Scams and your savings

...it’s wise to do all you can to be aware of their tactics and protect yourself as much as possible.

Top 3 messages about scams:

• Scamming is a sophisticated crime, not a casual prank.

• Older Australians are frequently targeted because they’re perceived to have wealth worth stealing.

• Knowing what to look out for and what to do can help you protect your savings.

Savings are important as we get older. With limited time or ability to earn more or boost our superannuation, we are naturally protective of whatever bank balances we have. If we experience a loss – such as through a scam – the impact can be personally and financially enormous.

A scam is a sophisticated scheme to trick you into handing over your money or your personal information. You participate in it somehow, perhaps by providing access to an account. It’s a little different to fraud, which is when the theft happens without your participation.

Scammers aren’t kids playing pranks. They are well-organised, cunning criminals. So, to protect your savings, it’s wise to do all you can to be aware of their tactics and protect yourself as much as possible.

Why do scammers target older people?

While scammers target people of any age, they actively pursue over-65s, who are widely thought to have large stashes of accessible money, such as superannuation, equity, mature investments and life savings. Of course, this picture of rolling wealth isn’t true for every person over 60, but it’s believed enough to attract scammers.

In March 2025, ScamWatch reported that people aged 65 and over ‘continue[d] to report the highest losses of any aged group at $99.6 million’ in 2024. That’s a staggering figure (although the good news is, they noted it was a 17.6% decrease from 2023).

How to spot a scam

Scammers change their tactics all the time, to make it harder for people to recognise what they’re doing. However, scams often display one or more of these characteristics, which you can watch out for :

• urgency – an unbelievably good offer, but pressure to ACT NOW!!!

• isolation – warning you not to tell anyone about the interaction

• timing – contact late at night or at dinner time, when you’re less likely to be thinking clearly

• participation – asking you to share your password or download software to your computer

• links or attachments – in a message or email, taking you to a faked website

• strange payment methods – asking you to pay in gift cards or cryptocurrency (a digital system of currency)

• new accounts – set up an account or PayID ‘to keep your money safe’

• social media presence – ads on Facebook or Instagram offering attractive-sounding goods or services

How can you tell a scam from a real message?

It’s not always easy! Elder Abuse Action Australia invited Westpac’s Executive Manager of Fraud Intelligence, Sophie Gee, to talk about scams in a Lunch and Learn webinar. Sophie gave examples of scam messages alongside real ones, to illustrate what to look for.

Watch the webinar: Scam or safe: could you tell the difference?

What are the most common scams targeting older people?

Scammers are clever and strategic. They work in lots of different ways through different contact methods, and they can target you more than once. Some scammers will contact you, trick you into providing personal information, then wait a while before contacting you again to access your savings – sounding legitimate because they know your information.

ScamWatch is a government website run by the National Anti-Spam Centre. The website explains how scammers can approach you through:

• text or SMS

• phone call

• email

• social media

• websites

• in person (yes, really!)

To confuse you even further, scammers use different methods, such as:

• takeover scams – tricking you into giving them access to your computer or bank accounts, and they help themselves to your savings

• romance scams – meeting you online and earning your trust before asking for money that they promise they’ll pay back

• investment scams – creating exciting (but fake) money-making opportunities, where you must hand over money to participate

• ‘unexpected money’ scams – announcing you’ve won, or are entitled to, large amounts of money, but when you provide bank details, your savings vanish

• buying and selling scams – setting up convincing-looking websites offering products and services at bargain prices that never arrive once you’ve paid for them

• impersonation scams – pretending to be a family member who needs your help, or an authority figure like the Australian Tax Office, so that you hand over the requested money.

How to avoid being scammed

If you receive an odd or unexpected call, email or message, it could be a scam – although it may not be. Remember, you don’t respond straight away. In fact, it’s important that you don’t, and that you take some time to verify what you’ve received.

ScamWatch calls it the Stop. Check. Protect. Process.

• Stop. Before you ever hand over money or personal details, hesitate. Scammers deliberately create a sense of urgency, but you don’t have to rush your response.

• Check. Rather than trust a Facebook ad or the sender’s address in an email, look up the organisation online. Your bank’s phone number will be on the back of your account card – don’t call the one in the message. And it’s a good idea to ask someone else, like a family member, what they think about the contact, too.

• Protect. If something feels wrong about the interaction, act quickly. Check your bank accounts immediately and contact your bank if you see anything suspicious. Report what’s happened to ScamWatch and the police. Seek advice from IDCARE, the national identity and cyber support service (phone 1800 595 160).

You can also take protective steps before a scammer makes contact. Consider:

• reviewing your social media posts and deleting anything that reveals details like where you are, when you’re home, who your family members are, how wealthy you are (or look to be)

• establishing a family password that you can ask for to verify unrecognised calls

• filtering unknown phone numbers by not answering numbers you don’t know, or using functions such as call screening, available on new iPhones

• setting limits on your accounts with your bank’s help, so only small amounts can be withdrawn at one time

• staying aware of scam trends by subscribing to ScamWatch’s email alerts and taking part in Scams Awareness Week each year. Visit National Seniors Australia’s Scams Awareness webpage, and read any scam information your bank sends you.

What to do if you’ve been scammed

Many people feel ashamed of having been scammed, but there’s no need to feel this way. You’re not the one at fault, and scams can happen to anyone. Put aside those feelings and act quickly.

• Contact your bank immediately and ask them to stop any transactions.

• Contact IDCARE for specialist advice.

• Report the scam to ScamWatch and the police, to help prevent other people from being tricked.

• Keep watch for follow-up scams, especially from people offering to help you get your money back. Change passwords, if you shared them.

• Get support to recover, whether personally (a helpline) or financially (a financial counsellor).

Unfortunately, there’s no denying that scams can hurt. They invade everyday life, take advantage of people, and can cause extraordinary financial losses. For older people, the effects may be devastating.

Staying alert, keeping informed and thinking carefully before you respond can go a long way to helping you protect your savings. Remember that scammers act with urgency, but you don’t have to.

---

About the Author

Compass

Compass

Compass is a national website created to help older Australians navigate the complex is...

View Profile