Flourish Health & Wellbeing eMag - Latest Edition - Flipbook - Page 66
The global lesson:
scams follow the money
and the platforms
The global statistics
reveal an important
pattern. Scams are not
random. They follow the
channels where people
spend time and the
payment methods that
move money quickly.
In the US, the Federal
Trade Commission
reported that fraud
losses were highest
where consumers paid
by bank transfer or
cryptocurrency. In the
UK, the majority of
authorised push payment
fraud cases began on
online platforms. In
Australia, investment
scams remain the single
largest loss category.
This shows why scam
prevention can no
longer sit only with
the individual. Banks,
social media platforms,
telcos, crypto platforms,
payment providers,
regulators and law
enforcement all have a
role to play.
But individuals still
need practical habits
that reduce risk in the
moment. Scammers
want speed. Your
protection is friction.
Your best defence is friction
Pause before acting. Payment delays,
independent checks and second
opinions are not inconveniences. They
are 昀椀nancial seatbelts.
If someone pressures you to act quickly,
slow down. If an investment opportunity is
only available today, walk away. If a caller
tells you not to speak to your bank, your
partner, your accountant or your children,
treat that as a warning sign. If an invoice
has new bank details, verify them by phone
using a trusted number.
This is especially important for major life
transactions: buying property, paying a
builder, moving superannuation, investing
savings, helping a family member, buying
a car or paying a large invoice.
In 2024 to 2025, the Australian Signals
Directorate received more than 84,700
cybercrime reports through ReportCyber,
around one report every six minutes. The
average self reported cost of cybercrime
per report was $33,000 for individuals
and $80,850 for businesses.
Those numbers make one thing clear: the
cost of a rushed click can be life changing.
