Be vigilant: Crime Stoppers Victoria is urging everyone to be aware of financial scams.
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Victorians and their families are being urged to protect themselves and their families from financial scams in a new Crime Stoppers Victoria campaign.
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The Let’s Talk Scams campaign was launched during Scams Awareness Week, which ran from November 8-12, but it remains important to be aware of financial scams year-round.
Financial scams, also known as investment scams, often have larger-than-life promises such as big payouts, fast money or guaranteed returns.
Those over the age of 65 are disproportionally targeted, as well as those from non-English-speaking backgrounds including the Chinese and Sri Lankan communities.
According to the ACCC’s Scamwatch, financial scams have cost Australians over $114 million this year and cost Victorians more than $30 million — a quarter of all money lost to scams nationwide.
Scamwatch has predicted that by the end of 2021, losses to financial scams will be more than double last year’s figure.
Exercise caution: While older people are typically the target of financial or computer-based scams, anyone can fall victim.
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Crime Stoppers Victoria chief executive Stella Smith said talking to friends, parents and grandparents about scams and scam prevention was an important step.
“Scammers will target older people because they are less likely to tell anyone,” she said.
“We’re hearing stories of parents and grandparents who have lost thousands of dollars to scammers promising quick money, guaranteed returns, or big pay-outs.”
"Talking about scams helps raise awareness among friends and family — it’s about shaming the scammer, not the victim."
While older people are typically the target of scams, anyone at any age can be a target.
“Anyone at any age can be targeted by scammers... sharing personal stories can help remove the negative stigma associated with being scammed,” Ms Smith said.
Financial scams will often use unsolicited phone calls and texts, or email and social media messages to target their victims.
They can also be disguised as financial trends such as cryptocurrency, celebrity endorsements or superannuation.
Offenders often make big promises before moving onto the next target or continuing to draw money from trusting or unsuspecting victims.
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