Scams are now harder to spot than before.

Scammers have become more sophisticated and often pose as genuine professionals, making it difficult to tell when you’re being scammed. Recovery of money lost to scams is often limited and unlikely. Prevention is crucial.

Red Flags to watch out for:

• Unsolicited Contact: Be wary of unexpected texts, emails, or calls with links, offers, or threats. Scammers often use these tactics to lure victims into revealing personal information or making payments.
• Seasonal Scams: During holidays like Christmas, scammers may pose as delivery companies, such as Australia Post. At tax time, scammers impersonate the ATO and threaten victims with fines and penalties.
• Familiarity Tactics: Scammers may disguise themselves as trusted businesses or government agencies, using local landline or mobile numbers to appear legitimate. 

Protect Yourself:

Be Skeptical

• Be cautious with unexpected messages, especially those asking for personal information or urgent action.
• Don’t rely solely on devices or software for scam protection.
• Be cautious with unfamiliar organizations.
• Deal only with trusted professionals and businesses.

Stay Informed 

• Learn how to protect yourself and your finances from scams. 
• The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investment Commission (ASIC) websites have information on current scams in circulation. 

If you receive suspicious requests, please reach out to your SCM adviser for assistance.