SCAM WATCH
(ASIC)
Scammers are using the spread of COVID-19 (coronavirus) to take advantage of people across Australia.
About COVID-19 scams
Scamwatch has received over 5170 scam reports mentioning the coronavirus with over $6 280 000 in reported losses since the outbreak of COVID-19 (coronavirus). Common scams include phishing for personal information, online shopping, and superannuation scams.
If you have been scammed or have seen a scam, you can make a report on the Scamwatch website, and find more information about where to get help.
Scamwatch urges everyone to be cautious and remain alert to coronavirus-related scams. Scammers are hoping that you have let your guard down. Do not provide your personal, banking or superannuation details to strangers who have approached you.
Scammers may pretend to have a connection with you. So it's important to stop and check, even when you are approached by what you think is a trusted organisation.
Visit the Scamwatch news webpage for general warnings and media releases on COVID-19 scams.
Below are some examples of what to look out for.
These are a few examples, but there are many more. If your experience does not match any of the examples provided, it could still be a scam. If you have any doubts at all, don't proceed.
Phishing Government impersonation scams
Scammers are pretending to be government agencies providing information on COVID-19 through text messages and emails 'phishing' for your information. These contain malicious links and attachments designed to steal your personal and financial information.
In the examples below the text messages appear to come from 'GOV' and 'myGov', with a malicious link to more information on COVID-19.
Examples of phishing scams impersonating government agencies
Department of Health impersonation email
Fake myGov texts
Scammers are also pretending to be Government agencies and other entities offering to help you with applications for financial assistance or payments for staying home.
Examples of payment or financial assistance scams
Fake government subsidy phishing scam
Fake ATO tax credit scam
Fake economic support payment text
Tips to protect yourself from these types of scams:
Phishing Other impersonation scams
Scammers are pretending to be from real and well known businesses such as banks, travel agents, insurance providers and telco companies, and using various excuses around COVID-19 to:
Examples of other phishing scams
Fake bank phishing text
Fake insurance phishing text
Fake voucher phishing text
Tips to protect yourself from these types of scams:
Superannuation scams
Scammers are taking advantage of people in financial hardship due to COVID-19 by attempting to steal their superannuation or by offering unnecessary services and charging a fee.
The majority of these scams start with an unexpected call claiming to be from a superannuation or financial service.
The scammers use a variety of excuses to request information about your superannuation accounts, including:
Example of a superannuation scam
A scammer will call pretending to be from a superannuation or financial service. They may refer to the government's superannuation early release measures, and ask questions such as:
Or falsely claim:
Superannuation early-access scams
Many Australians are facing financial hardship due to the COVID-19 pandemic. On 22 March, the Australian Government announced eligible individuals would be allowed early access to their superannuation. Scammers are taking advantage of the government's early-release measures in a variety of phishing scams designed to steal your superannuation.
For more information, see our Superannuation early-access scams fact sheet.
Tips to protect yourself from these types of scams:
Online shopping scams
Scammers have created fake online stores claiming to sell products that don't exist such as cures or vaccinations for COVID-19, and products such as face masks.
Tips to protect yourself from these types of scams:
The best way to detect a fake trader or social media shopping scam is to search for reviews before purchasing. No vaccine or cure presently exists for the coronavirus.
Be wary of sellers requesting unusual payment methods such as upfront payment via money order, wire transfer, international funds transfer, preloaded card or electronic currency, like Bitcoin.
More information is available at: Online shopping scams.
Scams targeting businesses
Scammers are using COVID-19 in business email compromise scams by pretending to be a supplier or business you usually deal with.
Scammers are using COVID-19 as an excuse to divert your usual account payments to a different bank account. Your payment goes to the scammer instead of the real business.
Example of a business email compromise scam
Tips to protect yourself from these types of scams:
Businesses can also sign up to the ACCC's Small Business Information Network to receive emails about new or updated resources, enforcement action, changes to Australia's competition and consumer laws, events, surveys and scams relevant to the small business sector.
How scammers contact you
During a crisis like COVID-19, you may be isolated and using online services more than ever, so it is important to think about who might be really contacting you. They may find you by:
How you can help others
You can help others by talking and sharing information about scams when connecting with your friends, family and colleagues.
Ask the businesses you connect with regularly about scams they see, how they can protect you and how you can protect yourself.
If you use social media or particular applications learn how to report scams to them and choose services that will identify and remove scammers from their platform or website.
Ask your bank or financial institution about how to protect your financial information and how they will help you if you get scammed.
Government, law enforcement, individuals and businesses all play an important role in helping to protect the community from scams.
More information
ACCC advice to consumers on COVID-19 (coronavirus)
ACCC advice to small business on COVID-19 coronavirus
Australian Government Business (business.gov.au) Coronavirus information and support for business
Posted in:News |
Colin Brinsden, AAP Economics and Business Correspondent
(Australian Associated Press)
Australia is unlikely to suffer a lasting drop in economic growth, despite being hit by its largest economic contraction on record due to the COVID-19 pandemic, global rating agency Moody's Investors Service says.
Next week's national accounts are expected to show the economy grew in the September quarter after being whacked by a seven per cent contraction three months earlier, which marked the first recession in nearly 30 years.
Moody's, which rates Australia triple-A with a stable outlook, does not expect a weakening in the nation's budget position over the longer-term either.
"The broad diversification of Australian industry, and the flexibility and competitiveness of the economy will support a sustainable recovery over the next few years, with limited likelihood of severe financial stress destabilising the economy," Moody's senior credit officer Martin Petch says.
However, a major driver of Australia's potential growth rate will be the extent to which productivity growth picks up from the relatively weak levels experienced before the pandemic.
Mr Petch says the government's substantial stimulus package highlights Australia's flexibility and capacity to use fiscal policy to support its credit profile in a difficult global economic environment.
"Fiscal metrics will weaken but remain in line with rating peers," he says.
He said Australia also had a strong track record of fiscal consolidation following periods of expansionary policy.
While the debt burdens of states will climb in the fiscal year ending June 2021, Moody's does not foresee a material weakening in the sovereign credit profile as a result.
"Rather, Moody's expects state governments will remain their resolve to implement additional budgetary discipline once the pandemic has passed," the rating agency said on Wednesday.
Posted in:News |
Losses to online shopping scams have increased 42 per cent this year, and Scamwatch is warning Australians to be careful when buying gifts this holiday season.
Scamwatch has received over 12,000 reports of online shopping scams so far this year, with almost $7 million in reported losses.
"More people have been shopping online this year due to COVID-19 restrictions and scammers are now targeting people doing their Christmas shopping, including in the Black Friday and Cyber Monday sales," ACCC Deputy Chair Delia Rickard said.
"Scammers create fake websites that look like genuine online stores, offering products at very low prices and victims will either receive a fake item or nothing at all."
"They also post fake ads on classified websites, often claiming they are travelling and someone else will deliver the goods, but the item never arrives and the victim can no longer contact the seller."
Losses on classified websites, such as Facebook Marketplace and Gumtree, have increased by 60 per cent this year, to $4.5 million.
Reports of online shopping scams involving consumer goods, such as shoes, phones, computers and toys, continue to be high. But the most common thing people were trying to buy when they were scammed was puppies and other pets.
People aged 24 and under reported the highest number of scams involving phones and computers.
"Watch out for popular products being sold at prices much lower than on other websites and sellers requesting payment through direct bank transfer or cryptocurrency," Ms Rickard said.
"Take the time to consider who you are dealing with and don't be pressured by special offers."
"Do your research by checking independent reviews of online stores or the seller's history on classified websites."
Another scam to be aware of if you have made recent purchases online is fake parcel delivery notifications via text message or email.
"Australia Post will never ask you to click a link to enter your personal details, nor will they ask for credit card details or a fee to deliver your packages," Ms Rickard said.
"If you have been the victim of a scam, contact your bank as soon as possible and contact the platform on which you were scammed to inform them of the circumstances."
Most financial institutions offer a charge back service for credit cards and will dispute a credit transaction with the merchant if they still exist.
More information on scams is available on the Scamwatch website, including how to make a report and where to get help.
Posted in:News |
MoneySmart
(ASIC)
It's easier to make a claim on your life insurance if you gather the right information for your insurer.
Who to contact to make a claim
To make a claim on your insurance, speak to the person or company you bought the policy from.
If you bought insurance through:
Ask how the claims process works and what forms you need to fill out. Make sure you have your policy number available. If you're struggling physically or emotionally, ask a trusted friend or family member for help with the claims process.
What information you need to provide
The insurer will ask for information to support your claim. Depending on the type of insurance, you may have to provide:
Your insurer may ask for permission to contact your doctor about your claim. You may also have to go to an independent medical examination with a specialist, who then reports to the insurer.
If illness or injury continues to affect your ability to earn an income, you may need to have regular assessments and complete progress claim forms.
How long the claims process takes
Depending on the circumstances, an insurer will let you know their decision for:
To find out the average time your insurer takes to finalise a claim, see the life insurance claims comparison tool.
The Life Insurance Code of Practice sets out what insurers should do when handling your claim, including timeframes for making a decision and keeping you updated. If they do not meet these standards you can complain to the insurer.
Complain about an insurer's claims process or decision
If you're not satisfied with the claims process or decision, make a complaint to the insurer or super fund. Do this as soon as you can.
If you can't reach an agreement, contact the Australian Financial Complaints Authority (AFCA) to make a complaint and get free, independent dispute resolution.
Urgent financial help
If you need urgent financial help while a claim is being assessed, speak to the insurer or super fund. They will consider your circumstances and may be able to:
You will have to provide your insurer with documents that support your need for urgent financial help. These could include bank statements or Centrelink statements. Payments for urgent financial help may reduce your claim payout.
See urgent help with money for more information on where to get support.
Posted in:News |
Colin Brinsden, AAP Economics and Business Correspondent
(Australian Associated Press)
The relative success of containing the coronavirus among Australia's regional neighbours and a strong economic rebound in China will assist the nation's recovery from the first recession in nearly 30 years.
Treasurer Josh Frydenberg says China, South Korea, Vietnam and Taiwan, together with Australia and New Zealand, have been effective in limiting the transmission of COVID-19.
Some countries in the region also remain largely COVID-free, including many of the Pacific islands.
At the same time, the Chinese economy has also rebounded strongly.
"Indeed, China's rebound in real GDP in the June quarter was equal to the total size of Belgium's economy in 2019," Mr Frydenberg told The Australian Strategic Forum 2020 on Wednesday.
"The sharp contraction in GDP that China saw in the March quarter was completely recovered in the June quarter of this year."
This recovery is expected to continue in 2021 with the Australian Treasury forecasting China to grow by a further eight per cent.
"These two factors our relative success on the health front and China's strong recovery will further enhance our region's prospects as we move into recovery," Mr Frydenberg said.
"And Australia will benefit from this. A stronger region will help boost our own recovery from COVID-19."
But he said the immediate recovery goes beyond just a China story.
It is also tied to the continued, longer term rise of India, Indonesia and Southeast Asia.
"These growth engines of the future with relatively young and growing populations will continue to reshape the region and create important new opportunities for Australia," he said.
"That is why the Morrison government is deepening our economic partnerships, to take advantage of these new opportunities."
Last weekend, Australia signed the Regional Comprehensive Economic Partnership Agreement between Australia and 14 other Indo-Pacific countries, representing 30 per cent of global economic growth.
"This builds on the government's ongoing success in securing trade agreements and, importantly, it signifies that our region remains committed to the principles of open trade," Mr Frydenberg said.
"This will ensure that Australia is well placed to reap the full benefits of a strong and growing Indo-Pacific."
Posted in:News |
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