This article explores how generative AI is being weaponised by scammers, how to recognise the warning signs, and what steps you can take to stay safe.

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Sally’s daughter Emma was holidaying in Bali when Sally received a voice message:

“Mum it’s Emma. I’m in trouble.
Can you urgently put five thousand dollars into my account?
My bank details are…”

Sally recognised Emma’s voice, and knowing that her daughter was overseas, she was very concerned.
Fortunately, for Sally, she’d recently heard about a spate of scam voice messages and was immediately on her guard. She phoned Emma and spoke with her directly, confirming that the voice message was indeed fake – the type known as Vishing.

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This article uses a case study to issue a warning about a new scam targeting superannuation holders with offers of gift cards and electronics to extract personal financial details through cold calls and deceptive 'comparison websites'.

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In a recent media release, the Australian Securities and Investments Commission (ASIC) warned about a new scam doing the rounds.

Scammers attempt, through cold calls to superannuation savers, to extract personal and super fund details by offering incentives in the form of gift cards, competitions or mobile phones.

Some induce victims to create an account on their ‘comparison website’ to legitimise themselves and their advice.

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With a high likelihood that we will all be targeted by scammers at some stage, perhaps repeatedly, how can we identify scams and protect ourselves from losses?

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Amazingly older, highly educated men pose the highest risk of being scammed. This article focuses on two ‘popular’ financial scams – investment scams and the promise of early access to super. It explains who they target, how they work and what your readers should do to protect themselves. The statistics show that even with growing public attention, scam losses are increasing at an astonishing rate!

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If you are over 50, male, highly educated, financially literate and manage your own super, beware. You’re at a higher risk of being the target (and victim) of organised investment fraud.

This isn’t necessarily because your demographic is particularly gullible. Rather, it’s because you’re more likely to control higher levels of wealth, perhaps as the trustee of a self-managed super fund (SMSF); you’re accustomed to making financial decisions; and you’re actively looking for attractive investment opportunities. What scammer wouldn’t want to target you?

Scams take many forms but when it comes to superannuation, two stand out:
1.    fraudulent investment schemes, and
2.    schemes offering early access to superannuation.

Either way, the result can be a major financial loss and dreams destroyed.

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We’ve all seen media reports about ordinary Australians losing their entire savings after responding to a phone, email or mail offer that was impossible to resist. While some people may be naïve, scammers are also getting smarter.

Financial stings have become a serious threat to Australian consumers and businesses. According to the ACCC’s Scamwatch website, there were ........... reports of scam in 2017, for a total loss of more than $.... million!

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