As Mother’s Day approaches, ANZ is emphasising the importance of vigilance against online shopping scams.
Scammers often exploit the sentimentality of occasions like Mother’s Day to trick consumers through sophisticated fake deals and websites.
Jess Bottega, ANZ’s senior manager for customer protection, stressed the necessity of recognising these fraudulent tactics.
“Scammers on social media can mask as legitimate brands, or other people, to trick victims into scams of many shapes and forms,” Bottega said.
Recent data from the Australian Competition and Consumer Commission (ACCC) highlighted a concerning rise in scam reports, particularly those initiated via social media.
ACCC found a 30.6% increase in social media scam reports, with financial losses topping $93 million in 2023, a 16.5% jump from the previous year. Over three-quarters of these scams originated from social platforms, according to ANZ customer data.
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To counter the rising threat, ANZ successfully blocked more than $106 million in potential losses due to cyber scams last year, marking a 38% increase in prevention compared to the previous year.
ScamWatch statistics reveal that Australians lost more than $650,000 to online shopping scams in the first two months of 2024 alone, though this figure represented a 36% decrease from the same period in 2023.
ANZ and security experts recommended several strategies to safeguard against scams:
“Be aware of any brand advertising unusually low prices, and always conduct an independent search for retailers’ websites to ensure legitimacy,” Bottega said.
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