Scams Archives - Page 6 of 14 - Consumers' Federation of Australia

24 November , 2023

Banking Industry Announces First Big Step in Addressing Scams

Original media release by CALC (24/11/2023). Consumer Action Law Centre has welcomed the scams safe accord announced by the Australian Banking Association (ABA) and Customer Owned Banking Association (COBA) which has involved, for the first time, member banks joining forces and agreeing on key steps to enhance scams protections for Australian banking customers. “We are…

22 November , 2023

Be Alert – ACCC Warns Consumers og Online Retail Impersonnation for the Black Friday Sales

Original media release by the ACCC (20/11/2023). Consumers are being warned to watch out for scam websites impersonating high-profile Australian retailers when shopping online this Black Friday, Cyber Monday sale weekend (24-27 November 2023). The National Anti-Scam Centre has detected a concerning increase in the number of reports of fake websites that look like genuine…

10 November , 2023

New Investor Alert List Replaces ‘Companies you should not deal with’

ASIC has today strengthened its scam prevention tools to support consumers with the publication of a new investor alert list. Consumers can use this list to help inform themselves as to whether an entity they are considering investing in could be fraudulent, a scam or unlicensed.

8 November , 2023

ASIC Takes Down Over 2,000 Investment Scam and Phishing Websites

At a press conference today, Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. The takedown capability removes or limits access to fraudulent and malicious websites on the internet and expands on a three-week trial ASIC conducted in 2022.

27 October , 2023

AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube

From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.

26 October , 2023

‘Don’t get burnt by hype’ the Launch of ASIC’s Latest Consumer Awareness Campaign

ASIC has today launched a consumer campaign to raise awareness of the risk associated with investment hype to coincide with the Australian release of Dumb Money, a new film about the GameStop short squeeze episode in 2021.

25 October , 2023

Australian’s Urged to Be Alert to Rapidly Rising Employment Scams

According to the National Anti?Scams Centre (NASC) financial losses to job and employment scams have increased by over 740% in 2023.

Scammers are targeting jobseekers with lucrative offers to complete tasks, tricking unsuspecting victims into handing over their hard?earned money.

Australians have reported losses of $20 million to employment scams this year alone.

27 September , 2023

Scam Ads ‘Rife’ on Digital Platforms as Social Media Platforms Fail to Act

“Digital platforms have vast resources and technical capabilities to detect and prevent scams, but without mandatory rules backed by strong civil penalties, companies will continue to have little incentive to protect people.”

23 September , 2023

NASC Warns of Increasing Virtual Kidnapping Scams

Three months after the ABC ran a story about virtual kidnapping scams targeting Chinese international students in Sydney, the National Anti-Scam Centre (NASC) has warned that the scam, which aims to threaten, intimidate, and steal from Chinese students living in Australia (regardless of socio-economic status), has more than doubled in number since August 2023.

29 August , 2023

ASIC’s Corporate Plan: Focus on Protecting Vulnerable Consumers and Small Businesses in 23-24

ASIC will take further enforcement action to protect Australian consumers and small businesses in an environment where scams, digitally-enabled misconduct and predatory lending practices are increasingly prevalent.

‘We are responding to key trends and emerging issues in the regulatory landscape, where there are major shifts across sustainable finance, the digital and data economy, and an ageing population.’

‘We are also closely monitoring the development and use of artificial intelligence and what this means for the businesses and markets we regulate and exploring potential uses of this and other technologies within ASIC,’ Mr Longo said.

31 July , 2023

Scam Alert – Loyalty Points Program Customers Targeted

The National Anti-Scam Centre (NASC) is warning of a new text-based scam targeting loyalty program customers with Qantas Frequent Flyer, Telstra, and Coles. This warning comes after a little over 200 were lodged with Scamwatch in the last four months.

28 July , 2023

Record Number of Financial Complaints for Second Year in a Row

“We are deeply concerned by the volume of complaints consumers are having to escalate to AFCA,” chief ombudsman David Locke says. “It’s not fair on consumers and not good for business. We need to see a significant improvement from firms.”