At Qudos Bank, we take great pride in educating our customers on the latest scams and fraud in order to protect them from potential harm. In recent times, scammers have become increasingly sophisticated and bold, making it challenging to detect their deceitful tactics.
It is worth noting that these scams are not limited to the elderly or the less tech-savvy, as everyone is susceptible. Therefore, we encourage our customers to remain vigilant and conduct their own independent and thorough research where possible.
In this edition of MyQ, we will cover several topics, including the surge in recruitment scams and ways to safeguard oneself against such scams. We will also discuss our Fraud, Scam, and Cyber Security webinar, which was designed to provide useful information on emerging scams and fraud and highlight the significance of protecting one's personal information. Additionally, we will provide tips on how to protect your privacy, in light of the upcoming Privacy Awareness Week in May 2023.
According to Scamwatch, Australians lost over $9.6 million in 20221 due to recruitment scams but the figures could be higher as these are the reported statistics. The Australian Competition and Consumer Commission (ACCC) warns young people to be cautious of sharing personal information and of job advertisements shared on social media platforms and messaging channels such as WhatsApp.
Recruitment scams are often targeted at individuals between the ages of 25 and 44, promising big financial rewards with minimal effort.
Scammers often pretend to be from high-profile companies and online shopping platforms, as well as impersonating prolific recruitment agencies. They typically contact victims through email, letter, or phone, offering work that promises high returns to make money quickly.
They may also offer a job opportunity that involves using a victim’s bank account to receive and pass on payments for a company. Scammers promise that the victim will receive a commission for each payment they pass on. This is likely to be a form of money laundering in dealing with proceeds of crime, which could lead to them facing heavy penalties being that it’s a criminal offence.
False job opportunities may also be presented on social media.
For example, an article published by the ABC shares Adam’s story of how he lost $28,000 through a recruitment scam via a fake job advertisement on Facebook, where he applied and was contacted via Whatsapp by the scammer.
Scamwatch reported more than 3,383 job scams1 in 2022, with many falling prey to scammers' promises of quick financial gain.
Towards the end of 2022, we hosted a Fraud, Scam, and Cyber Security webinar featuring specialists from our Fraud and Cyber Security teams. The webinar covered emerging scams and fraud and provided useful information on protecting one's personal information following a data breach.
We also invited participants to submit questions to help us prepare the content for the webinar, and we have compiled an FAQs section. You can view the webinar and read the FAQs on our website.
Privacy Awareness Week is an annual event held from Monday, 1 May to Sunday, 7 May 2023. This year's theme is "Back to Basics," where the Office of the Australian Information Commissioner (OAIC) is encouraging all Australians to go back to basics with privacy. The event is aimed at raising awareness regarding privacy issues and the importance of safeguarding one's personal information.
We encourage our customers to take advantage of this week to educate themselves on the best ways to protect their privacy and personal information as we are a supporter of this great initiative where information will be posted on OAIC’s website and QB's social media page throughout that week for tips.
In conclusion, it's important to stay vigilant against the rise of recruitment scams and to take steps to protect your personal information from fraud and cyber threats. Educating yourself on how to safeguard your privacy is also crucial in this digital age.
We hope that the tips and information provided in this edition of MyQ have been useful to you in staying safe and secure. Thank you for taking the time out to read this edition of ‘Around The Traps’.
Learn more about how to protect yourself via our Fraud & Security Hub.
Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305. The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.
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