Beware! Experts reveal five words that can drain your bank account
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In today's digital age, staying vigilant against scams is more crucial than ever, especially for those who may not be as tech-savvy as the younger generation.
It's a sad reality that scammers often target seniors, banking on the assumption that they might not be as alert to the latest digital threats.
However, fear not, dear members of the Seniors Discount Club, because knowledge is power, and we're here to arm you with the information you need to protect your hard-earned savings.
A recent report shed light on a particularly insidious type of scam: the text message scam.
Cybersecurity experts pinpointed five words that, when seen in a text message, should immediately raise red flags.
According to McAfee, these words are: ‘Bank details’, ‘Payment details’, and ‘PIN’. If you see these words in a text, be wary!
Scamwatch, the Australian authority on scams, reported that texts were the most common method for scams in Australia last year, with a staggering $2.74 billion lost to various scams online, by phone, or in person in 2023.
Cybersecurity experts cautioned that legitimate businesses typically don't ask for sensitive information via text or email.
Yet, scammers utilise these tactics in advanced phishing attempts to deceive individuals into divulging their personal details.
‘To make these messages look real, scammers spoof (copy) the phone number and sender ID of businesses or people you know,’ Scamwatch warned.
‘Scam messages can even appear in the same message chain as real messages from the organisation, making them even harder to spot.’
McAfee advised becoming familiar with how brands typically communicate with you and always verify the source of the message.
It suggested that ‘If an email arrives in your mobile inbox, click on the sender’s name to expand their full email address.'
‘Typical brand emails will have a “do not reply” somewhere in the address or an official “@branddomain.com” email address.’
‘Scam email addresses often appear as strings of gibberish.’
‘’If unsure whether a text from a company is real, log into your account directly to see if it reflects the overdue bill or extra store credit that the text message suggests,’ it added.
According to Scamwatch, a message is likely a scam if it urges immediate action, demands payment, includes a link or phone number to click or call, or asks for personal information or login details.
The annual Targeting Scams report revealed that Australians' losses to scams have decreased for the first time in seven years, thanks to the government's efforts to prevent fraud.
Among the findings, losses from investment scams dropped by 13 per cent, while losses from remote access scams increased by 12 per cent, and losses from romance scams decreased by 4 per cent.
Additionally, losses from phishing scams decreased by 13 per cent, and losses from payment redirection scams decreased significantly by 59 per cent.
However, it's not all sunshine and roses.
While losses from scams originating from phone calls or text messages decreased by 18 per cent and 6 per cent, respectively, losses from scams originating on social media increased by 17 per cent.
As Australians continue to grapple with the rising threat of text scams targeting their bank accounts, the latest warnings shed light on the sophisticated tactics scammers employ to deceive unsuspecting victims.
With losses to scams reaching alarming levels, it's crucial for people to stay vigilant and informed about the various types of fraudulent activities circulating online.
According to the ACCC, Australians lost a staggering $481 million to scams, highlighting the urgency of the situation and the need for increased awareness and prevention measures.
Have you or someone you know encountered a scam recently? What are your tips to avoid falling victim to this type of scam? Share your experiences and advice in the comments below!
It's a sad reality that scammers often target seniors, banking on the assumption that they might not be as alert to the latest digital threats.
However, fear not, dear members of the Seniors Discount Club, because knowledge is power, and we're here to arm you with the information you need to protect your hard-earned savings.
A recent report shed light on a particularly insidious type of scam: the text message scam.
Cybersecurity experts pinpointed five words that, when seen in a text message, should immediately raise red flags.
According to McAfee, these words are: ‘Bank details’, ‘Payment details’, and ‘PIN’. If you see these words in a text, be wary!
Cybersecurity experts cautioned about five common words in text scams: 'bank details', 'payment details', and 'PIN'. Credits: Shutterstock
Scamwatch, the Australian authority on scams, reported that texts were the most common method for scams in Australia last year, with a staggering $2.74 billion lost to various scams online, by phone, or in person in 2023.
Cybersecurity experts cautioned that legitimate businesses typically don't ask for sensitive information via text or email.
Yet, scammers utilise these tactics in advanced phishing attempts to deceive individuals into divulging their personal details.
‘To make these messages look real, scammers spoof (copy) the phone number and sender ID of businesses or people you know,’ Scamwatch warned.
‘Scam messages can even appear in the same message chain as real messages from the organisation, making them even harder to spot.’
McAfee advised becoming familiar with how brands typically communicate with you and always verify the source of the message.
It suggested that ‘If an email arrives in your mobile inbox, click on the sender’s name to expand their full email address.'
‘Typical brand emails will have a “do not reply” somewhere in the address or an official “@branddomain.com” email address.’
‘Scam email addresses often appear as strings of gibberish.’
‘’If unsure whether a text from a company is real, log into your account directly to see if it reflects the overdue bill or extra store credit that the text message suggests,’ it added.
According to Scamwatch, a message is likely a scam if it urges immediate action, demands payment, includes a link or phone number to click or call, or asks for personal information or login details.
The annual Targeting Scams report revealed that Australians' losses to scams have decreased for the first time in seven years, thanks to the government's efforts to prevent fraud.
Among the findings, losses from investment scams dropped by 13 per cent, while losses from remote access scams increased by 12 per cent, and losses from romance scams decreased by 4 per cent.
Additionally, losses from phishing scams decreased by 13 per cent, and losses from payment redirection scams decreased significantly by 59 per cent.
However, it's not all sunshine and roses.
While losses from scams originating from phone calls or text messages decreased by 18 per cent and 6 per cent, respectively, losses from scams originating on social media increased by 17 per cent.
As Australians continue to grapple with the rising threat of text scams targeting their bank accounts, the latest warnings shed light on the sophisticated tactics scammers employ to deceive unsuspecting victims.
With losses to scams reaching alarming levels, it's crucial for people to stay vigilant and informed about the various types of fraudulent activities circulating online.
According to the ACCC, Australians lost a staggering $481 million to scams, highlighting the urgency of the situation and the need for increased awareness and prevention measures.
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