Online scams - should you be worried?
If you're anything like us, plugging into the internet has become a part of your daily routine. We've got our smartphones tucked in our pockets, our tablets on the train and desktop computers ready and waiting at work. We can do everything from grocery shopping and bidding at auction, to connecting with friends half way across the world and watching television. In fact, the internet has made many of our day-to-day activities as easy as clicking a button.
Sounds great, right? But have ever wondered about how much of your personal information is other there, just floating around in the digital space? There's probably a lot more than you realise. Think about it - your social media profiles, email addresses, that one online survey you signed up for. Even your favourite shopping site! They all hold a bundle of valuable data that scammers would love to get their hands on.
What is a scam?
Internet scams come in all shapes and sizes, but they each have one thing in common: They're a dishonest attempt to swindle you out of your money and personal details. They could be phone scams, email scams or many types of scams online - you name it, a cyber-criminal has a version of it in their repertoire. But what makes these ploys so dangerous?
The first thing to should know is that they can affect anyone, at any time. Small businesses and big companies, Australians young and old, criminals don't discriminate. Let's put it in perspective: One in five people have fallen victim to identity theft scams in Australia1. Scammers know what makes us tick, playing on your fears, needs and desires - and will go to great lengths to extract information from you.
Once they've got this information in their grasp, they can sell your details on to other criminals, taking your identity on a wild ride and wreaking havoc on your finances. Sound frightening? It could be.
Internet banking scams
Internet banking makes transferring money anywhere in the world as easy as swiping a button on your smartphone app. But scammers have cottoned on to this, concocting plans to trick you into sending cash overseas or revealing your banking details.
Take Nigerian scams, for instance. Someone drops you an email, promising a huge reward if you transfer money out of the country. Or you get a phone call out of the blue, offering a tempting product for cash up front. Whatever the method, just like that, you can find yourself out of pocket and out of luck.
Money-based scams aren't always that easy to identity, either. Fraudsters can pose as a tried and trusted company to squeeze information from you - and you might fall prey without even realising! Internet hoaxes, like PayPal scams, can have all the bells and whistles to make them looking convincing.
Say you receive an email warning you that your PayPal account has been suspended, or that you've been paid too much (or by mistake). The sender's email address looks legitimate and the content seems official. There's even a nifty-looking logo. It must be real, right? But a scam alert bell should be ringing in your ears - it could be a PayPal scam.
Social networking scams
Think your favourite social networking platform is immune to scammers? Think again. There are some 14 million Australians on Facebook alone2, sharing, posting, befriending and messaging every minute of the day - in fact, we spend about eight and a half hours a week on the site3. We're quick to trust these online platforms, but are they really as safe as they seem? Social media might connect you with your closest friends, but it can soon become your worst enemy.
Your profile is a treasure trove of personal information. Fraudsters can track your movements, rifle through your photos, pick up on your interests. They can create targeted Facebook scams to steal sensitive information about your identity. You might accept a friend request from a stranger, or receive a genuine-looking message offering you prize money or asking for your username and password. Even worse, a scammer could pose as someone you know and trust!
Stay alert - and Identity Watch can help
In an online world riddled with danger, you can never be too cautious about your sensitive information. Educating yourself on the common risks can protect your wallet and your personal details. If you come across a suspicious email or message on Facebook, don't just send it to the bin and forget about it - take action! Report the message to the Australian Consumer Competition Commission's SCAMWatch website and nip the scam in the bud.
But let's face it, you probably don't have the time to monitor all the dark corners of the internet. There are books to be read, work to be done and quality time to be spent with your family.
If you've got a niggling fear about where your personal information could end up, that's where our team at Identity Watch comes in. For around the price of a cup of coffee a month ($3.99/month or $47.88 for an annual subscription), you needn't do anything but sit back and let our experts do the work for you. We'll monitor online forums where stolen data is bought and traded, let you know if your details show up and advise on what to do next. It's as simple as that!
Things to do next:
1 Identity Theft in Australia: The Current Problem. Veda Group. Omnibus Survey by The Leading Edge. n = 1511 Australians aged 18+. March 2015.
2 Social Media Statistics Australia - May 2015. Vivid Social. May 2015.
3 Sensis Social Media Report: How Australian People and businesses are using social media. Sensis. May 2015.