The latest data from Scamwatch revealed 600,000 Australians reported losses of $2.7 billion to scams in 2023.

During Privacy Awareness Week in May, RACQ held four events to educate members on financial safety.

As artificial intelligence continues to evolve, scammers are becoming more tactical about how they use the technology to target Australians.

RACQ Manager Group Resilience Eszter Cathcart, who presented at the sessions, provided myriad tips and tricks on how to protect your data and shared a personal experience.

“I was really passionate about sharing my knowledge with our members and fellow Queenslanders after having my own recent experience with identity fraud which took over 18 months to rectify,” Ms Cathcart said.

“Through voicing my experience, I hope I can show people that anyone can be the victim of a scam – even someone who works in risk and compliance.

“These sessions were a great opportunity for members to learn how to identify a scam, as well as how to take proactive steps to protect their personal data. Data to a scammer is as valuable as the money they’re trying to get access to.”

 Here are five key takeaways from RACQ’s Privacy Awareness member events:

Stop, think, protect

The most important takeaway was to ‘stop, think and protect’ before responding to any message, email or phone call. Even if you receive communication from a company you trust, a scammer may be impersonating them. Always take the time to process the information before responding to any form of communication and remember, a reputable company will never ask you to act on anything immediately.

Anatomy of a scam

There are three stages to any scam – approach, communication and payment. The most common types of contact for a scam are via phone call, email, SMS, social media or dating apps/websites. Scammers are likely to use high-pressure sales tactics, encourage you to act urgently, play on your emotions and/or attempt to give you a solution to a problem. This will often lead to the scammer requiring you to make a financial transaction, sometimes with a threat of fines, debt or jail if you don’t make the payment.

Types of scams

While scams can evolve as quickly as technology does, there are currently seven types of scams that are the most common. These are: 

• Phishing (collecting pieces of personal data at different times)
• Identity theft
• Investment scams
• Threats and extortion
• Dating and romance scams
• Invoice fraud
• Remote access scams (either through a computer or an app).

A great resource to stay across the latest types of scams and to educate yourself on ways you can keep your data safe online is the ScamWatch website.

Take control back

Whatever the means, the purpose of a scam is to gain control of your personal information. A helpful hint to avoid falling victim is to always take control back. If a company gets in touch asking you to provide information, let them know you’ll call them back and then search for the company’s contact details independently. This way, it’s in your hands and you can determine whether the contact details are legitimate. Rather than clicking a link in an email, you can also search for the website independently.

Treat personal data like it’s currency

BONUS TIP:

Always report a scam

If you have been the victim of a scam, you can visit IDCARE to find out more. It’s also essential that you report it to ScamWatch and ReportCyber.

This not only allows the government to monitor the most common scams affecting Australians but will give you a clear path on what to do next.