NAB's anti-scam head gives a compelling $3 billion warning to Aussies
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In an era where technology has become an integral part of our lives, the dark side of this digital revolution is becoming increasingly apparent.
Scammers are getting more and more sophisticated each year, and Aussies are paying the price, with a record $3.1 billion lost to these fraudulent activities last year.
As we mark Scam Awareness Week, Daniel Marin, Head of (National Australia Bank) NAB’s Anti-Scams team, reflected on the evolution of scams over the past decade and offered valuable advice on how Aussies can safeguard themselves.
In 2015, Marin was presented with a unique opportunity to join a newly formed team at NAB dedicated to combating scams.
When he joined the anti-scam team, which initially comprised only three members, he had already been with NAB for about six years, starting in the call centre. As he pursued a university degree in business and marketing, Marin climbed the NAB ladder to his current role in Digital Fraud & Scams.
'The opportunity came up around an emerging trend of fraud and scams,' Marin shared.
'The scam situation was one no other big bank in Australia had catered for at the time. We recognised an opportunity in this space to support customers and developed the anti-scam team in Fraud Operations.'
At that time, scams were becoming a burgeoning issue in Australia. The Australian Competition and Consumer Commission’s (ACCC) Targeting Scams Report 2015 revealed that over 105,000 Australians reported scams, with reported losses amounting to $85 million.
Fast forward to today, and this figure has skyrocketed by more than 3,000 per cent to a staggering $3.1 billion.
In the early days, dating and romance scams accounted for the majority of losses nationwide, with more than $25 million reported lost to the ACCC.
'The majority of cases were around romance scams,' he said.
'Goods-and-services scams were also being seen as social media came into the mix, and customers were letting us know they weren’t receiving what they’d paid for.'
Fast forward to today, romance scams still rank among the top five most reported scams targeting Australians, along with investment scams, false billing, phishing, and employment scams.
'At this time of year, many people are purchasing presents online, waiting for parcels, and often sending and receiving payments as gifts. Scammers know this and can make anyone their target,' he warned.
However, it was the romance scam stories that left an indelible mark on him all those years ago.
'When you are speaking with customers on the phone who have been vulnerable and gone through a difficult time, and then they’ve fallen into a romance scam and sent their entire life savings overseas, and there is very little chance of us recovering their money…I vividly remember conversations I had with customers in this situation and how I wanted to help.'
The anti-scam team has evolved significantly since its inception. The team initially concentrated on recovering and tracing funds for scammed customers. Now, they proactively focus on preventing scams before they occur.
'Every day, we are seeing scammers directly targeting people through texts, emails, phone calls, computer messages and other sneaky tactics.'
'Scammers are constantly developing new ways to steal your details and hard-earned money, so we continue to work hard to keep Australians safe, the best defence is being educated and alert.'
To help prevent scam activity, NAB has introduced a number of initiatives across the bank in the past 12 months, such as payment alerts in the NAB app and internet banking and disallowing links on text messages.
However, staying a step ahead of the criminals is a challenging task.
'It is a bigger problem than any one bank or any one organisation,' Marin claimed.
'My top tip for seeing through scams is knowing that NAB will never ask you to transfer money to another account to keep it safe.'
'If you’re unsure something is legitimate, stop, think about your options, and protect yourself by running extra checks on the caller or sender before you respond. Your money is safe while it is in your account.'
Marin urged those who suspect they have been a victim of a scam to 'call your bank immediately and report the incident'.
You may also report it to Scamwatch and file an official complaint to the police here.
Furthermore, to 'reduce the harm they experience from the compromise and misuse of their identity information by providing effective response and mitigation', you may contact IDCARE for support.
Lastly, it was also recommended to seek support for yourself. You can get in touch with a financial counsellor or reach out to BeyondBlue on 1300 22 4636 or chat with them online. Alternatively, you may reach out to Lifeline for crisis support here or on 13 11 14.
What are your experiences with scams? Have you ever fallen victim to one? Share your stories and tips in the comments below, and let's help each other stay safe from scams.
Scammers are getting more and more sophisticated each year, and Aussies are paying the price, with a record $3.1 billion lost to these fraudulent activities last year.
As we mark Scam Awareness Week, Daniel Marin, Head of (National Australia Bank) NAB’s Anti-Scams team, reflected on the evolution of scams over the past decade and offered valuable advice on how Aussies can safeguard themselves.
In 2015, Marin was presented with a unique opportunity to join a newly formed team at NAB dedicated to combating scams.
When he joined the anti-scam team, which initially comprised only three members, he had already been with NAB for about six years, starting in the call centre. As he pursued a university degree in business and marketing, Marin climbed the NAB ladder to his current role in Digital Fraud & Scams.
Daniel Marin from NAB shared his decade-long experience combating scams. Image source: jcomp on Freepik (left), NAB (right).
'The opportunity came up around an emerging trend of fraud and scams,' Marin shared.
'The scam situation was one no other big bank in Australia had catered for at the time. We recognised an opportunity in this space to support customers and developed the anti-scam team in Fraud Operations.'
At that time, scams were becoming a burgeoning issue in Australia. The Australian Competition and Consumer Commission’s (ACCC) Targeting Scams Report 2015 revealed that over 105,000 Australians reported scams, with reported losses amounting to $85 million.
Fast forward to today, and this figure has skyrocketed by more than 3,000 per cent to a staggering $3.1 billion.
In the early days, dating and romance scams accounted for the majority of losses nationwide, with more than $25 million reported lost to the ACCC.
'The majority of cases were around romance scams,' he said.
'Goods-and-services scams were also being seen as social media came into the mix, and customers were letting us know they weren’t receiving what they’d paid for.'
Fast forward to today, romance scams still rank among the top five most reported scams targeting Australians, along with investment scams, false billing, phishing, and employment scams.
'At this time of year, many people are purchasing presents online, waiting for parcels, and often sending and receiving payments as gifts. Scammers know this and can make anyone their target,' he warned.
However, it was the romance scam stories that left an indelible mark on him all those years ago.
'When you are speaking with customers on the phone who have been vulnerable and gone through a difficult time, and then they’ve fallen into a romance scam and sent their entire life savings overseas, and there is very little chance of us recovering their money…I vividly remember conversations I had with customers in this situation and how I wanted to help.'
The anti-scam team has evolved significantly since its inception. The team initially concentrated on recovering and tracing funds for scammed customers. Now, they proactively focus on preventing scams before they occur.
'Every day, we are seeing scammers directly targeting people through texts, emails, phone calls, computer messages and other sneaky tactics.'
'Scammers are constantly developing new ways to steal your details and hard-earned money, so we continue to work hard to keep Australians safe, the best defence is being educated and alert.'
To help prevent scam activity, NAB has introduced a number of initiatives across the bank in the past 12 months, such as payment alerts in the NAB app and internet banking and disallowing links on text messages.
However, staying a step ahead of the criminals is a challenging task.
'It is a bigger problem than any one bank or any one organisation,' Marin claimed.
'My top tip for seeing through scams is knowing that NAB will never ask you to transfer money to another account to keep it safe.'
'If you’re unsure something is legitimate, stop, think about your options, and protect yourself by running extra checks on the caller or sender before you respond. Your money is safe while it is in your account.'
Marin urged those who suspect they have been a victim of a scam to 'call your bank immediately and report the incident'.
You may also report it to Scamwatch and file an official complaint to the police here.
Furthermore, to 'reduce the harm they experience from the compromise and misuse of their identity information by providing effective response and mitigation', you may contact IDCARE for support.
Lastly, it was also recommended to seek support for yourself. You can get in touch with a financial counsellor or reach out to BeyondBlue on 1300 22 4636 or chat with them online. Alternatively, you may reach out to Lifeline for crisis support here or on 13 11 14.
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