Telco giants and financial crimes police join forces against scammers
- Replies 9
The phone rings, and an unfamiliar number pops up on your caller ID. You answer hesitantly, only to be met with a fraudster posing as a bank employee who demands your personal information.
This is a common situation in Australia, where scammers have taken more than $92 million from unsuspecting people just this year, as reported by the ACCC. These con artists often appear highly professional, using clever tactics and even faking their caller ID.
For instance, a Sydney fashion designer named Melanie Gillbank fell victim to a scam call. The caller posed as a Commonwealth Bank fraud officer and requested her Netbank code.
'The minute I read it out, my heart sank, and I realised I'd made a mistake,' Melanie said.
She lost $5,000 in the ordeal. Fortunately, she managed to recover her money from the bank once she realised she had been a victim of a crime.
A few months ago, a partnership called Call Stop was launched by Optus and the Australian Financial Crimes Exchange. Its goal is to stop phone call scams by intercepting calls made to known scam numbers and delivering a warning message if the number is associated with a con.
During the first ten weeks of the program, they successfully prevented over 1300 scam attempts, saving potentially tens of millions of dollars in theft.
'The idea is to stay one step ahead of the criminals,' said Optus spokesperson Andrew Sheridan.
Commonwealth Bank and Telstra have also introduced a tool to block suspicious bank transfers during potential scam calls.
While the volume of scam phone calls has decreased, the frequency of spoof text messages has increased, as noted by the Australian Competition and Consumer Commission (ACCC).
To address this issue, a national register will be established this year to protect the sender IDs of major corporations like Australia Post, myGov, and the major banks.
As Heidi Snell, the Executive General Manager for the ACCC's National Anti-Scam Centre, explained: 'Consumers will then be able to have greater confidence that if they receive a message that says it's from their bank—it is, in fact, from their bank.'
Cybercriminals are always finding new ways to steal our personal information, and it's important for all of us to stay alert and protect ourselves online.
Take the case of Bryce Grylls, who considered himself tech-savvy but still fell victim to a sophisticated scam. Bryce received a call from someone claiming to be from Suncorp's financial advice and fraudulent investigation team.
The caller, who went by the name Eric, informed Bryce that his credit card had been used to buy cryptocurrency, which raised suspicions because Bryce hadn't made such transactions.
Fortunately, Bryce didn't fall for the scam. He had received similar calls recently and decided to record the conversation and ask Eric more questions to confirm his identity.
That's when Eric's tone and accent changed, and he eventually admitted to being a scammer.
You can read the full story in this article.
Staying vigilant is absolutely essential in today's digital age. However, it's reassuring to know that telecommunications companies and government authorities are working behind the scenes to disrupt these scammers and protect the public.
With increased collaboration and growing public awareness, we can hope that fraudsters will increasingly find their phone calls falling on deaf ears.
Members, we'd like to hear from you. Have you ever experienced receiving a call from a scammer attempting to pry personal or financial information from you? How did you handle the situation? Please share your insights, tips, and advice in the comments below to help others stay protected!
This is a common situation in Australia, where scammers have taken more than $92 million from unsuspecting people just this year, as reported by the ACCC. These con artists often appear highly professional, using clever tactics and even faking their caller ID.
For instance, a Sydney fashion designer named Melanie Gillbank fell victim to a scam call. The caller posed as a Commonwealth Bank fraud officer and requested her Netbank code.
'The minute I read it out, my heart sank, and I realised I'd made a mistake,' Melanie said.
She lost $5,000 in the ordeal. Fortunately, she managed to recover her money from the bank once she realised she had been a victim of a crime.
Telecommunications giants, banks and government agencies are banding together to stop scam callers. Credit: Unsplash.
A few months ago, a partnership called Call Stop was launched by Optus and the Australian Financial Crimes Exchange. Its goal is to stop phone call scams by intercepting calls made to known scam numbers and delivering a warning message if the number is associated with a con.
During the first ten weeks of the program, they successfully prevented over 1300 scam attempts, saving potentially tens of millions of dollars in theft.
'The idea is to stay one step ahead of the criminals,' said Optus spokesperson Andrew Sheridan.
Commonwealth Bank and Telstra have also introduced a tool to block suspicious bank transfers during potential scam calls.
While the volume of scam phone calls has decreased, the frequency of spoof text messages has increased, as noted by the Australian Competition and Consumer Commission (ACCC).
To address this issue, a national register will be established this year to protect the sender IDs of major corporations like Australia Post, myGov, and the major banks.
As Heidi Snell, the Executive General Manager for the ACCC's National Anti-Scam Centre, explained: 'Consumers will then be able to have greater confidence that if they receive a message that says it's from their bank—it is, in fact, from their bank.'
Cybercriminals are always finding new ways to steal our personal information, and it's important for all of us to stay alert and protect ourselves online.
Take the case of Bryce Grylls, who considered himself tech-savvy but still fell victim to a sophisticated scam. Bryce received a call from someone claiming to be from Suncorp's financial advice and fraudulent investigation team.
The caller, who went by the name Eric, informed Bryce that his credit card had been used to buy cryptocurrency, which raised suspicions because Bryce hadn't made such transactions.
Fortunately, Bryce didn't fall for the scam. He had received similar calls recently and decided to record the conversation and ask Eric more questions to confirm his identity.
That's when Eric's tone and accent changed, and he eventually admitted to being a scammer.
You can read the full story in this article.
Staying vigilant is absolutely essential in today's digital age. However, it's reassuring to know that telecommunications companies and government authorities are working behind the scenes to disrupt these scammers and protect the public.
With increased collaboration and growing public awareness, we can hope that fraudsters will increasingly find their phone calls falling on deaf ears.
Members, we'd like to hear from you. Have you ever experienced receiving a call from a scammer attempting to pry personal or financial information from you? How did you handle the situation? Please share your insights, tips, and advice in the comments below to help others stay protected!
.png){kind=icon}
