Your Wealth

Scams: How to avoid losing your money to increasingly sophisticated scammers

September 10, 2019

We all know someone who has fallen victim to a scam – a phone call purporting to be from Telstra, a link supposedly from your bank, PayPal or the ATO. The world of scamming has become increasingly and terrifyingly sophisticated, and you’re at risk.

Far from a kid with a laptop in their parent’s basement, scammers are now likely to work with hundreds of others, have targets and procedure manuals – and be very well trained to convince you of their legitimacy.

After a close friend lost $3,000 to a phone scammer purporting to be from NAB, Gemma Dale interviewed Tara McCarthy from NAB Security to understand – and help you understand:

  • The most common types of scams, from phishing and malware to computer ransoms
  • Why phishing is now targeted, as scammers match details from stolen databases with your publicly available information
  • How the Brisbane City Council lost $450,000 to the kind of scam being directed at small business, and
  • What you can do to protect yourself.

You can access this and previous episodes of the Your Wealth podcast now on iTunesPodbean, Spotify or at nabtrade.com.au/yourwealth

This podcast is somewhat longer than usual, so if you’re short on time, consider listening at 1.5-2x speed, which should be shown on the screen of your device as you listen. This won’t just reduce your listening time; it has also been shown to improve knowledge retention.