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Fraudsters are impersonating banks over SMS and phone calls, creating elaborate scams that are difficult to spot

Vulnerabilities in SMS and phone networks currently allow the scams to flourish, but experts say a new registry will help close these loopholes

In the meantime, consumers are urged to watch out for messages and calls from their bank urgently asking them to transfer money

Read More SMS and Bank Impersonation Fraud – What you need to know to avoid being scammed

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Australians lost over $851 million to scams in 2020, a record amount, as scammers took advantage of the pandemic to con unsuspecting people, according to the ACCC’s latest Targeting Scams report released today. The report compiles data from Scamwatch, ReportCyber, other government agencies and 10 banks and financial intermediaries, and is based on more than 444,000 reports.…

Read More Scammers capitalise on pandemic as Australians lose record $851 million to scams

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The Australian Securities and Investments Commission, as one of the agencies responsible for the National Indigenous Consumer Strategy (NICS), urges Indigenous consumers to be wary of scams, including anyone calling them out of the blue asking for personal details or offering investment opportunities. As part of National Scams Awareness Week, which began on 17 August…

Read More ASIC warns Indigenous consumers about scams

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The ACCC has launched a podcast series for this year’s National Scams Awareness Week to provide Australians with tips on how to protect their personal and financial details from scammers. The five-episode podcast series, ‘This Is Not Your Life’, is produced by Julian Morrow, the creator of ABC TV’s consumer series The Checkout. The podcast,…

Read More National Scams Awareness Week: ‘This Is Not Your Life’

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Australians should be aware scammers are adapting existing technology to play on people’s fears around coronavirus and selling products claiming to prevent or cure the virus. Since 1 January 2020, the ACCC’s Scamwatch has received 94 reports of scams about coronavirus, but warns figures are starting to climb. Scamwatch has received multiple reports of phishing scams…

Read More Warning on COVID-19 scams

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This Stay Smart Online Week, the ACCC is warning the community to watch out for common online scams they might encounter. The online sphere – email, the internet, social media and mobile apps – has overtaken telephones as scammers’ preferred tool of the trade to contact potential victims. In 2017, the ACCC’s Scamwatch site has…

Read More Stay Smart Online