In today’s digital age, Australians over 50 are enjoying the convenience of technology more than ever. From video calls with grandchildren to managing investments online, the benefits are undeniable.
However, with this increased online activity also comes a heightened risk of falling victim to cyber scams, which are becoming more sophisticated and aggressive.
With this, top cybercrime experts have issued a stark warning: Australians are losing their hard-earned money to scammers in mere seconds.
Lee Barney, TPG’s general manager of technology security, has observed firsthand how scammers create a sense of urgency that leads to hasty decisions.
‘People fall for phishing scams within 10 seconds of arriving in the mailbox. I have seen people fall for a phisher within a second,’ Barney explained to NewsWire at the TPG Telecom cyber centre of excellence.
The advice from experts is clear: ‘Slow down and question everything.’ When engaging in any electronic transaction or communication, it’s crucial to be fully attentive and sceptical.
Kris Wilson, Australian Federal Police team leader for cybercrime investigations, emphasises that once money is sent to a scammer, it’s incredibly difficult to recover.
Investment scams, in particular, are a two-step process designed to entrap victims. Initially, scammers lure individuals with a small investment opportunity, using professionally designed websites to show false financial gains.
Once the victim ‘thinks they are doing well,’ they’re encouraged to make a larger investment, which is when the scammers strike, and the money vanishes.
Australia has become a prime target for scammers, with losses averaging $100 per person, compared to $45 in the United States and $34 in the UK. Wilson attributes this to the country’s wealth and the attractiveness of its superannuation scheme, especially as people seek to boost their retirement funds in the face of cost-of-living increases.
‘People are finding their retirement balances might not be great enough to live off and are looking for investment opportunities to boost their super,’ he explained.
Wilson added that scammers are strategic, often targeting Friday nights to execute their schemes, knowing banks have reduced staffing over the weekend. This timing makes it harder for victims to block or check their accounts promptly.
The urgency of this issue was underscored by a recent alert from The Australian Signals Directorate (ASD), warning of scammers impersonating the Australian Cyber Security Centre. These fraudulent communications pressure individuals to act quickly, often with dire threats.
This is why it’s important to remember that the government will never ask for personal details like passwords or security question answers via email, nor will they send links to antivirus software.
‘We will never threaten or pressure you to stay on the line,’ the ASD said in a statement, adding, ‘A real ASD’s ACSC employee will always encourage you to hang up and call 1300 CYBER1 to confirm you are speaking to us.’
At YourLifeChoices, we urge our readers to be vigilant. Here are some additional tips to protect yourself from these scams:
1. Never click on links or download attachments from unknown sources.
2. Verify the authenticity of any investment opportunity by doing thorough research.
3. Use strong, unique passwords for all your accounts and enable two-factor authentication where possible.
4. Regularly check your bank statements for any unauthorised transactions.
5. Educate yourself on the latest scam tactics by visiting reputable websites like Scamwatch.
Have you or someone you know encountered a scam recently? Share your experiences in the comments below to help others stay informed. Remember, awareness is the first step in protecting yourself and your finances from these cyber predators.
Also read: $24k savings stolen in shocking bank scam
Unless I know the Sender or the Site, I DELETE the email without reading it. If the email is true, they will resend it with a clue as to who sent it.
Have a look at where the email comes from, NOT the visible name, click on it or hover over the email address, the actual email address it came from will show. Normally you’ll see a Gmail, Hotmail, account, or just a person’s name.
Yes… delete, delete, delete.