Personal scams cost Australians $1.4 billion a year. Identifying and avoiding scam offers is essential in protecting your finances. Australian Adviser of the Year, Olivia Maragna, has some tips for recognising and avoiding scams.
Common features of a scam
Scams seek to pressure you into making a fast decision without really considering the potential effects of doing so. Commonly they will include some of these features:
- High returns in a very short period of time.
- Promises of low-risk for investors.
- The names of well-known people and companies.
- Early-bird discounts for those who invest now.
How to protect yourself
Protecting yourself can be hard, but the key is to remember not to trust anyone with your bank details. These simple steps will help you to stay safe:
- Never give anyone your bank details unless you know and trust them. Even when the bank calls you it is important to be wary of providing your details. Your bank should never ask you for your account details over the phone, so check that it is them calling before providing any personal details.
- Always check your statements and report any suspicious expenses immediately.
- Use strong passwords, anti-virus and firewall protection to keep your details safe.
