Westpac is urging young Australians to take care following a spike in scammers targeting underage victims online. The bank has released new data during National Child Protection Week, revealing the number of reported scams from customers under 18 years old have almost quadrupled since 2022 and have more than doubled for those under 30.
This includes a significant increase in Threat & Penalty scams, with customers under 30 accounting for half (49%) of all reported cases where four in five (79%) are young males.
Westpac's General Manager of Financial Crime & Fraud Prevention, Chris Whittingham, has expressed concern over the emerging trend of 'sextortion' targeting young Australians. This trend involves scammers tricking young individuals into sharing compromising information, which is then used for extortion purposes, often involving multiple small payments over time. Scammers exploit the extensive social media usage among young people, creating fake accounts to establish trust and gather personal information, such as school, interests, or location. This information is subsequently used to manipulate or impersonate their victims.
Westpac reports that young Australians are more vulnerable to Buying & Selling scams, often occurring on fake websites or online marketplaces offering enticing deals on high-demand items. To avoid falling victim, it's essential to independently verify a business's legitimacy through web searches, especially for unfamiliar brands, and exercise caution when scammers request payment in unconventional methods like cryptocurrency.
Westpac customers can use their digital card when shopping online for added safety. This is available in the Westpac app and has a 3-digit security code that changes every day to stop fraudsters from stealing one’s card details.
Running from 3 – 9 September 2023, National Child Protection Week aims to address the significant harms being experienced by children in Australia.
Westpac is encouraging parents and guardians to talk to their kids about staying safe online and consider taking advantage of tools like Westpac’s Parental and Youth Controls available in the bank’s app. This includes the ability to apply and manage payment restrictions on your child’s account, as well as turn on notifications for visibility over any account activity.
The top scams impacting young Aussies:
Buying & Selling scams: Items are advertised at competitive prices through fake websites or online marketplaces;
Threat & Penalty scams: Scammers threaten a person with harm (physical or emotional), arrest, legal action or other demands in an attempt to force them into handing over money or their personal information;
Impersonation scams: Scammers will impersonate known businesses to trick people into sharing personal information or send money to another account. Contact is often unsolicited and will appear urgent in nature. They may also use spoofing software to impersonate a known phone number. Always hang up and call back on a trusted number;
Job scams: Scammers impersonate recruitment firms or contact victims with fake job offers that require an upfront payment;
Investment scams: Scammers impersonate a well-known business or government organisation to trick people into sending money or personal information, such as energy or telco providers. These can also be fake cryptocurrency offers.
Educating children about online safety is crucial in today's digital age. It's important to exercise caution when interacting with unfamiliar individuals online, emphasising the need to avoid accepting friend requests or sharing personal information with strangers. Additionally, children should be aware of the potential risks associated with oversharing personal details on social media and other platforms, as scammers can exploit this information.
Regularly updating privacy settings and passwords is essential to maintain online security, while a healthy dose of skepticism should be applied to deals or offers that appear too good to be true. Utilising secure banking features like PayID and digital cards can add an extra layer of protection when handling online transactions. Lastly, parents and guardians should consider employing parental control tools to monitor and restrict online activity, ensuring a safer online experience for children.
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