The Cyber Sushi

(serving up the cold facts, with some phish bytes)

Welcome back! Here's what we are covering in this issue…

2023 IDCARE Data Snapshot

Over the last 12 months, IDCARE clients have reported a total loss of over $400 million, an average of over $37,000 per client. The highest financial loss was caused by a funds recovery scam. This scam type appeals to the emotions caused by initial financial loss due to a scam. Criminals offer to help "recover" the funds lost in an initial scam, leading to further devastating losses.

Top 5 Scam Types and Financial Loss for 2023

While half of the scams reported to IDCARE over the last 12 months were phishing, the most financially damaging were investment scams, with the average financial loss over $95,790. Relationship and employment scams are just a little behind, with an average loss of $60,830 and $27,955, respectively. Although financial losses can be devastating, it's also important to note that criminals are also after identity documents, such as driver licences, Medicare cards and passports, for malicious purposes, which are often gained through phishing.

2023 Snapshot of Australian Clients

Total losses per state.

2023 Snapshot of New Zealand Clients

Total losses per region.

Keys to Staying Safe

While this data shows the prevalence of scams, it's important to remember that you aren't powerless. Following the key steps below could keep you ahead of scams.

Behind the Mask: Trending scams of 2023

"Parcel delivery issues" scam:

Daily, criminals send millions of phishing text messages impersonating parcel delivery services like Australia Post. According to Australia Post, 2.8 million items are delivered daily, so there's a good chance you are waiting on a parcel while receiving a text message from a criminal letting you know there are issues with your delivery.

Our Tips: When you order an item online, you will often be given shipping information and a tracking number. Remember to always go through the official channels to verify your tracking number.

Fraudulent transaction detected scam:

One of the most financially impactful scams in 2023 was the "fraudulent transaction detected scam". Criminals play on emotions during this scam, hoping to cause fear, leading to quick, rash decisions. A criminal will contact the person out of the blue via SMS or telephone and notify them that they have detected a fraudulent transaction from their account. They may set up an alternative bank account for the person to transfer their funds to for "safekeeping".

Our Tips: If someone claiming to be from the bank contacts you out of the blue, hang up and call bank via verified contact details. A legitimate bank representative will be happy for you to call them back. If the bank contacts you about fraudulent transactions, they will likely cancel and reissue your card. They will never create a new account and require you to transfer funds.

Confirm your details with MyGov or IRD:

This common scam makes the most of tax time each year, but it isn't confined to that season. You may receive an email or SMS from someone claiming to be MyGov or ATO in Australia or IRD in New Zealand, asking you to update your details. They will provide a link to a seemingly legitimate website where you can log in, input bank details, or even log in to your online banking. This scam is effective in gathering information that can lead to further compromise.

Our Tips: It's essential to exercise caution when you receive SMS and emails from organisations asking you for information. Avoid clicking on links and, instead, visit the website directly to verify the information you have received. Although this takes a minute or two more at that moment, it could save you a lot of trouble and time in the long run.