Scams Watch: Here’s How to Avoid Falling Victim to Financial Scams

Financial scams don’t just impact your bank balance—they take a huge emotional toll as well. To avoid falling victim to a range of scams, watch out for these tell-tale signs.

When you think about scams, what’s the first thing that comes to mind?

Unsolicited calls? Suspicious emails? Text messages purporting to be from your bank, or the Australian Taxation Office, and asking you to log in to check a message?

If the answer is ‘all of the above,’ then you’re one of the millions of Australians who’ve been targeted by a financial scam. And they’re costing us millions.

Some $318.7 million, to be exact. The Australian Competition and Consumer Commission (ACCC) just published its annual Scamwatch report—and it’s not a pleasant picture.

There were 249,448 reported scam complaints in 2024, amounting to losses of $318.7 million across those complaints.

That’s actually down on the figures from the previous year, although it doesn’t take into account all the scams that go unreported.

But it’s a sobering reminder of just how prevalent financial scams are.

So what can you do about it? To avoid scams, watch out for the following.

Phishing Attempts

Phishing attempts remain one of the most common—and most damaging—forms of scams.

Phishing occurs when a malicious party attempts to impersonate someone or something else, as a means of securing sensitive or valuable information.

The impersonator will send an email or text message purporting to be from an official organisation, and asking you to click a link to ‘confirm’ specific details—such as personal data or banking logins.

That link will often take you to a website that looks just like the banking website you normally log into, but which is actually a spoof website that harvests your personal information.

Input your details into one of those spoof websites and the scammers have the login credentials they need to access your bank account.

How Do I Avoid Being Phished?

Although phishing scams can be financially devastating, there are a few telltale signs to watch out for.

• Suspicious email address: Check email addresses carefully. Phishing attempts often arrive from an incorrect email address, or one that has been altered slightly to resemble an official organisation.
• Demands for urgent action: Many phishing attempts demand urgent action. Language such as “your account will be closed” or “you must act now” are a telltale sign of a phishing attempt.
• Requests for personal information: Be wary of any email or text message that asks for personal information—including passwords, login details, or credit card numbers. Legitimate organisations rarely, if ever, ask for sensitive information via email or text.
• Unexpected attachments: While receiving an email out of the blue is one telltale sign of a phishing attempt, so too are emails that arrive with unexpected attachments. Emails containing .exe, .zip, or .docm attachments often contain malware that surreptitiously infect your computer and harvest your personal data.

Other familiar indicators of phishing attempts include generic greetings, poor branding—including low-quality logos and images—and mismatched links.

At PrimeAdvisory, we’ve noticed a substantial increase in phishing attempts over the past 18 months.

We’d like to remind all our clients that we would never ask you to provide sensitive information via email or text message.

The safest way to share personal details with your Prime advisor is through our dedicated Client Portal.

If you have any doubts, simply get in touch. 

Seniors Cards Scams

While not as common as phishing scams, you should also be on the lookout for Seniors Card Scams.

These involve scammers creating fraudulent websites that charge fees for services which are actually free. 

In one such example, a fake website was discovered charging eligible recipients to make applications for Seniors Cards. Not only does this incur unnecessary costs for those who were duped, but it also gives scammers access to sensitive personal information. 

Government-issued Seniors Cards are provided free of charge, so be wary of any website that tries to charge you to apply. Pay close attention to the website address, or URL, and any links on the site.

Any site attempting to charge you for a Seniors Card application should be considered fraudulent, and reported to Scamwatch. 

Crypto and AI-Powered Scams

Investment scams cost Australians some $192.3 million in 2024, with cryptocurrency scams one of the newer forms of investment scam.

The ongoing popularity of cryptocurrencies has coincided with a rise in the number of Australians falling prey to ‘get rich quick schemes’ in poorly regulated markets that offer little recourse for recovering fraudulently obtained funds.

Along with crypto scams, we’ve also seen a rise in AI-powered scams. This involves scammers using artificial intelligence to impersonate the voices of known contacts, usually to leave an unsolicited voice message requesting urgent financial assistance.

It’s always worth verifying any unexpected requests for financial assistance through another direct channel of communication—such as an email, or private message on social media.

Money Transfers

Have you got a large sum of money you need to transfer to another account? Make sure you know exactly who you’re paying.

There’s been a rise in the number of people who’ve been scammed transferring money from one account to another.

Similar to phishing scams, fraudulent transfers often involve scammers impersonating an official business or individual and routing funds into an illegitimate account.

It’s been a particular problem for those purchasing property in recent years—with a small number of home buyers inadvertently paying their deposits into a fraudulent account, after scammers sent emails impersonating their conveyancer.

To avoid falling victim to a money transfer scam, you should ALWAYS call the source you are transferring money to.

Verify the bank details over the phone—whether you’re topping up your super account, adding extra funds to an investment account, disbursing the proceeds of a property sale, or making any other major financial transaction.

Other Ways to Avoid Being Scammed

While it’s important to remain vigilant, there are a few simple steps you can take to avoid falling victim to scams. Consider taking the following protective measures to ensure you stay safe in 2025. 

• Stay informed: Keep up to date on the most common forms of scams by following reputable news sources and media updates from official institutions. 
• Verify sources: Before engaging with unsolicited communications or offers, verify their authenticity through official channels. If you receive a call from someone purporting to be from the Australian Taxation Office, for example, you can ask to call back and be re-connected to the caller through the national switchboard. 
• Install security software: Install and maintain reputable security software on your devices to detect and prevent malicious activities.
• Report scams: If you encounter or fall victim to a scam, report it to authorities such as Scamwatch to help prevent other Australians from being deceived.

The Final Word

PrimeAdvisory will never ask you to provide sensitive information or personal data through unsecured channels.

We recommend all our clients log into our dedicated Client Portal to share information with their Prime advisor.

And if you have any questions—or you’re concerned about possible scam activity—simply get in touch.

We’re always here to help.