The scale of this issue is alarming, with the Australian Competition and Consumer Commission reporting an estimated $2 billion lost to investment, remote access and payment redirection scams in 2022. With the speed of technological change, it is not surprising that Australians (and senior Australians, in particular) are falling victim.
Scams can take on many forms; from Ponzi schemes to phishing scams and fraudulent investment opportunities. Individuals are often targeted through unsolicited emails, phone calls, or social media messages promising lucrative returns or exclusive investment opportunities. In some cases, fraudsters impersonate legitimate financial institutions or advisers to deceive unsuspecting victims into providing personal or financial information. In even more cunning situations, they will gain access to business or personal systems to identify known relationships and impersonate one party of the relationship, for example, communicate to a client by purporting to be Cameron Harrison.
Protecting oneself from scams requires vigilance (more likely, a high level of scepticism) and proactive measures, such as staying informed about common scam tactics, verifying investment opportunities, and exercising caution online. As a financial services provider, we believe it is also our responsibility to employ dynamic and robust measures, and educate clients on these risks. At Cameron Harrison, we prioritise the safeguarding our clients' finances and have implemented stringent protocols to mitigate the risk of fraud.