Queenslanders asked to stop and think this Scams Awareness Week

• Australians have already lost more than $429 million to scams in 2023.
• The Office of Fair Trading is warning Queenslanders to watch out for investment and impersonation scams.
• Consumers are reminded to stay vigilant and slow down and ask yourself “who’s really there?”.

Queenslanders have been scammed out of more than $83 million this year, making it more important than ever to spread advice far and wide this Scams Awareness Week (27 November – 1 December 2023).

Rising costs around housing, utilities and other essentials have put financial strain on all Queenslanders but this has not stopped scammers.

Across the country, Australians continue to report the biggest losses to investment scams. Nationwide, Aussies have reported losses of more than $259 million to these types of scams, that includes over $52 million in losses by Queenslanders.

Investment scammers promise you big payouts, quick money or guaranteed returns.

A Queensland woman reported being scammed out of $110,000 to a cryptocurrency scam after seeing an ad pop up on social media about gold mining shares for $250.

After ringing the phone number on the ad, a representative called her back and helped her open a cryptocurrency account and invest using her credit card. Following multiple dealings and transfers with the company, the woman asked for some funds to be transferred back but was notified her account was closed and funds frozen until a tax bill was paid via PayID.

This rightly raised the consumers suspicions but contact from the representative ceased and the Queensland woman is unsure if she will get her money back.

Impersonation scams often work hand in hand with investment scams as they try to impersonate websites, financial advisors, government officials and even celebrities. From January to September 2023 Aussies lost over $92 million to impersonation scams with the highest losses being from imposter bond scams, fake business emails and bank impersonation.

Scammers are becoming sophisticated with their tactics through technology and it’s harder to work out whether they are legitimate or not.

Signs of impersonation scams:

• You receive a message that asks you to click on a link that takes you to a webpage asking for your username, password, or personal information.
• You are asked to act urgently.
• A business asks you to use a different bank account and BSB from the last payment you made with them.
• You’re contacted by someone saying they are from a government department or law enforcement, and they threaten you with immediate arrest, deportation, or ask you to pay money.
• You’re asked to transfer money to an account to ‘keep it safe’ or for ‘further investigation’.
• A sale, investment or job offer looks too good to be true

Avoiding impersonation scams

• Don’t automatically assume the person you are dealing with is who they say they are.
• Don’t click on links in text messages or emails.
• Don’t open or download any attachments or apps if instructed as these can install malicious software on to your computer or phone giving scammers access to your personal information, data, and accounts.
• Immediately cut contact with anyone who tries to threaten or intimidate you.

The Australian Banking Association and Customer Owned Banking Association recently launched a new Scam-Safe Accord which is designed to disrupt, detect and respond to criminal scam activities. Most of these initiatives will rollout across the banking sector in 2024-25 For more information visit their website.

If you think you have provided your account details to a scammer, contact your bank or financial institution immediately. You should also report scams to the National Anti-Scam Centre via the report a scam page.

Queenslanders are encouraged to check the Scamwatch website regularly to stay updated on the latest scams and how to avoid them.

Quotes attributable to the Fair Trading Commissioner Victoria Thomson:

“As the busy holiday season approaches, Queenslanders are urged to be extra vigilant with potential scams.

“This year Scams Awareness Week is a reminder to us all to slow down and think about who we’re really dealing with before acting.

“Around a third of scams currently go unreported - by reporting scams, you help protect others and help to disrupt and stop scammers.

“It was good to hear the recent announcement of the new Scam-Safe Accord and the plans for a confirmation of payee system to better protect people from banking scams.

“While this is welcome news, the new system will not be implemented for another 12-18 months.

“That’s why it’s crucial that Queenslander remain vigilant when it comes to scams and know how to protect themselves from being swindled.”