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Australians Urged to Stay Vigilant Against Scams
Recent findings have highlighted a concerning trend in scams affecting Australians, particularly in the early afternoon on Tuesdays. Data from Westpac, one of the country’s major banks, reveals that scammers are most active at this time, preying on individuals who may be less alert to potential threats.
Key Findings from the Research
A survey conducted by Yahoo Finance indicated that 33% of over 6,200 respondents experienced a scam or were nearly duped in the past year. Westpac’s analysis determined that Tuesday at 4 PM is the peak time for scam activity. According to Ben Young, Westpac’s head of fraud prevention, this timing aligns with when individuals are often multitasking and may not be fully attentive.
"You might receive a suspicious message earlier in the day, but it’s typically in the late afternoon, when your guard is down, that you might take action on it," Young explained. He emphasised the importance of remaining vigilant, urging people to pause and think before engaging with unsolicited messages or requests for sensitive information.
When Scams Are Most Likely to Occur
While 4 PM on a Tuesday stands out as a critical time for scammers, the data shows that Thursdays also see a significant volume of scams. In fact, 80% of scams are reported to occur from lunchtime onward, with 85% happening during weekdays.
Remote access scams, which represent 29% of incidents reported on Tuesday afternoons, are particularly prevalent. These scams typically involve fraudsters contacting victims under the guise of resolving issues with vital accounts or devices, tricking them into granting access to their computers or personal information.
Financial Impact of Scams
The Australian Competition and Consumer Commission (ACCC) reported that victims of remote access scams lost an average of $17,943 in the first quarter of 2024, marking a 57% increase from the previous year. Investment scams and buying and selling scams also contribute to the growing concerns about financial safety, with 20% and 13% of scams respectively occurring during these hours.
Young noted, "These scams are designed to catch people off guard. In particular, remote access scams often involve a sense of urgency or technical confusion, perfectly timed for when people are less focused."
Prevention and Protection Measures
In light of these findings, both Westpac and Commonwealth Bank are employing new AI technologies to identify potential scams in real-time, aiming to enhance customer safety. Young encourages individuals to remain vigilant, advising them to report any suspicious activity to their banks promptly. "The sooner we are informed, the sooner we can provide assistance," he said.
Scams can have a profound effect on victims, and education is vital in mitigating these risks. Westpac is continuously adapting its practices to stay ahead of scammers, ensuring comprehensive protection for its customers.
Conclusion
As scam incidents continue to rise, particularly during specific times of the week, Australians must remain informed and cautious. By understanding the timing and nature of scams, individuals can better protect themselves from falling victim to these deceitful tactics. Keeping a keen eye on suspicious interactions and promptly reporting them can aid in the fight against such financial crimes.
For ongoing updates and further information, following reputable news sources and official financial institutions is advised.
