Are Aussie’s Beating Scammers? (Heck, yes!)

Great news! Australia is making progress in the war against scammers but now is not the time to let your guard down.

Here’s a welcome statistic. Reported scam losses fell by $700 million in Australia last year, a drop of almost 26% compared to 2023¹. The not-so-good news? Scams still fleeced victims to the tune of $2 billion in 2024².

So how can you keep your money safe? We provide the answers.

It’s not just about protecting your money

We all know that scams can lead to financial loss. What’s less well-known is that scams can have a life-changing impact on victims, affecting their relationships and even their mental health and well-being³. So it is always important to be vigilant against scams. Don’t think it can’t happen to you.

Know where the risks lie

The National Anti-Scam Centre says the top five types of scams last year were investment, romance, payment redirection, remote access and phishing scams. Together, these accounted for more than 70% of total combined losses. Investment scams resulted in the highest overall combined losses, with $945 million reported lost in 2024.

6 steps to protect yourself

Community First is always finetuning our anti-scam measures to keep our members’ money safe. The Federal Government is playing a role too, including initiatives such as the investment scam fusion cell, which led to a 27.3% decrease in reported losses to investment scams in 2023⁴.

Even so, every dollar lost to a scammer is a dollar too many. Now is not the time to be complacent. There is plenty you can do to protect your money.

    1. Be careful on social media

Scammers often make contact on social media and groom their victims over long periods of time. Never take investment advice or give money to people you have only met online.

    2. Take advantage of one-time passwords

During the 2023-24 financial year, Community First introduced a new layer of security, a one-time password, to better protect our members. The one-time password has been mandated for members to perform key functions via internet banking and our mobile app.

In addition, when members complete a number of actions such as updating their contact details or sending money to a payee for the first time, they receive a once-only, random password (the One Time Password) via their mobile phone, which they are prompted to enter. This provides an added layer of security. If your mobile app or Internet Banking access is compromised, you still have the benefit of the One Time Password to authorise a login or request movement of funds to a new payee.

    3. Skip popular passwords

The World Economic Forum says the most commonly used passwords tend to be simple, short and predictable. It’s no surprise that these types of passwords leave people vulnerable to hacking and cybercrime⁵.

According to Nordpass the world’s most common online password continues to be ‘123456’⁶. It takes less than a second for hackers to crack the code. For your own safety, pick passwords that aren’t predictable and can’t easily be guessed. Use unique passwords for each of your online accounts. 

    4. Check your accounts regularly

Community First has invested in the security of our online banking systems. Even so, make a point of checking your accounts regularly including credit cards. If something doesn’t look right, contact us immediately.

    5. Remember…three key steps

The National Anti-Scam Centre recommends three overarching steps:

    STOP – Don’ t give money or your information to anyone if unsure.

    CHECK – Ask yourself if the message or call is fake. Contact the business on a number you source independently.

    PROTECT – Act quickly if something feels wrong. Contact Community First immediately if you notice unusual activity or if a scammer gets your money or information.

    6. Stay informed

Community First remains committed to providing ongoing education to protect our members against scams. We regularly post articles on our website, newsletters and social media to keep members up to date with common scams, and offer tips for members to protect themselves. We encourage members to check out these articles to stay up to speed with the latest scams.

We’re here to help

It’s always better to be safe than sorry. Community First will never ask you to disclose your Internet banking Access Code, full 16 x digit card number, card PIN or Card Verification Value (CVV). You should never disclose these details to anyone.

If you are concerned about scams, or for more information on how to protect yourself, call us on 1300 13 22 77, Mon-Fri 8am-8pm (AEST/AEDT) or 8am-3pm on Saturdays. Or pop in and speak to the friendly team at any of our stores.

^{[1] https://www.ausbanking.org.au/banks-welcome-more-progress-in-scams-war-as-losses-fall/}

^{[2] https://www.nasc.gov.au/news/australians-better-protected-as-reported-scam-losses-fell-by-almost-26-per-cent}

^{[3] https://www.nasc.gov.au/news/australians-better-protected-as-reported-scam-losses-fell-by-almost-26-per-cent}

^{[4] https://www.ausbanking.org.au/banks-welcome-more-progress-in-scams-war-as-losses-fall/}

^{[5] https://www.weforum.org/agenda/2024/07/popular-passwords-cybercrime-digital-safety/}

^{[6] https://nordpass.com/most-common-passwords-list/}