Mythbusting scams and Nigerian Princes
Aussies consider themselves tech-savvy, yet we lost $851 million to scams last year. Here's how you can stop it.
4 minute read
There is a much bigger picture to scams than we often think about, and the Nigerian Prince con highlights this perfectly. Scams, even comparatively unsophisticated ones, can still rake in huge figures a year. And what’s worse, they’re constantly evolving with the times – making use of new platforms and technologies to trick people into sharing personal details, sending money, or giving them access to secure systems.
Scams are, ultimately, an effort to use social engineering with criminal intent. And they do it very successfully. Last year Australians reported losing a record-breaking $851 million.1 And that’s just what was reported.
Scam activity hit an all-time high during Covid, as people converted enmasse from offices to their homes – leaving the protective bubble of workplace networks and accessible IT support.
But while scam awareness is often focused on educating unsuspecting online shoppers or older digital immigrants, the threats to business are just as real2 – and even more sophisticated.3 The biggest threats being:
While we can’t outline every scam, nor the steps appropriate for dealing with different hustles and Princes, there are steps you and your employees can take to help identify and avoid scams – at both work and home: