Beware of scams this holiday season

It’s the busiest time of the retail year, and just like Santa and his elves, you can be sure that the scammers will be extra busy. So how can you protect yourself from scammers who might steal your money or identity?

We’ve handpicked the best hints, tips and resources to help you identify and protect yourself from the ongoing threat of scams.

This article is for general information only. We have not considered your personal situation. You should consider whether the information is appropriate before acting on it. This article was originally published in December 2020 and updated in December 2021. 

Take measures to protect yourself

Before we discuss how you can stay safe online, let’s define what a scam is. Fraud is any illegal action or activity that you have no knowledge of, whereas a scam occurs when you collaborate with the perpetrators in some way; even if you don’t know you’re doing it.

According to Scamwatch: “Scams succeed because they look like the real thing and catch you off guard when you’re not expecting it. Scammers are getting smarter and taking advantage of new technology, new products or services and major events to create believable stories that will convince you to give them your money or personal details.”

Once the scammers have tricked you out of your personal information, they can commit all kinds of fraud such as using your credit card to make online purchases or opening a bank account.

The Scamwatch website has more information on the different types of scams.

A possible antidote?

Scams can look so convincing that it’s easy to mistake them for real requests, so the best defence against the scammers and reducing your risk of becoming a victim is knowing how they go about their business. Scamwatch has comprehensive information on how to spot a scam and protect yourself from this threat, or you can visit the Teachers Mutual Bank security hub for more hints and tips.

In general, when it comes to your online safety:

• Never share your pin number, security codes or login details with anyone.
• Never give your details to anyone else. Scam emails will ask for personal information such as your passwords, access codes, date of birth or bank details. Once you’ve handed it over, the scammers will use this information to take your money.
• Create a complex password of at least 13 characters that is difficult for anyone to guess, consisting of a mix of letters, symbols, upper and lower case.
• Never click on any links in unsolicited articles, emails or texts.
• Never download software to your computer from a source that isn't reputable.
• Do you know the person or organisation contacting you by phone, SMS or email, or is there a valid reason for them to do so? If the answer is no, then do not engage.
• Never give anyone you don’t know remote access to your computer or device.
• Does the offer you’ve received appear too good to be true? If so, there’s a good chance it could be a scam.
• If you’ve been contacted about an investment, check if the company is registered on the ASIC website to make sure they are legitimate.

If you would like to further your education about how to protect yourself from scams, the Australian Cyber Security Centre (ACSC) provides relevant and timely information on how to protect you and your loved ones from threats such as software vulnerabilities, online scams, malicious activities and risky online behaviours.

What do I do if I’ve been scammed?

Scammers are becoming more and more sophisticated in their attempts to steal your money or personal details. Even when you are armed with the best information, it’s still possible to fall victim to a scam.

If this happens, or if you’re concerned your account has been compromised in some way, please contact Teachers Mutual Bank immediately so we can limit any further damage.