How to spot new scams threatening your money, identity

Fresh data shows a surge in money lost to scammers in 2021, driven by a new wave of Covid fraudsters. Here’s what to look for

Sophisticated new scams that target people’s fears around Covid-19, tax and other issues are multiplying as cybercriminals aim to take advantage of Australians’ extra screen time.

Consumers lost more than $166 million to scams in the first seven months of 2021, close to their total 2020 losses of $173 million, according to data from the Australian Competition and Consumer Commission’s Scamwatch.gov.au service.

Cybersecurity firm KnowBe4’s security awareness advocate, Jacqueline Jayne, says online interactions outside of work have increased ten-fold during the pandemic, increasing the risk of attacks. So what are they and how do you protect yourself?

THE NEW SCAMS

Jayne says there has been a surge in scam campaigns related to Covid-19 vaccines.

“Look out for emails, SMSs and even phone calls related to ‘booking in for your vaccine’ or ‘paying to jump the queues for the vaccine’ or even ‘calling to confirm your details for your upcoming vaccine’,” she says.

KnowBe4 security awareness advocate Jacqueline Jayne says scams have been surging. Picture: Sarah Reed

“These are all scams designed with a sense of urgency, fear or scarcity.”

The most reported scams are phishing attacks, where people are tricked into handing over personal information such as passwords or banking details. Clicking on a link in an email or text from an unknown source can be catastrophic, infecting your technology and potentially stealing your identity.

Scammers are also impersonating myGov, the Australian Taxation Office, Medicare, supermarkets and other big brands.

“Over the last month an increasing amount of malicious SMS messages are arriving on our phones,” she says.

“Known as Flubot, it arrives in the form of a ‘missed voicemail’ or ‘missed call’ and more recently ‘your package is due to arrive, track here’. If you click on the link, it takes you to a malicious website that can install malicious software onto your phone.”

Cybersecurity firm Proofpoint’s area vice president, Crispin Kerr, says phone scams are the most profitable for fraudsters, and there has also been a sharp rise in online shopping scams.

HOW TO SPOT THEM

Kerr says scammers are opportunists who are altering their tactics to prey on emotions and capitalise on Covid lockdowns, with vaccine passport phishing scams now emerging.

“Look out for messages that urge you to respond and take action quickly or that suggest there are serious consequence at stake if you don’t,” he says.

“It is also common at this time of year to see scammers impersonating the ATO in phishing scams related to tax returns, superannuation and COVID-19 relief payments.

“Scammers continue to impersonate companies and departments, so something can look legitimate but small things like spelling mistakes or unusual language are telltale signs something is not quite right.”

Credit Union SA chief risk officer Chris Ryan suggests sharing your scam experiences with family and friends. Picture: Supplied

The ATO and other government agencies never send unsolicited texts or emails requesting your personal information.

If something doesn’t feel right, trust your instincts and contact your bank and authorities directly, says Credit Union SA chief risk offer Chris Ryan.

IF YOU’RE A VICTIM

Contact your financial institution immediately.

“Sadly, if you’ve lost money to a scam, you may not be able to get it back,” Ryan says.

“However, there are steps your financial institution will take to limit the damage, protect your accounts from further loss and try to recover your funds where possible.”

If you think an online account has been compromised, immediately change passwords and report the experience to the ACCC’s Scamwatch and the Australian Securities and Investments Commission, Ryan says.

There is also an identity theft and cyber support service, www.idcare.org, he says.

“Finally, share your experience with family and friends. You could just help them to avoid becoming the next victim.”

Many scam emails and texts try to steal your identity. Picture: iStock

WARNING SIGNS

Beware of any message with the below wording:

• Your credit card has been used in fraudulent activities, update your details now.

• Click here to claim your voucher or prize

• Unsubscribe from this mailing list.

• You can jump the queue for your Covid-19 vaccine – click here.

• Password change notification – your account has been compromised.

Source: KnowBe4

Originally published as How to spot new scams threatening your money, identity