Essential Tips to Protect Against Online Scams
In our increasingly digital world, cyber scams are becoming more sophisticated, targeting Australians through various channels. Protecting yourself requires awareness and proactive measures. Here's how you can stay ahead of common scams:
1. Recognise and Avoid Romance Scams
In 2023, Australians lost a staggering $201 million to romance scams, a significant increase from $25 million in 2013.
Warning Signs:
Individuals reluctant to meet in person, often citing overseas work commitments.
Requests for money to handle emergencies or travel expenses.
Protective Measures:
Never send money or share financial information with someone you haven't met face-to-face.
Be cautious of those who quickly profess love or escalate the relationship unnaturally fast.
Verify their identity through multiple sources before placing your trust in them.
2. Implement Two-Factor Authentication (2FA)
Enhance your account security by requiring a second form of verification.
Benefits:
Adds an extra layer of protection, making unauthorised access more difficult.
Implementation Tips:
Enable 2FA on all sensitive accounts, including email and banking.
Use authentication apps or hardware tokens rather than SMS-based 2FA when possible.
3. Be Wary of Unsolicited Calls and Messages
Scammers often impersonate trusted businesses, friends, or family to steal your money or personal information.
Protective Measures:
Don't share personal or financial information over the phone unless you initiated the call.
Verify the caller's identity by contacting the organisation directly using official contact information.
Be cautious of calls or messages that create a sense of urgency or fear.
4. Stay Vigilant Against Phishing Attempts
Phishing involves fraudulent communications designed to trick you into revealing sensitive information.
Protective Measures:
Avoid clicking on links or downloading attachments from unknown or suspicious sources.
Check email addresses and URLs carefully for inconsistencies or slight misspellings.
Use spam filters and regularly update your security software.
5. Regularly Monitor Financial Statements
Keeping an eye on your accounts can help detect unauthorised activities early.
Protective Measures:
Review bank and credit card statements promptly.
Set up account alerts to notify you of significant transactions.
Report any suspicious activity to your financial institution immediately.
6. Educate Yourself and Stay Informed
Awareness is a powerful tool against cyber scams.
Protective Measures:
Stay updated on common scam tactics and emerging threats.
Participate in cybersecurity awareness programs or workshops.
Share information about scams with friends and family to help protect them.
By implementing these strategies, you can significantly reduce the risk of falling victim to cyber scams. Remember, vigilance and proactive measures are your best defences in the digital world.
Your Vision Financial Solutions Pty Ltd ABN 64 650 296 478 and its Advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This article has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.