Westpac is urging young Australians to take care following a significant spike in scammers targeting underage victims online.
The bank has released new data this revealing the number of reported scams from customers under 18yrs have almost quadrupled since last year, and have more than doubled for those under 30.
This includes a significant increase in Threat & Penalty scams, with customers under 30 accounting for half (49%) of all reported cases where four in five (79%) are young males.
Westpac General Manager of Financial Crime & Fraud Prevention, Chris Whittingham, says the data is concerning and reveals a growing trend called ‘sextortion’ targeting young Aussies.
“It’s really alarming to see such a big spike in the number of scammers tricking young people into sending compromising information online. Scammers will then use this information to extort money from the victim, often requesting a number of small payments over a period of time.
“Scammers prey on the fact young people spend lots of time on social media platforms and create fake accounts to pose as teenagers themselves. They often build trust over time, allowing them to gather more information about their victim or gain access to personal content.
“It’s really important to be conscious about how much information you share on social media and other websites. Scammers can use anything you post to piece information together about you – like what school or university you attend, sports you play, or suburb you live in – which they then use to form a connection with you or even impersonate you.
“Always stop and think before you post, be very cautious of anyone you’ve never seen in-person or spoken to on video chat before, and never give away details like your address or date of birth,” Mr Whittingham said.
According to Westpac’s data, young Australians are also most likely to fall victim to Buying & Selling scams.
“Buying and selling scams often occur through fake websites or online marketplaces. Scammers entice victims with competitive prices for high demand items like concert tickets or designer clothes,” Mr Whittingham added.
“You should always conduct an independent search through your web browser to confirm if a business is legitimate before making a payment, especially if it’s a brand you’ve never bought anything from before. Also be wary if they request payment through unusual methods like cryptocurrency.
“Westpac customers can use their Digital Card when shopping online for added safety. This is available in the Westpac app and has a 3-digit security code that changes every day to stop fraudsters from stealing your card details.”
Running from 3 – 9 September 2023, ³Ô¹ÏÍøÕ¾ Child Protection Week aims to address the significant harms being experienced by children in Australia.
Westpac is encouraging parents and guardians to talk to their kids about staying safe online and consider taking advantage of tools like Westpac’s Parental and Youth Controls available in the bank’s app. This includes the ability to apply and manage payment restrictions on your child’s account, as well as turn on notifications for visibility over any account activity.
