How to Recognise and Avoid Scams to Safeguard Your Money

How to Recognise Scams and Safeguard Your Money

Posted: April 26 2024

Have you ever received an email, phone call or text message from a scammer? Well, you’re not the only one. Fortunately, there are a few obvious warning indicators that you can watch out for to avoid becoming a victim.

Phishing emails and texts from fraudsters pretending to be representatives of companies you may know can be considered scams, as they aim to obtain personal data and utilise it for financial gain. The Australian Bureau of Statistics estimates that 1.7 million people fell victim to card theft in 2021–2022.

5 Ways to Help Protect Your Money from Scams and Fraud

Know when you're most vulnerable to scammers and take precautions to protect your money from them. Protect yourself from fraudsters. It is important to be extra cautious about scammers.

Here are some tips for avoiding money scams:

Protect Your Personal Data

Even if the message appears to be from a company you may know, never respond to it with a click of a link or text message asking you to confirm your information. Make sure you verify the identity of a caller claiming to be from your bank or insurance company by calling the actual number provided by your supplier. To provide an extra layer of security to accounts that need to be logged in, you might also think about multi-factor authentication.

Be Cautious on How You Pay

Paying for products on a website that lacks an ABN, terms and conditions, or a privacy policy should be done with caution, both in terms of who you pay and how. To ensure a website is secure, make sure to check for the lock icon to the left of its URL.

Verify Credentials

If you're utilising a financial advisor or insurance company, be sure they have an Australian Financial Services (AFS) licence. Any financial advisor or insurance broker who presses you to sign a policy or statement of advisory agreement without giving you the paperwork in writing should be avoided.

Grammar is Important

Pay attention to misspellings and strange email addresses in communications. Phishing emails frequently include bad writing, no unsubscribe option, and originate from unknown email addresses.

Grief Targeting

If you have lost a loved one, be cautious if you receive a call from your insurance company identifying you as a beneficiary and saying you owe money to receive the benefit. Regrettably, some con artists look through obituaries to locate possible victims.

One crucial safety measure for financial products is to deal solely with reputable, registered providers. In order to assist you select a policy that will keep you financially secure today and in the future. Contact our Success team for more tips and financial advice. We can guide you by providing certified, expert information about your alternatives for life insurance with reputable providers.


About Lan Nguyen

Lan is the Founder and Chief Strategist at Success Accounting Group, Melbourne based CA firm. In a matter of short 8 years she has built up a reputable Chartered accounting firm with 3 offices and a team of 6 professional accountants and support team members. Her mission is to provide Innovative and Strategic Financial advice to help her customers make smarter financial decisions today for a brighter future.

Success Accounting Group is for established business owners who would like help to grow a sustained business. As a business owner you understand what drives your business success with our accounting team taking care of the rest.

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To see how you too can benefit from working with us, request your FREE meeting today. Enter your details in the form on the right, or phone us direct on 03 9583 0550.
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