Falling Victim to Financial Fraud - Are you at Risk?

Falling Victim to Financial Fraud - Are you at Risk?

A recent article we received from our friends at Synchron is one definitely worth sharing. It helps as a reminder to us all to be extra vigilant with our online interactions and transactions. It's far better to be safe and informed, than sorry and scammed.

More and more Australians are falling victim to financial fraud. There are currently a number of scams circulating, attempting to take advantage of Australians during this vulnerable time. These include phishing, text messages, emails and phone calls that are all designed to look like they have come from a legitimate source. 

It is timely for us to remind you of your responsibility for cyber security.

  1. Check your bank statements regularly to monitor your transactions. 
  2. Delete suspicious texts, emails, pop ups and don’t click on links or attachments from contacts you don’t know. 
  3. Be suspicious of messages or email saying you have been locked out of your account or your account has been revoked with a link to enter your details. 
  4. Be alert when dealing with uninvited contacts. For example, it’s unlikely you have won a lottery you never entered and internet service and telecommunications providers generally do not require remote access to their customers’ electronic devices, nor do they require access to your internet banking, and its also unlikely that you have inherited money from someone you never knew. 
  5. Be aware of who you are dealing with and do your research. If you are concerned on a call, it’s better to find the details of the company yourself and say you will call back. (Last week I received a call from Telstra asking for my internet details. When I said I was busy and would call back, the caller hung up.)  
  6. Be careful when shopping online and be wary of individuals selling goods online who may request payment up front without allowing you to view the goods in person. 
  7. Be alert regarding requests to change payment details on invoices. Call the company directly to confirm the change in banking details is correct. An invoice received from a regular supplier requesting payment be made to a new BSB and account number, with no verbal communication beforehand is a red flag. 
  8. Do not give anyone remote access to your computer unless you have instigated a support call and terminate and delete any application installed immediately after the call. Keep your personal details secure and use strong passwords to protect electronic devices. Use a system like One Password or similar to generate random passwords.
  9. Regularly download the software updates for all your devices.
  10. Don’t accept friend requests on social media from people you don’t know and ensure you review your privacy and security settings. 

If in doubt - don't take the risk.  

Source:  Synchronised Business Services Pty Ltd

If you have concerns or would like more information, you can read more here at the WA Police Force website.

Sound Life & Superannuation Agencies Pty Ltd ABN 009 253 258 trading as Sound Life Financial Services is a Corporate Authorised Representatives of

Synchron, AFS Licence No. 243313.

The information contained in this article is general in nature and does not take into account your personal situation. You should not consider this to be advice and you should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.


< Back to Blog

Interested in regular financial updates? Subscribe now:

Sound Life & Superannuation Agencies Pty Ltd trading as Sound Life Financial Services are
Corporate Authorised Representatives of Synchronised Business Services Pty Ltd
ABN: 33 007 207 650 trading as SYNCHRON
Principal address: Level 1, 65 Palmerston Crescent, South Melbourne Vic 3051
Australian Financial Services License Number: 243 313