When the new year ticks over, many of us think ahead to the person we want to be. For some, that may mean putting health and fitness goals in place or setting new savings targets. While resolutions differ from person to person, one thing we all want for our future selves is a scam-free life. So, in addition to all those other good intentions, why not do a security audit on all your accounts to identify potential holes that scammers can exploit?
“People think it won’t happen to them but scams affect people from all walks of life, no matter their background, education or occupation,” says James Roberts, CommBank’s general manager of group fraud management services. But knowledge really is power.
Scamwatch data from the first half of 2024 shows losses of about $134 million—a 52.8 per cent decrease from the first six months of 20231. So education about scams is having a serious impact on their success rate. Still, there are new scams every week and it’s important not to be complacent. Follow this handy cheat sheet of actions and tips.
Do a password audit
If you’re using one password for everything, consider rectifying this. Strong passwords or phrases include at least 14 characters and a combination of upper- and lower-case letters, numbers and special characters. There are lots of password manager tools (such as Bitwarden, 1Password and NordPass), which will generate strong passwords for you and advise when current passwords are weak. Where possible, always turn on multifactor authentication, too.
Be a human lie detector
Scammers are getting more sophisticated so it pays to sense-check new email or social media contacts. “Scammers are very good at impersonating trusted organisations, such as a bank or government department,” says Roberts. Be wary if you’re contacted out of the blue for information or to download software. If something seems off, stop, check, reject—take a breath, contact the organisation directly and block and delete suspicious messages. Be careful sending money to a new account. CommBank’s NameCheck can help here—it searches the account details you’ve entered when making a first-time payment. Based on available payment data, it will then indicate whether the account details look right and prompt you to take further steps.
Improve your banking hygiene
The CommBank app’s Security check up feature helps you manage your anti-scam housekeeping. You’ll be stepped through location-based security, which allows the bank to detect someone accessing your account from unusual locations. There are notification preferences to enable security alerts for certain suspicious activity. You’ll also be able to review your daily payment limits to ensure they suit the way you transact on a regular basis. Larger limits than you need can increase the risk of losing money.
Check in with mates
A good way to keep yourself and your friends safe is to check in. “Everyone is vulnerable to scams at certain times, such as dating and romance scams after a breakup or a job scam when the cost of living is high,” says a National Anti-Scam Centre spokesperson. “Scammers isolate you from your support networks. They want to create a situation where you rely entirely on them.”
Report a scam
You have been scammed. You’ve talked to your bank and maybe even the police. But don’t forget to report the incident to the National Anti-Scam Centre. “Your reports help the National Anti-Scam Centre identify the scams that are causing the most harm to Australians,” says a spokesperson. “We use scam reports to understand how scammers work, who they harm and who we need to work with to disrupt and stop them.” Go to scamwatch.gov.au to report an incident.
5 habits scammers don’t want you to have
1. Remove old devices
The Review digital wallet feature in the CommBank app allows you to see all the digital wallets your payment details have been linked to—and remove any that you don’t recognise.
2. Scan email addresses
Scammers often use email addresses that look legitimate but are slightly off. For example, it might have a spelling mistake in the organisation’s name or use “.co” instead of “.com”.
3. Be wary of public wi-fi
Avoid conducting sensitive transactions, like banking or shopping, over a public wi-fi network. Scammers can set up fake hotspots or intercept unencrypted data, leaving your details exposed.
4. Don’t “unsubscribe” spam
Scammers sometimes use fake “unsubscribe” links to confirm that your email is active. Mark suspicious emails as spam instead of interacting with them.
5. Track new scams
Forewarned is forearmed—make sure you’re up to date with the latest scams. Go to Scamwatch or follow Scamwatch on Instagram for scam alerts.