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This article highlights the staggering number of Australians impacted annually by scams. It lists easy steps we can all take to keep our bank accounts safe and where to find help if we do fall victim to scammers.

According to the ACCC’s Scamwatch statistics, Australians reported a total of $568.6 Million lost to scams in 2022, which makes for big business for scammers, and a cause for concern for all Australians.

According to research by the Commonwealth Bank (CBA) (September 2022), 60% of Australians reported having personally been a victim of a scam, or knew someone who had, and 57% of Australians reported becoming more concerned about scams over the last 12 months.

This is unsurprising given the constant flow of suspicious emails, texts, phone calls and more that Australians are bombarded with.

This article explains the key differences between a savings account and a term deposit, exploring their potential benefits and downsides, along with bank fees and tax implications.

Depositing cash in a savings account or a term deposit are the most common ways to invest your money. But, how do you know which is right for you?

First, let us explain their main differences and impact on your money.

What is a savings account?

A savings account is a deposit account held at a bank or other financial institution that earns interest.

Neobanks are becoming increasingly popular in Australia as people look for different avenues to manage their money. The banking royal commission has also led people to look for solutions outside the big banks for financial products. In this article, we look at how neobanks have become popular and what differences they offer customers.

Neobanks are becoming increasingly popular in Australia as people look for different avenues to manage their money. The banking royal commission has also led people to look for solutions outside the big banks for financial products.

What is a neobank?

Neobanks are digital banks. They don't have any bricks and mortar branches, and you interact with the bank almost entirely on your smartphone through the neobank's app. The presence of neobanks has grown rapidly in Australia since 2018 when the government passed legislation allowing neobanks to obtain a restricted authorised deposit-taking institution (ADI) licence for two years as they build up their business.

This article explains the laws regulating credit cards and includes a discussion around credit card debt management.

The name John Biggins may not sound familiar, but the banking industry has much to thank him for. Mr Biggins, a Brooklyn banker, was the brains behind the very first credit card in 1946. Known as the Charg-It card, it led to Diners Club membership cards and store cards, revolutionising the way everyday people shopped.

Australia began with store cards, Diners Club and American Express, but in 1974 when the Bankcard was launched, we really jumped on board.
Today we have almost 16 million credit cards in circulation, a fact that has caused successive governments to regulate, and further-regulate, their use.

In order to protect card users, credit card providers are subject to stringent rules.
Here’s a round-up of the main ones:

This article makes your clients more aware of identity theft with reports showing the astonishing rates of personal fraud. It provides some good tips to help your readers protect themselves from this immense threat.

We are constantly hearing reports about the rise of personal fraud in Australia, but have you ever looked at the figures? The federal government’s website dedicated to monitoring and reporting scams, Scamwatch, reports that  .......... Australians were scammed out of $.... million dollars in 2017!

........... thousand were victims of identity theft. These people had their personal details stolen which were then used to borrow money or incur debt in their names.

Avoiding identity theft not only causes financial loss, but can severely affect your credit rating into the future. Securing your identity is usually a matter of common sense but there are some other additional ideas that will help to keep your money safer: