As Australians navigate an increasingly digital world, the risk of falling victim to scams is higher than ever, particularly for older individuals. This Scams Awareness Week (26 to 30 August), Dr. Braam Lowies from the University of South Australia is urging the public to be vigilant and aware of the telltale signs of financial scams that could lead to significant distress and loss.
Scammers are becoming more sophisticated, using a blend of technology and psychological tactics to deceive and manipulate victims. These criminals create scenarios designed to induce feelings of shame, guilt, and isolation, making it harder for victims to seek help or report their experiences. Common scams range from phishing emails and texts to identity theft and romance scams, all aiming to extract money and personal information from unsuspecting targets.
According to the Australian Competition and Consumer Commission (ACCC), while scam losses dropped by 13% in 2023, Australians still lost a staggering $2.7 billion to scams. The Targeting Scams report highlighted that older Australians, particularly those over 65, are increasingly becoming prime targets due to their retirement savings, superannuation, and substantial assets. In 2023, scam losses among this age group rose by over 13.3%, amounting to $120 million.
Dr. Lowies points out that older people’s limited experience with digital platforms and new technologies like artificial intelligence increases their vulnerability to these threats. The reluctance of this demographic to discuss financial matters openly further compounds the risk, as scammers often exploit this silence to their advantage.
A study conducted by ANZ and UniSA in 2022 revealed a concerning gap in online security awareness among older Australians. Despite a high rate of internet banking usage, many in this age group remain unaware of how to protect their privacy online. The report found that while participants were generally aware of online fraud and spam, they were less knowledgeable about viruses, phishing, cyber security, and hacking. Nearly 30% admitted to being unsure how to safeguard their online privacy.
Dr. Lowies emphasises the importance of education and open conversations about cyber security to reduce the stigma and social barriers that prevent people from seeking help. “Anyone using a mobile phone or accessing the internet is vulnerable to cyber threats,” he says. “By sharing our experiences and knowledge, we can better protect ourselves and others from these criminals.”
The National Anti-Scam Centre has provided clear steps to follow if you suspect you’re being targeted by a scam. First, stop all interactions—don’t give out money or personal information if you’re uncertain. If you’ve already done so, contact your bank or card provider immediately to report the scam and halt any further transactions. Second, always verify the authenticity of any organisation contacting you, especially if they claim to be from well-known entities like myGov, your bank, or government agencies. Lastly, report your experience to Scamwatch to help diminish the scammers’ influence.
As this Scams Awareness Week encourages, sharing your story could save someone else from a similar fate. The more informed we are, the less likely these scammers will succeed.
Follow these steps from the National Anti-Scam Centre if you think you’ve been scammed/are caught in a scam.
- Stop – don’t give money or personal information to anyone if you’re unsure. Say no, hang up and delete. If a scammer has taken your money or personal details, contact your bank or card provider to immediately report the scam and stop any transactions.
- Check – scammers pretend to be from organisations you know and trust – like myGov, your bank, the police or the government. If you’re unsure, call the official phone number of the organisation to check.
- Report – the more we talk, the less power they have. Report scams to scamwatch.gov.au
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