Financial Crime World

Australians Urged to Stay Vigilant: Fraudsters Targeting Thousands Each Year

According to financial expert Cottell, almost every Australian adult has been targeted by fraudsters at some point. In this article, we’ll discuss how Aussies can protect themselves against financial fraud.

Maintaining Strong Digital Hygiene

  1. Create Complex and Unique Passwords: Secure passwords are the first line of defense against fraudsters. Creating complex passwords for each online account using a password manager is crucial.
  2. Limit Publicly Available Information: Limit the amount of personal information you share on social media, including sensitive details like birthdates.
  3. Avoid Storing Passwords Easily: Never share or store passwords with others and avoid keeping them in easily accessible places.

Verifying All Claims

  1. Be Wary of Unsolicited Calls and Emails: Be cautious of unsolicited calls or emails from individuals posing as bank or telco representatives.
  2. Confirm the Legitimacy of Requests: Always verify the legitimacy of any requests for unusual or suspicious actions by contacting the organization directly through their official contact details.

Focusing on Authentication

  1. Utilize Two-Factor Authentication (2FA): Most Australian banks now offer 2FA to provide an extra layer of security. 2FA requires two forms of identification, making it harder for fraudsters to gain access to your accounts.
  2. Use Authenticator Apps: Consider using authenticator apps like Macquarie Authenticator to enhance security. These apps prompt you to approve or deny account activities and continuously monitor your accounts.

Reporting Suspected Fraud

  1. Notify Your Bank and Scamwatch: Regardless of whether or not you have lost money, reporting the incident to your bank and Scamwatch is crucial. You may recover any lost funds and provide critical information to protect other Australians.

Staying Informed and Proactive

In an increasingly digital world, staying informed and proactive is vital in protecting yourself against financial fraud. Keep your digital hygiene strong, verify all claims, focus on authentication, and always report suspected fraud.