900 victims a month in 'worrying' scam trend
By Nicola Field
More than 10,000 scam victims left high and dry by banks, cop shops provide safe spots for buying online, and one-quarter of a million Aussies dob in a tax cheat. Here are five things you may have missed this week.
'Adversarial' mindset drives 900 scam complaints each month
Don't assume your bank will wear the cost, or even lend a sympathetic ear, if you fall victim to a scam.
The Australian Financial Complaints Authority (AFCA) handled more 104,861 complaints last financial year (2023/24), and one in 10 of these - over 10,000 complaints - related to scams.
AFCA says the surge in scams complaints was one of the "most worrying trends" of the past financial year, with the ombudsman receiving an average of 900 scam complaints each month.
Chief Ombudsman David Locke says initiatives such as the Federal Government's National Anti-Scams Centre and steps like account name checking by some of the banks are starting to have an impact.
"This is not just about the banks though," adds Locke.
"In many cases consumers would never have been scammed were it not for the actions or inactions of telecommunication companies and digital platforms."
Locke is calling on firms to approach complaints with a resolution mindset rather than taking an adversarial position with consumers - especially when it comes to scams.
Safe sites for online marketplace exchange set-up outside cop shops
Love a Facebook Marketplace bargain but worried about how to stay safe?
Special zones are being set up outside 35 of Victoria's 24-hour police stations, where buyers and sellers can exchange items being sold via online marketplaces.
The exchange sites provide people with a safer alternative than meeting strangers in their homes, parks, or car parks.
The concept was developed following an increase in robberies, thefts and assaults linked to online trading.
Police Commander Tim Tully says, "While these sites are a safer alternative than meeting someone at your home or in a dimly lit area with no CCTV, we still encourage people to consider the risks of meeting a person they've never met before."
He suggests meeting during daylight hours if possible and bringing someone with you to the exchange.
Used car safety ratings show cheapies can be a death trap
The NSW Government has released its 2024 Used Car Safety guide to identify pre-loved cars that offer maximum protection for various price points.
NSW Minister for Roads John Graham,says, "The hunt for a second-hand car has generally focused on a car that will not break down." No surprise there. No one wants to buy a lemon.
"What is just as important is considering which used car delivers the safest performance for your budget," says Graham. "Your choice might literally save your life."
The guide found that a driver of the lowest rated vehicle is 10 times more likely to be killed or seriously injured in a crash than a driver in the safest vehicle.
Footage released by the NSW Government shows that in a head-on crash, a one-star rated 2012 Great Wall V200 was decimated, while a four-star 2012 Holden Colorado provided significantly better safety protection.
With more than 60% of the best-rated cars available for $10,000 or less, the most expensive cars don't always mean a safer choice.
According to the guide, safer picks include the Mazda 3 (2013-2019) and Toyota Camry (2011-2022).
Among the cars that received a very poor one-star rating are the Ford Fiesta (2004-2008), Hyundai Accent (2000-2006) and Holden Commodore VT/VX (1997-2002).
Head to the NSW state government's Towards Zero website for the complete Used Car guide.
250,000 Aussies dob in a tax cheat
'Dobbing' may be un-Australian but not when it comes to tax cheats.
Over the past five years, the Australian Taxation Office (ATO) has received 250,000 tip-offs about tax avoidance and other dishonest behaviours.
More than 47,000 tip-offs were reported in the 2023-24 financial year alone - close to 1,000 tip-offs each week.
ATO Assistant Commissioner Tony Goding says Australians are fed up with dodgy behaviours.
"The number of reports we have received tells us that Aussies have had enough," says Goding.
"Dodging your tax obligations clearly no longer passes the 'pub test'. We're receiving tip-offs from other businesses, customers, members of the community, employees, and even family and friends."
Tip-offs were fuelled by issues such as businesses that demand customers pay with cash, paying workers in cash to avoid paying tax and super, not reporting sales, and situations where someone's lifestyle doesn't appear to match their income.
Aussies ignore golden rules of investing
A HSBC survey shows 65% of Australians have altered their approach to investing in the last six months, and it's seeing many fail to stick to tried and tested rules.
In particular, our appetite for international investments is decreasing, with only two in five investors likely to consider investing offshore in the next six months, down from almost half in 2022.
David Talbot, senior manager of investments at HSBC Australia, says investors should "remember the importance of having a diversified portfolio, both geographically and by sector, to weather market fluctuations".
The research shows younger Australians are investing in more volatile products.
Two in five Gen Z and over one in three Millennials are investing in cryptocurrency and non-fungible tokens (NFTs) more than any other financial product.
Talbot cautions, "Younger Australians should be cautious about volatile investment products and consider building a diversified portfolio for long term wealth generation."
The study also reveals misconceptions around how much money is needed to start investing.
On average, Aussie investors believe that $ 13,251 is the minimum amount needed to start investing.
In fact, it's possible to get into shares and exchange traded funds with as little as $500.
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