Customers advised to stay vigilant
Australians over the age of 45 are increasingly becoming targets for scammers due to the country’s relative affluence and the substantial savings many in this age group hold.
According to Ruth Talalla, scam portfolio lead at ANZ, what was once the domain of individual fraudsters has evolved into large, well-funded syndicates. These organised crime groups often pose as legitimate businesses, complete with professional websites and call centres, she added.
“Scammers are using advanced social engineering tactics to exploit human emotions and trust,” Talalla said. “They cast a wide net, manipulating individuals to reveal personal information or send money under false pretences.”
Recent data from the National Anti-Scam Centre and Scamwatch supports her concerns. Australians, particularly over-55s, are often targeted due to their perceived trustworthiness and financial stability. This year alone, investment scams have resulted in approximately $79 million in losses, with just 3,818 cases reported — suggesting significant underreporting.
Talalla urged the public to stay vigilant, especially when faced with urgent scenarios that scammers often create to pressure quick decisions. She also emphasised the importance of reporting any suspected scams to banks and authorities promptly.
“Everyone plays a role in preventing funds from reaching cyber-criminals,” Talalla said. “Our goal at ANZ is to empower customers with the knowledge to identify scams and take swift action if they fall victim.”
ANZ’s enhanced technological capabilities and systems have led to a one-third reduction in customer scam losses through ANZ Classic accounts in the first half of the 2024 financial year, compared with the same period in 2023. Additionally, ANZ’s controls have prevented over $100 million in customer funds from being stolen by cyber-criminals in the year to March 2024.
The bank also announced last week that it has added a new scams awareness module to its flagship financial education program, MoneyMinded.
“Talking about these experiences with friends and family can increase awareness and help make it harder for scammers to succeed,” Talalla said. “If you suspect you’ve been scammed, don’t be embarrassed — take immediate action by contacting your bank.”
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