With the rise of scams, ANZ is urging families to remain vigilant against fraudulent messages from individuals posing as loved ones seeking financial assistance, especially with Mother's Day approaching.
These scams, referred to as 'Hi Mum' scams, involve criminals contacting victims via text or WhatsApp. They claim to be a family member who has lost or broken their phone and request money for an urgent issue. This tactic exploits the desire of individuals to assist their relatives, leading them to transfer funds into accounts controlled by cybercriminals.
Shaq Johnson, ANZ's Head of Customer Protection, emphasized the importance of ongoing discussions within families about the evolving scam landscape. "Scammers are becoming more sophisticated every day," he stated. "It's important to know what to look out for before engaging with any SMS, email or phone request, even if you think it’s coming from a loved one."
Johnson noted that even those who are usually cautious can be deceived by scams. He stressed that open dialogue increases the likelihood of thwarting scammers.
ANZ reported a 104 percent increase in scams in 2023 compared to the previous year. Remote access scams accounted for approximately 30 percent of cases, while investment, inheritance, and romance scams together comprised about 50 percent.
Johnson pointed out that scammed funds often end up in crypto wallets, making them challenging to trace and recover. The Australian Banking Association (ABA) revealed that there were 256,842 scams worth $596 million in the year leading up to February 2023—averaging $49.6 million monthly.
To promote scam awareness, ANZ is launching its Screen Savers campaign today. The initiative encourages younger generations to help protect their loved ones by using simple tips like creating screen savers on mobile devices with advice such as using a family code word and verifying requests before acting on them.