Many in retirement are travelling comfortably, with three key factors contributing to their happiness – good physical and mental health and enough money to enjoy life.
Perhaps the assumption that markets are still anchored by predictable economic policies needs to be challenged. For the first time since the fall of the Berlin Wall, political volatility – once background noise – is potentially reshaping investment risk at a structural level.
Retirees lack confidence to detect scams: CBA research
Seniors are less confident of recognising and avoiding scams than those aged 60 or younger, according to new research commissioned by the Commonwealth Bank.
But no age group is confident about detecting scams, with the research showing only 33 per cent under 60 say they’re “very confident” of spotting fraudulent behaviour — a figure that drops to just over 20 per cent for those aged over 60.
While more than 90 per cent of those surveyed believe that talking about scams with their families will help to build awareness, alarmingly only eight per cent say they would be comfortable doing so after being scammed.
The research also finds that about 60 per cent of Australians are more concerned about scams than they were a year ago.
Recent data from the National Anti-Scams Centre (NASC) shows that older Australians are over-represented when it comes to scam losses.
The government organisation’s latest Targeting Scams Report shows that people over the age of 65 accounted for about 31 per cent of losses reported to Scamwatch, despite only making up just over 17 per cent of the population.
The Commonwealth is collaborating with Australian journalist Jess Rowe and her mother Penelope (pictured) to launch a new campaign — Talk to a loved one.
The education campaign aims to encourage conversations about the dangers of scams between generations. By addressing inter-generational knowledge gaps, it seeks to equip Australians, particularly older generations, with the information and tools necessary to protect themselves and their families.
“At the Commonwealth, we have seen customer scam losses decrease by 70 per cent over two years, and we know education is one of the most important parts of fraud and scams prevention,” says head of group fraud, James Roberts.
“The research shows older Australians feel particularly exposed to scams, so we hope this education campaign helps change that, and all Australians learn how to spot a scam and stay safe.”
To prevent scams, remember three simple steps:
- Stop: Does a call, email or text seem off? The best thing to do is stop and take a breath. Legitimate organisations won’t put you under pressure to act instantly.
- Check: Ask someone you trust or contact the organisation the message claims to be from.
- Reject: If you’re unsure, hang up on the caller, delete the email or block the phone number. Change your password if you think someone else may have it, and make sure you pick something long and unique.
In another development to crack down on scamming, Telstra and the Commonwealth have extended their existing anti-scam and fraud collaboration and announced the use of new ‘Fraud Indicator’ technology to help protect Australians from identity theft.
The new technology, which was developed by Quantium Telstra in collaboration with the Commonwealth Bank, enables intelligence about unusual mobile service usage to be shared securely to help detect identity theft. It has just gone live and is expected to improve the bank’s detection rate for fraudulently opened accounts by more than 25 per cent for joint bank and Telstra customers.
“Fraudsters show some distinctive behaviours and patterns when it comes to mobile phone usage,” says Sandy Cameron, chief executive officer of Quantium Telstra.
“When this information is combined with an organisation’s own insights and analysis, ‘Fraud Indicator’ becomes a powerful tool to prompt interventions, potentially disrupting fraud attempts earlier.
“As an example, a fraudster signing up for a new bank account provides a mobile number to receive passcodes and authenticate the account. By accessing insights on how this mobile service is used – which differs from normal behaviours – the bank can better assess the risk that this is a bad actor and potentially stop fraudulent accounts from being opened.”
