This Scams Awareness Week (26-30 August), Australians are being urged to recognise and guard against the rising threat of financial scams.

Braam Lowies, a financial gerontology expert at the University of South Australia (UniSA), highlights the severe impact scams can have, particularly on older Australians.

The Australian Competition and Consumer Commission (ACCC) reported that while scam losses dropped by 13% in 2023, Australians still lost a staggering $2.7 billion to scams. Lowies notes that scammers are increasingly using sophisticated technology and psychological tactics to exploit people, often leaving victims feeling isolated and ashamed.

“Scammers can deliberately cause feelings of shame and guilt, and they can create and take advantage of different situations, including if someone is busy, scared, or stressed,” Lowies said. “It’s important that we share our experiences to help others feel confident to do the same.”

Older Australians are particularly vulnerable due to their access to retirement savings and superannuation, as well as their potential unfamiliarity with digital technology. The ACCC’s Targeting Scams report revealed that in 2023, losses for people over 65 increased by over 13.3% to $120 million. Scam calls led to the highest reported losses, with older people often targeted over the phone and on social media.

Lowies stresses the importance of education and open conversations about cyber security to combat this growing threat. “Education and training are the keys to becoming cybersavvy and safe from scams,” he said. “The more stories we hear, the better equipped we are to protect ourselves.”

The National Anti-Scams Centre recommends three key steps if you suspect a scam: stop, check, and report. Stop engaging with the scammer, confirm the legitimacy of the request, and report the scam to authorities if you believe you are the target.

Editors Publicspectrum

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