Sometimes the numbers just don’t seem real but unfortunately, the threat of falling victim to a scam is more real than ever before. According to the Australian Competition and Consumer Commission (ACCC) ScamWatch, the losses reported to them from the beginning of 2021 until 19 September have exceeded $211 million, overtaking the grand total of $175.6 million recorded for the entirety of 2020.
Upping The Stakes
It is clear to see we have raced past last year’s total loss but an interesting factor is that the number of reports involving financial loss has decreased which means scammers are getting more ambitious when targetting their victims. “The average loss so far this year is about $11,000 compared to $7,000 for the same period in 2020,” notes ACCC Deputy Chair, Delia Rickard.
Those who are falling victim and losing money are now losing larger amounts as the scams have evolved to become more sophisticated and convincing, allowing the criminals to be more ambitious in what they aim to get out of their victims. “Scammers are conning people out of more and more money, so it’s really important that everyone knows what to look out for and how to protect themselves,” Delia continues.
Where To Be Alert
Scams happen in a range of contexts. You could be tricked by a phishing email at work or checkout on a dodgy website whilst Christmas shopping from your couch. Wherever you find yourself interacting online, it is key to remain alert and ask the question: is this legitimate? Is this too good to be true?
Online scams can appear as emails, text messages, imposter websites, fake social media accounts, and more. The trouble is, these scams are getting harder to spot. As a general rule of thumb, do not automatically trust all the texts and emails you receive. Always try to verify the sender by looking closely at the number or email address and, if you are suspicious, contact the sender via a different method with details from a different source. For example, if you get an unexpected text or email message from your bank, don’t reply; instead, find your bank’s details from their official website or within your secure banking app and contact them directly to ask if they did send that message.
Avoid The Crooks This Christmas
As for fake websites and social media accounts, it is important to stay alert and always think twice before making an online purchase or engaging with a brand. Our previous article elaborates on our top four tips to stay safe online. Here’s a summary:
- Stick to trusted stores you’ve already purchased from or big names like Kmart and Myer
- Stay savvy of imposter stores by checking the URL address and branding carefully
- Use secure payment methods such as PayPal or credit card, NEVER via direct transfers or cryptocurrency
- Check it twice and look out for a padlock symbol in the URL bar at the top to make sure the site is secure
As we near the silly season, it is the perfect time for scammers to strike. With many other things on the brain – taxes, end-of-year, various Christmas events, travel, pandemic matters, and more – it is far less likely we will slow down to take the time to check our online activities. As we shift toward more online purchases than ever before, we need to remember to stay weary and make like Santa and check it twice. Trust your gut, if something doesn’t seem right it probably isn’t and it is always better to be safe than sorry.
Whilst scams and cyberattacks continue to rise in numbers and get greedier with their demands, as long as you do your part to be cyber smart, you have a good chance at avoiding a sticky situation. Follow your best practices to dodge a scam and, for the best peace of mind, invest in cybersecurity software to keep your systems protected if something does go wrong. It’s all too easy to click a link, open an attachment, and hit that checkout button, and if you don’t have a backup plan to protect your data, it is game over. With cybersecurity, whenever something happens, Sophos Intercept X Advanced has got your back.
