Older Australians encouraged to be scam aware

The highest net worth generation in Australia are Baby Boomers aged 55-64¹ .

According to the National Anti-Scam Centre² , older Australians are suffering the largest losses when it comes to remote access scams as losses for people over the age of 65 increased by 13.3 per cent in 2023 to $120 million, with all other age groups reporting a decrease in losses³ .

Matthew Hannan, Head of Fraud Management at HSBC Australia says it is important older Australian’s are aware of the tricks scammers can use to steal their money.

“Most scams have several common features, such as asking for personal information or security details, or creating a false sense of urgency. Scammers hope to trick you into revealing key details about your account, allowing them to steal your money.

“With remote access scams, which overwhelmingly target older Australians, you will typically receive a phone call telling you that you have an issue with your account, phone or computer. They will ask you to download an app or software to solve the issue, which will actually grant the scammer control of your device.

“The scammer will access your bank accounts, pretending they are helping you solve your issue, and will ask you to share banking passwords or one time security codes – which gives them access to your bank accounts. The consequences can be financially and emotionally devastating.”

Here are some steps you can take to help secure your account:

• Don’t give access to your computer to anyone you don’t know
• If someone has remote access to your computer, don’t log on to online banking or anything else which could allow them to gain access to any passwords, security information or log on details
• Don’t pass on security codes, Secure Key codes or one-time passcodes to anyone
• Keep your anti-virus software up to date
• If you receive a call or an SMS and you’re unsure whether the sender is really from your bank, the best thing to do is hang up and call your bank on the number shown on the back of your debit / credit card or official website.

Here are some general tips to be aware of to help protect you against various types of scams:

• Always be suspicious of unsolicited approaches
• Check your bank statements regularly and contact us if any unexpected transactions appear
• Never share your personal information with anyone
• Register for biometric authentication, ie Face ID, Fingerprint ID1
• Regularly update bank account passwords
• Shred important documents or paperwork that contain personal information