Suncorp has urged its customers to look out for signs of scams following the Australian Competition & Consumer Commission's (ACCC) Targeting Scams report.
The insurance giant has reminded its customers to stay ahead of scammers by looking out for warning signs to avoid falling victim to the growing number of fraudulent claims in Australia.
“We are seeing scammers' tactics become increasingly sophisticated. They don't discriminate – their activity is deliberately designed to mislead, cause panic and confusion, with the result that they get access to your personal details or your money,” Suncorp Bank executive general manager (everyday banking) Nick Fernando said.
“We know that our best defence is ongoing education and awareness – it is so important that we are all vigilant against this issue in our community and listening out for the alarm bells.”
The ACCC's latest Targeting Scams report revealed that Australians lost a record $3 billion to scams in 2022, a concerning 80% increase on total losses record in 2021. This is despite the collaborative efforts of governments, law enforcement, and the private sector to support communities in the battle against scammers.
The report compiled data reported to the ACCC's Scamwatch, ReportCyber, the Australian Financial Crimes Exchange (AFCX), IDCARE, and other government agencies. Investment scams were the highest loss category ($1.5 billion), followed by remote access scams ($229 million) and payment redirection scams ($224 million).
“Australians lost more money to scams than ever before in 2022, but the true cost of scams is much more than a dollar figure as they also cause emotional distress to victims, their families, and businesses,” ACCC Deputy Chair Catriona Lowe said. “As scammers become increasingly sophisticated in their tactics, it is clear a co-ordinated response across government, law enforcement, and the private sector is essential to combat scams more effectively.
“That's why we continue to lend our expertise and support to prepare for the establishment of the government's National Anti-Scam Centre, with the ultimate aim of making Australia the hardest target for scammers.”
As part of its commitment to battling fraudulent activities, Suncorp has backed a new campaign – led by the Australian Banking Association (ABA) – that helps customers stay ahead of scammers.
“It is absolutely essential for our customers to know that if they receive a call, message, or email that doesn't feel right, it's OK to stop and think and check with your bank,” Fernando said.
Fernando highlighted that Suncorp has a fraud and investigation team to help customers who fall victim to scams.
“Our process is recovery focused, and we prioritise contacting the bank to which the payments were sent. Scammers shift funds quickly, and we work quickly to ensure any funds that can be recovered are secured at the other bank,” he said. “While we do take steps to recover funds that have been moved to other banks, due to the nature, speed, and sophistication of scams, this is not always possible.
“In the event that a customer has been impacted by a scam, we offer a range of support services, including access to our Customer Advocate and our Customer Vulnerability Hub, and we partner with IDCARE to connect impacted customers with support.”
