Expert tips on how to protect yourself
Australians are losing millions to online shopping scams, and with Black Friday and Cyber Monday approaching, Customer Owned Banking Association’s (COBA) Financial Crimes & Cyber Resilience team is urging shoppers to be alert.
“Scammers often use tactics like creating a sense of urgency to get customers to make immediate decisions and payments. Knowing that pressured shoppers are less likely to spot a scam, criminals deliberately target events like Black Friday and Cyber Monday,” COBA Acting Chief of Financial Crimes and Cyber Resilience Martin Latimer explained.
According to stats from Scamwatch, Australians have lost almost $3.5 million to online shopping scams this year.
To help savvy shoppers stay safe, COBA’s financial crimes team share their expert tips on how to spot and avoid online shopping scams.
Beware of fake websites
‘Phantom’ websites are a common tactic used in online shopping scams and are designed to trick even the savviest shopper.
“Be extra cautious when browsing online deals. Scammers are experts at creating convincing fake websites that closely resemble legitimate retailers. Pay close attention to the domain name – even a small typo could mean you're on a scam site,” Martin explained.
Shoppers are urged to verify the site's legitimacy by checking for contact details, a privacy policy, and terms and conditions – many fake websites don’t have this level of information. If you are shopping on an Australian website, you can use the Australian Domain Authority’s website register to see which company or trademark registered it.
Don’t click on unsolicited links
Phishing is a tactic criminals use to steal your personal and financial information, such as login credentials or credit card details.
“A common phishing tactic is a scammer sending a message about a sale or delivery, urging you to click on a link. These links then lead to fake websites or download malware onto your device,” he explained.
Scammers send these phishing emails or messages posing as legitimate retailers, delivery companies or payment processors, so shoppers are discouraged from clicking on links in unsolicited text messages or emails, which may lead to fake websites.
“Never open attachments from unknown senders, as they may contain malware. Instead, always go directly to the retailer’s official website,” Martin added.
Use secure payment methods
Secure online shopping starts with secure payment.
Always check for "https" and a padlock icon in your browser to ensure your financial information is protected before making a purchase online.
“Stick to trusted and secure payment methods like cards, which often have built-in buyer protection and fraud prevention features to help safeguard your purchases. Scammers will often encourage you to use untraceable payment methods, like wire transfers or cryptocurrency, so avoid these,” Martin advised.
As a customer owned bank, we are dedicated to safeguarding our members from scams and fraud. In November 2023, we demonstrated this commitment by joining forces with other mutual banks and credit unions to launch the Scam-Safe Accord with the Australian Banking Association. This industry-wide initiative represents a united front against scammers and reinforces the banking sector's determination to strengthen consumer protection. Find out more about the Scam-Safe Accord here.
Need help?
If you believe someone has gained access to your personal information, even if the scam appears unrelated to your finances, you should contact your bank immediately. A timely response can be critical in giving you the best chance to stem any loss.
- If you have concerns about your G&C Mutual Bank account, contact us on 1300 364 400.
- If the scam occurred on social media or a legitimate website, report it to the platform involved. For scams on Facebook, Messenger, WhatsApp and Instagram, see this step-by-step guide for reporting scams on Facebook services.
- You can find out how scams work, how to protect yourself, what to do if you’ve been scammed or report a scam to the Australian Competition and Consumer Commission (ACCC) via the Scamwatch website.
Source: Customer Owned Banking Association
