3 Simple steps to stop scammers in their tracks
Scams awareness is critical to help us rethink how we can protect our accounts, our money and our identity – and a few basic precautions can go a long way. Here are 3 simple steps to stop scammers.
First the good news. In 2023, money lost to scams was down by 13% compared to 2022 1 .
The bad news? Last year saw Australians collectively lose $2.74 billion to scams 2 .
Worryingly, these numbers could be the tip of the iceberg. Around one in three victims do not report a scam 3 .
That’s why the theme of Scams Awareness Week for 2024 is 'Share a story, stop a scam'. By encouraging Australians to speak up and report scams, it is hoped that more people will know how to spot a scam 4 .
This is definitely an area where there is room for improvement.
A survey by Visa found over one in two Australians believe they are knowledgeable about fraud and scams, yet one in three have fallen for at least one scam 5 .
Community First Bank has taken important steps to protect our members.
We have joined the Scam-Safe Accord, which means more checks and balances, and investments in technology, to try and stop scammers in their tracks.
Even so, consumers are, in many ways, at the frontline of scam prevention. Failing to take key precautions can leave you vulnerable to scammers, no matter how hard your bank works to protect you.
Fortunately, the converse also applies. Taking just a few simple steps can go a long way to protecting you, your money and your identity.
Here are three easy strategies worth taking on board:
1. Make passwords complex and unique
These days we are expected to remember multiple passwords for a whole variety of online accounts. Yes, it can be a chore keeping up with them all.
But please, aim for passwords that are complex and unique to each account – from online banking to your myGov account.
Let’s take a look at why this matters.
Online password management company NordPass 6 explains that hackers use computers to try to guess your password. First the computer tries 000000, then 000001, then 000002, continuing until it gets the number right. It doesn’t take long. A computer can make thousands of guesses a second.
So, it’s no surprise that it takes less than a second for hackers to crack the world’s most commonly used passwords.
For the record, the single most popular password is ‘123456’, used by over 4.5 million accounts worldwide 7 . If it’s among your passwords, change it pronto!
2. Check your account activity often
Gone are the days when we had to wait to receive paper statements to see what’s been going on in our bank accounts. These days, online banking lets us see money that’s headed into, and out of, our accounts in just a few keystrokes.
Better still, Community First’s banking app gives you real time (up to the minute) alerts about your account transactions.
This is important because the sooner you can alert us to something that doesn’t look right, the sooner we can take action.
Check your accounts regularly, and make a habit of checking your credit score several times a year. An unexpected change in your score can be an earlier warning sign that cybercrooks are using your identity to take out loans or credit cards in your name. Head to the CreditSmart website to find out your credit score – taking a look won’t alter your score in any way.
3. Think twice
The maxim ‘if it looks too good to be true it probably is’ is definitely a benchmark for consumer awareness of the risks of scams.
Advertisements on social media that promise high returns for very little risk should set the alarm bells ringing. The same applies to requests for money from someone you have only ever ‘met’ on an online dating platform.
Maintaining a healthy dose of scepticism – and disregarding the sense of urgency that scammers use to prey on their victims – can help you go a long way to avoiding becoming the next victim of a scam.
Above all, remember Community First is here to help.
If you are concerned that you may have fallen for a scam, or your accounts are in any way compromised, get in touch with us immediately.
To learn more about keeping your accounts secure, call the Community First team on 1300 13 22 77, or visit one of our Community First stores.
1https://www.accc.gov.au/system/files/targeting-scams-report-activity-2023.pdf
To learn more about keeping your accounts secure, call the Community First team on 1300 13 22 77, or visit one of our Community First stores.
1https://www.accc.gov.au/system/files/targeting-scams-report-activity-2023.pdf
2https://www.accc.gov.au/system/files/targeting-scams-report-activity-2023.pdf
3 https://www.accc.gov.au/system/files/targeting-scams-report-activity-2023.pdf
4https://www.scamwatch.gov.au/research-and-resources/scams-awareness-week-2024
5https://www.visa.com.au/about-visa/newsroom/press-releases/aussies-more-suspicious-yet-equally-likely-to-fall-for-scams.html
6https://nordvpn.com/research-lab/payment-card-details-theft/#:~:text=These%20numbers%20are%20being%20sold,card%20numbers%20are%20being%20sold.
7https://www.weforum.org/agenda/2024/07/popular-passwords-cybercrime-digital-safety/
Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170