Statements
Regularly review your bank and credit card statements to detect any unauthorised transactions. Promptly report any discrepancies to your financial institution. Consider setting up account alerts to receive notifications of unusual activity.
5. Use Secure Payment Methods
When making online purchases or transactions, use secure payment methods such as credit cards or trusted payment services like PayPal. These methods offer better protection against fraud compared to direct bank transfers or money wiring services. Ensure the website is secure by looking for “https” in the URL and a padlock symbol.
6. Educate Yourself and Others
Education is a powerful tool in combating fraud. You could:
- Go to Workshops
- Attend Webinars on Financial Fraud Prevention
- Share your Knowledge with Family and Friends
The more people are aware of the risks, the harder it becomes for scammers to succeed.
7. Report Suspicious Activity
Report if you think it is a scam. You can report by contacting Scamwatch or your local police in Australia. By reporting sooner, you give the authorities a chance to look into the scam and probably find and shut down the operators before they scam others.
Protect your finances with expert advice! Want to learn more about the accounting and bookkeeping services we provide here at Glance Consultants? Don’t hesitate to get in touch with our team today for a chat.
