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Since the pandemic, there has been a sharp rise in the number of scams and fraudulent activity1. The goal for most cybercriminals is to get access to your personal and financial information, generally for the purpose of stealing your money.
At Resolution Life, safeguarding your information is our top priority. We have a dedicated team of experienced fraud prevention and cybersecurity experts committed to protecting your data. We also know that education and awareness is key.
Let’s look at some of the common techniques cybercriminals use, and how you can help protect yourself from them.
Types of fraud and scams
The Australian Competition and Consumer Commission (ACCC) Targeting Scams report published in April 2023 details the scale and sophistication of scams in Australia during 2022.
According to the report, Australians lost more than $3 billion to scams in 2022 – this is an 80% increase on total losses recorded in 2021. If you would like to read the report, please visit the ACCC website. The ACCC report details several different types of scams, however we’ll specifically cover three in this article.
Identity theft
If your personal information falls into the wrong hands, it can be used to steal your identity which may result in a criminal using your identity to access your money, for example your superannuation or insurance policy.
Identity theft often involves malicious actors piecing your personal data together from a variety of compromised sources – and you may not realise your identity has been stolen straight away.
Here are some of the warning signs:
- mail you're expecting doesn't arrive
- you get calls following up about products and services you've never used
- unusual emails appear in your inbox.
For further information about identity theft please visit the Money Smart website - 
Home - Moneysmart.gov.au
Phishing
This occurs when a scammer impersonating a trusted organisation, such as a bank, insurance company or government agency, tricks a victim into opening an email, instant message or text message. Sometimes the phishing attack is made by an automated voice call or via a pop-up while you’re browsing the internet.
Scammers use this method to trick you into revealing information such as passwords, account and identification details, or credit card numbers. They may also manipulate you into downloading malware that tracks your online activity and steals your passwords or login credentials.
For more information about phishing scams, please visit the ScamWatch website.
Elder financial exploitation
Financial exploitation of the elderly is a form of elder abuse and happens when someone takes or misuses money, assets or property without agreement or consent.
Older members of our community are generally targeted because they generally have higher levels of accumulated savings, in addition to other factors that can make them vulnerable. This can include a dependence on others for care and a lack of familiarity or understanding of technology and financial management.
Research conducted by the Australian Institute of Family Studies (AIFS) into elder abuse included understanding the prevalence of such abuse in the Australian population. AIFS found that one in six older Australians are experiencing some form of abuse, and that elder abuse can take the form of psychological abuse (11.7%), neglect (2.9%), financial abuse (2.1%) and physical abuse (1.8%).
For further information on elder abuse please visit the AIFS website.
Stay one step ahead
At Resolution Life, we’re dedicated to protecting your personal details, but we need you to play your part. To strengthen your own resilience and help you raise awareness among your family and friends, we recommend following these tips below.
Keep your data safe
Always keep your personal and account information safe. Don't share your PINs or passwords and don't write them down anywhere – if you forget them, you can always call your financial institution for assistance.
Use strong passwords consisting of letters, numbers and symbols, and change them regularly.
Always update your computer, tablet and smartphone operating systems as soon as these become available and install anti-virus software.
Use multi-factor authentication (MFA)
It’s always a good idea to use multi-factor protection for accessing your key systems and accounts as it adds an extra layer of defence. MFA is a security technology that requires multiple methods of authentication from independent categories of credentials, to verify a user's identity for a login or other transaction.
The Australian Cyber Security Centre (ACSC) website provides some easy to understand background on MFA, plus some practical guides for how to enable it across your different platforms - ACSC Homepage | Cyber.gov.au.
Spot phishing emails
Get cyber-savvy – learn how to spot and report phishing emails. Firstly, phishing emails often have misspellings. Secondly, you can usually see that they’re not from the organisation they claim to be by looking at the sender’s email address. Don’t just look at the header address though – expand the header, or hover over it and look out for unusual domain names. And whatever you do, don’t click the links!
The ACSC website has further handy tips for spotting phishing scams.
Never give out personal or security-related information
We would never ask for your personal information in an email, letter or via an SMS. This includes your superannuation or insurance policy numbers, online passwords or security codes.
Never download or install software you're not familiar with or allow a person making an unsolicited call to access your computer remotely.
Always check the address of any website you're on. Be careful with the level of detail you share on social media sites and check your privacy settings.
Be cautious on the phone
Be careful when receiving phone calls or emails claiming to be from a reputable organisation. If someone legitimate contacts you, chances are it won't come as a total surprise. But make sure the person contacting you is actually from the company they say they're from – don't just take their word for it.
Criminals can falsify phone numbers and pose convincingly as employees of a financial institution or other trusted officials and trick you into revealing details by telling you you've been a victim of fraud.
If you have any doubt, get the caller's name and contact information and hang up. Then, contact the company directly, using an email or phone number from the company's website.
Trust your instincts
If something feels wrong or seems too good to be true, question it. Always think carefully about the information you're giving and the decisions you're being asked to make and have the confidence to refuse unusual requests for personal or financial details.
Keep your contact details up to date
Finally, it’s important you ensure your contact details with us are up to date so we can more effectively verify your identity when we need to, and we can quickly get in touch if we suspect your account or policy is ever compromised. If you move house, get your mail redirected and update your contact details as soon as possible.
If you receive any suspicious calls, emails or text messages relating to your Resolution Life products, or if you notice any unusual activity on your account or policy, it’s important to let us know. Please email us at financialcrime@resolutionlife.com.au
[1] Australian Competition and Consumer Commission, ‘Targeting scams: report on scams activity’, 17 April 2023, accessed 31 August 2023
What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
