If it sounds too good to be true, it probably is
Whether it is promises of high guaranteed investment returns without any risks, get rich quick Crypto schemes or unexpected refunds from Centrelink, the old adage “If it sounds too good to be true, it probably is” rings true. As an adviser we often find clients being approached, or at times, seeking out investment opportunities that are questionable at best, and often flat out scams.
Macquarie recently published a great series on scams and below are a few key tips to help you stay safe online.
- Use strong, unique passwords and change your password if you believe it may have been compromised. If you are an Optus or Medibank client this is very important.
- Adopt two-factor authentication for your important accounts to add an extra layer of security.
- Install an anti-virus software and keep it updated to reduce the likelihood of being impacted by malware.
- Regularly back up your computer and devices.
- Think before you share information on social media, especially personal information such as the address of your new house in a photo.
- Be aware of phishing emails or SMS’s and don’t click on them.
- You may receive scam calls even if you have a private number or are registered on the Australian Government’s Do Not Call Register.
- Never disclose your personal information, financial account or online account details over the phone unless you made the call and got the number from a reliable source.
When we receive these scam calls, emails or SMS’s it’s quite natural to feel like we need to respond immediately – that is the intention of the messages. It’s best to ask yourself if you were expecting the call or email? Take a second, breathe, and think. Does this feel right? If in doubt, don’t act.
If you have you been asked to respond to something urgently such as a delivery notification or request for bank details, before actioning, take some time to think through whether this is a legitimate piece of correspondence. If you’re unsure, ask someone you can trust.
Should you end up getting scammed recovering your funds is not a simple or quick process. Taking the time upfront to set up secure passwords and putting in place two-factor authentication may seem unnecessary, but it is time well spent and may save you thousands of dollars and hours in the future – let alone the stress. You can download the ACCC’s Little Black Book of Scams and visit the Australian Banking Association’s scams page for the latest information and updates on common scams and how to protect yourself.
We all have a role to play when it comes to scams. Think twice before you act.